Josh Aharonoff, CPA

Fractional CFO | Founder & CEO at Mighty Digits | Follow Your CFO Guy for Finance & Accounting tips!

I build tools that make financial reporting effortless — starting with Model Wiz, the Excel-based FP&A platform used by accounting firms, founders, and CFOs. 

I also teach finance and Excel to a community of 400,000+ across YouTube, LinkedIn, and my newsletter. 

When I’m not creating, I work as a fractional CFO helping companies turn their financial data into action.

Check out some helpful resources here:

🔗 www.modelwiz.com - Get beautiful dashboards + forecast right in your excel file

🔗 www.yourcfoguy.com - Learn Finance & Accounting like you’ve never seen before

🔗 www.mightydigits.com - Get hands on support

CEO and Founder

Mighty Digits is a consulting firm specializing in Accounting and Finance services for early stage startups. Services include Financial modeling, Month end Close, AP / AR Management, Payroll, Compliance Filings and more.

33 roles in Finance & Accounting 👤👨‍👩‍👧‍👦👥👨👩
The opportunities in Finance & Accounting are never ending…

and the field continues to be one of the most versatile fields out there, 

yielding incredible ROIs for anyone who decides to pursue a background in Finance & Accounting.

Let’s dive into 33 roles spanning a wide range of areas & levels of seniority across the profession 👇

◼️ Accounting → Key tasks include creating financial reports and overseeing monetary operations.

👤 Bookkeeper

👤 Accounts Payable Clerk

👤 Accounts Receivables Clerk

👤 Payroll specialist

👤 Senior accountant

👤 Controller

👤 Cost accountant

👤 Financial systems analyst

👤 Inventory specialist

◼️ FP&A → Involves generating forecasts, comparing projected versus actual results, and in-depth analysis of margins and metrics.

👤 FP&A Analyst

👤 FP&A Manager

👤 VP of Finance

◼️ Auditing → Focuses on verifying the reliability and completeness of financial documents, ensuring compliance, and overseeing control mechanisms.

👤 Internal Auditor

👤 Forensic Accounting specialist

👤 External Auditor

👤 IT Audit manager

◼️Treasury → Manages a company's monetary assets, risk assessment, and investment strategies.

👤 Credit Analyst

👤 Risk Analyst

👤 Treasury Analyst

👤 Chief compliance officer

👤 Foreign exchange analyst

👤 Corporate Treasurer

◼️ Tax → Ensures adherence to tax regulations, aims to minimize tax obligations, and advises on tax-related strategies.

👤 Tax associate

👤 State and local tax specialist

👤 Tax director

👤 International tax specialist

👤 Tax attorney

👤 Tax research analyst

👤 Transfer pricing manager

◼️ Corporate Finance → Identifies investment opportunities and supports various financial goals.

👤 Investment Banker

👤 Head of Mergers & Acquisitions

👤 VP of Capital Markets

👤 Valuations Analyst

And then, of course, there's the ultimate position...

The Chief Financial Officer

Placing this role in a single category is challenging, as a CFO can be involved in nearly every aspect mentioned, depending on the company's size and nature.

===

These are 33 positions I've observed - and there are many more out there.

What would you add to the list?

Join the conversation and share your thoughts in the comments below 👇

I live and breathe 2 things...

Finance & Accounting + Startups

Here's what I do:

--> I share Finance & Accounting Best Practices & Advice everyday 

Those usually involve suggestions for running a SMOOTH Finance & Accounting function...filled with some pretty design 


--> I'm also the CEO of an excited Fractional CFO firm (Mighty Digits), filled with some really great minds...

...accomplishing some real big things like:

- Building WORLD CLASS Financial Models for Startups that have gone on to raise over $400M (!) in the last few years 

- Building clean & appealing Dashboards giving VISIBILITY to the CEO, Board Members, and Investors FAST 

- Supporting 40+ high growth startups in everything and anything you could expect out of a Finance & Accounting function..

I'd love to connect and learn more about how we can work with one another - drop me a note at josh@mightydigits.com

The Accounting Cheat Sheet 🤓
🔖 Bookmark this if you work in Finance & Accounting!

