Houston, TX (PRWEB) September 27, 2007
A new online community, WikiCFO (http://www.wikicfo.com), has been established for Controllers and CFO's of entrepreneurial companies to share business best practice ideas for improving cash flow and maximizing profits.
WikiCFO also allows users to post their ideas in the areas of banking, cash flow management, factoring services, developing financial projections, information technology, payroll profit improvements and others. Business best practice ideas currently posted at WikiCFO address how to collect accounts receivable; how to evaluate and renew an employee health insurance plan; mining the balance sheet for working capital; and how to control annual audit fees. Other Wikis examine areas such as exit planning, factoring, how to manage inventory and preparing a flash report.
The "how-to" manual of business best practice ideas for entrepreneurial companies, WikiCFO allows users to post their ideas on how to avoid additional insurance premiums; creating cash flow projections; managing inventory; preparing an investor package; and how to detect the warning signs of a company in trouble.
"With Sarbanes-Oxley and corporate reform, much of the attention has focused on the needs of CFO's and controllers at large, publicly-held organizations," says Jim Wilkinson, founder of WikiCFO. "The needs of controllers and CFO's at smaller, entrepreneurial businesses have for the most part gone ignored. There's a real vacuum out there."
Like other Wikis, WikiCFO's "open editing" feature allows users to create and edit any entry as well as suggest a Wiki to suit their needs. The website also boasts the day's Top Five Wikis.
Besides contributions from controllers and chief financial officers, WikiCFO accepts content from bankers, insurance and human resource professionals and other experts.
"We like to think of WikiCFO as a clearinghouse of business best practices for those charged with bringing value to a company, particularly in the areas of improving profits and cash flow," says Wilkinson.
He adds the expanded role of today's chief financial officer and controller has driven WikiCFO's content beyond traditional accounting issues.
"The days of a CFO or controller focusing exclusively on accounting are long gone," Wilkinson says.