805 Lake Street Suite #258 Oak Park, IL 60301

What is the difference between Accounting and Finance?

Accounting focuses on the day-to-day flow of money in and out of a business or organization. Finance focuses on the long-term management of assets, liabilities and budgets, as well as the planning of future growth.

Why is it important to keep accurate and transparent financial records?

There are 6 key reasons for keeping accurate and transparent financial records –
• Pricing: Pricing identifies accurate overhead rates, which leads to better pricing of products and services. (Revenue – Labor – Materials – Overhead = Operating Profit)
• Access to Capital & Bonding: A key aspect to bank lending is based on the review of complete, accurate and transparent financial statements.
• Theft & Fraud: Theft and/or fraud can be committed by partners, employees and vendors due to a lack of internal controls.
• Audit: You may be audited depending on your debt level with your bank, participation in government contracts, the IRS, etc.
• Stress Test: In an economic downturn, Stress Tests allow your business to understand the financial impact of varied losses of revenue to the business.
• Sale of Business: A major part of valuing your business will be based on how complete, accurate and transparent our financial records and statements are.

What do Financial Consultants and Advisors do?

Financial consultants and advisors can help you with a variety of business aspects, but the main function is to help you grow your business or organization. They can also help you identify and report what areas of your business or organization are most efficient and how to capitalize on this information.

Why would I need a Financial Consultant or Advisor?

Consultants and Advisors help businesses and organizations stay on track to reach their future goals, especially when a business is struggling or growing at an exponential rate.