Studying Accounting has been the best ROI of my life.

And if you work in Finance & Accounting, you may not realize there is a WHOLE WORLD of opportunity available.

Let’s dive in!

➡️ DEFINITIONS

💡 The Accounting Equation

Assets = Liabilities + Owners Equity

This is the foundation of accounting and summarizes what’s known as double-entry accounting.

💡 Financial Statements

The Profit & Loss, Balance Sheet, and Statement of Cash Flows.

This is the format in which financial data is communicated.

💡 Accrual

Recognizing revenue when it is EARNED, and expenses when they are CONSUMED.

This is more common for larger companies and is the opposite of the cash basis of accounting.

💡 Debits & Credits

The way in which you communicate account balances that are either going UP or DOWN.

➡️ ROLES

👤CFO - the head honcho! Responsible for overseeing it all

👤 Controller - in the US this is more common to relate to the accounting side of things, but outside of the US this can also tie into FP&A

👤 Accountant - this is a broad classification and can mean anything in finance & accounting!

➡️ TOOLS & PLATFORMS

⚙️ Quickbooks Online - the most commonly used accounting software for small businesses

⚙️ Excel - the most commonly used software. Period.

⚙️ PowerPoint - used for presenting financial information via slides

⚙️ Netsuite - ERP for larger companies

⚙️ Ramp - a key tool for AP, expense management, and corporate spend

➡️ MUST-HAVES

✅ Clean Data - garbage in, garbage out! Keep your data clean and accurate

✅ Approvals - accounting is sensitive! Ensure there are proper approvals

✅ Transparency - the best teams TALK to one another and don’t remain siloed

✅ Security - keep proper internal controls and guard sensitive data

✅ Timely reporting - quicker reporting = quicker insights!

✅ Efficient operations - don’t drain your resources…set up your SOPs and tools to work EFFICIENTLY.

➡️ AREAS

🌎 Financial Reporting

🌎 FP&A (my favorite)

🌎 Accounts Payable & Procurement

🌎 Invoicing & Receivables

🌎 Payroll & HR

🌎 Tax

🌎 Audit

➡️ FINANCIAL STATEMENTS

📄 Profit & Loss - the PERFORMANCE of your business

📄 Balance Sheet - the POSITION of your business

📄 Statement of Cash Flows - the CASH MOVEMENTS of your business

===

That’s my take on the key areas of Accounting - but there’s much more!

What would you add?

Join the discussion in the comments below

Finance is NOT Accounting

But Finance & Accounting go hand in hand 🤝

Let’s break it down 👇

➡️ DEFINITIONS 
Accounting tracks what's already happened in your business - think of it as the scorekeeper of your company's financial game.

Finance plans ahead - managing money, investments, and making sure your company stays financially strong.

➡️ KEY ACTIVITIES

The accounting team handles:

- Financial statements 

- Audits and controls 

- Tax work and compliance 

- Account reconciliations 

Meanwhile, finance tackles:

- Investment analysis (should we buy that new company?)

- Budgeting and forecasting (where are we going?)

- Capital structure decisions (how should we fund growth?)

- Investor relations (keeping shareholders happy)

- Risk management (what could go wrong and how do we prevent it?)

➡️ DECISION-MAKING

Accounting gives you the raw data - like how much it costs to make your products down to the penny. I've seen companies completely reshape their strategy based on solid accounting data.

Finance uses that data to make big moves - like whether to expand into new markets or buy new equipment.

➡️ THE RULES OF THE GAME

Accounting plays by strict rules - GAAP, IFRS, you name it. Every number needs backup, and there's zero room for creativity.

Finance has more freedom to move, though SEC still keeps an eye on public companies. This flexibility allows for innovative financial structures and strategic planning.

➡️ TOOLS & TECHNIQUES

Accounting relies on:

- Bookkeeping software (QuickBooks, Xero)

- Reconciliation tools

- Standard accounting practices

- Internal control systems

- Documentation management

Finance brings out:

- Financial models (the more complex, the better)

- Valuation methods

- Risk management tools

- Scenario planning software

- Statistical analysis tools

➡️ CAREER PATHS

Want to work in accounting?

- CPA

- Auditor

- Tax Advisor

- Controller

- Forensic Accountant

Drawn to finance?

- Financial Analyst

- Investment Banker

- Portfolio Manager

- CFO

- Risk Manager

➡️ REPORTS THEY CREATE

Accounting produces:

- Balance sheets

- Income statements

- Cash flow statements

- Tax returns

- Audit reports

Finance generates:

- Financial models

- Risk analysis

- Budget reports

- Investment performance data

- Board presentations

➡️ TECH THEY USE

Both fields have their favorite tools:

🧮 Accounting:

- QBO

- NetSuite

- SAP

📊 Finance:

- Bloomberg Terminal

- Excel

➡️ REAL WORLD IMPACT

Here's what I've seen from my experience in both worlds:

Great accountants save companies from disasters before they happen.

Great finance professionals spot opportunities others miss.

Both are essential - just like both wings of a plane.

===

That's my breakdown of accounting vs. finance.

Which field interests you more? Did you spot anything I missed?

Drop your thoughts below 👇

I'm getting back 20+ hours every week with these AI tools
https://lnkd.in/e33R2tZ6

Everyone talks about AI, but most accounting and finance professionals aren't actually using it.

Here are 20 ways I'm using it everyday:

→ Accounting Research Assistant

Ask complex accounting questions, verify sources, and get summaries of official standards in seconds.

→ Financial Analysis

Upload screenshots or dashboards for reviews, insights, and error detection on your financial data.

→ Excel Support

Debug formulas, build KPIs, or write formulas through guided prompts instead of searching forums.

→ Gmail Integration

Summarize inboxes, draft replies, and create daily email digests automatically.

→ Calendar Sync

Get daily summaries, detect meeting conflicts, and auto generate reschedule messages.

→ SOPs & Meeting Transcripts

Upload or connect meeting notes and have AI create structured SOPs, task lists, and follow ups.

→ AI Tax Preparation

Analyze tax returns, generate strategies, and build ready to send client reports.

→ AI Ledgers

AI agents automate categorization, reconciliations, and anomaly detection in real time.

→ AP Tools

Process invoices automatically, categorize and route approvals without touching a thing.

→ Voice Dictation

Speak your ideas and AI transcribes, cleans, and polishes them into text or meeting notes.

→ AI Customer Support

Add an AI chatbot that answers FAQs, qualifies leads, and books meetings around the clock.

→ Dashboard Creation

Turn raw data into interactive dashboards and visual insights automatically.

→ AI Video Presentations

Transform spreadsheets into narrated video reports using AI avatars and voices.

→ Infographic Creation

Design on brand visuals from prompts. AI generates layouts, color schemes, and icons.

→ Copilot

Generate formulas, insights, and charts instantly inside Excel with AI assistance.

→ Excel Agents

Automate reconciliations, KPIs, and reports with in sheet AI agents.

→ AI Forecasting

Predict trends, model seasonality, and generate scenario forecasts using machine learning.

→ AI Data Automation

Merge and clean multi department data automatically into unified reports.

→ N8N Automations

Automate workflows like expense classification and invoice extraction across systems.

→ AI Coaching & Strategy

Treat AI like your personal coach. It challenges your ideas, helps you grow, and sharpens decisions.

The full video walks through every single one of these with screen recordings and tool recommendations.

What AI tools are you using in your finance function?

71 Excel Shortcuts that you NEED to know

There are no shortcuts to places in life worth going…

unless ofcourse, we’re referring to Excel keyboard shortcuts.

These excel shortcuts are the ones that I utilize almost everyday.

And while there are literally hundreds of excel shortcuts available…

if you learn just these 71, you’ll save a HUGE amount of time

Let’s dive in:

➡️ THE EASY ONES

These shortcuts are ones you can find in almost any application

1. Ctrl c - copy
2. Ctrl x - cut
3. Ctrl v - paste
4. Ctrl a - select all
5. Ctrl s - save workbook
6. Ctrl n - new workbook
7. Ctrl o - open workbook
8. Ctrl p - print workbook
9. Ctrl f - find
10. Ctrl z - undo
11. Ctrl y - redo
12. Ctrl b - bold
13. Ctrl u - underline
14. Ctrl i - italic

➡️ THE ESSENTIALS

These are the ones that will yield massive efficiencies

1. Ctrl arrow - jump to next / last active cell
2. Shift arrow - highlight cells
3. Select row - shift + space
4. Select column - ctrl + space
5. Insert row / column - ctrl + + on numerical keypad
6. Delete row / column - ctrl + - 
7. Remove gridlines - alt + w + vg 
8. Insert Cut cells - alt + h + i + e
9. Add data validation - alt + a + v + v
10. Freeze panes - alt + w + f + f
11. Autofit cells - alt + h + o + i
12. Create table - ctrl + t
13. Create filter - Alt + H + S + F
14. Change windows - Alt + W + W
15. Group cells - Alt + A + G
16. Ungroup Cells - Alt + A + U
17. Remove Duplicates - Alt + A + M
18. Define name - Alt + M + M
19. Autosum - Alt + =
20. Access dropdown - Alt + ↓
21. Ctrl + 1 - open cell dialogue box
22. F2 - edit cells
23. F4 - fix references
24. F5 - go to

➡️ BORDERS

Borders are a huge part of excel - and they are really easy to control with your keyboard.

Simply hit ALT + H + B and then any of these letters…

1. All - alt + h + b +a
2. None - alt + h + b + n
3. Left - alt + h + b + l
4. Right - alt + h + b + r
5. Top - alt + h + b + p
6. Down - alt + h + b + o
7. Outer edge - alt + h + b +s
8. Change color - alt + h + b + i

➡️ PASTE SPECIAL

Pasting is as big part in excel - but there’s so much more than just pasting with CTRL V.

To access these, simply hit ALT + H + V and any of these letters

1. Format - alt + h + v + r
2. Values - alt + h + v + v
3. Transpose - alt + h + v + t
4. Picture - alt - h + v + u
5. Formula - alt + h + v + f

➡️ CELL FORMATTING

Need to edit the way one of your cells look? These shortcuts have got you covered

1. Change font color - alt + h + f + c
2. Change background color - alt + h + h
3. Merge and center - alt + h + m + c
4. Wrap text - alt + h + w
5. Indent - alt + h + 6
6. Decrease indent - alt + h + 5
7. Make bigger - alt + h + fg
8. Make smaller - alt + h + fk

==

Those are my top 71 shortcuts!

Which one is your favorite shortcut?

📌 PS: Be sure to download this in high res and hang it up right here:
👉 https://lnkd.in/eUEJSJvc

Accounting explained like you’re 5 years old 👦👧
Teach your kids something new…and learn a thing or two while you’re at it!

Accounting is one of the most in-demand fields…
and before you can become a CFO, you need to understand the basics.

Let’s start with:

➡ What is Accounting?

Accounting is like keeping score in a game but for money.

It helps track all the money coming in and going out of a business…

showing if the business is winning (making money, or earning a profit)

or losing (losing money, or posting a net loss).

➡ What is an Accountant?

An accountant is like a money detective 🕵️🔍.

They look closely at the business's money records 🔍

find out what's really happening with the money 🤔

and help make smart decisions to keep the business healthy 🧠

➡ Why is Accounting Important?

Accounting is important because it's like the health checkup for a business 🧑‍⚕️

It shows if the business is healthy (making a profit) 💪

or if it's sick (losing money) 🤒

This helps owners make decisions like saving more, spending less, or investing in new things 🤑

➡ What Can You Do with an Accounting Degree?

SO much…

Become a money expert for businesses 🤓

run financial operations in a business 🤑

make more informed financial decisions 👔

➡ What are the financial statements?

The financial statements are how financial information is conveyed in a business.

They are broken out by:

• Profit & Loss → This shows you what you’re earning in income, and consuming in expenses

• Balance Sheet → This shows you a snapshot of the financial health of your business. Think of it like the net worth of your business, showcasing your

Assets (your valuable possessions)…

Liabilities (amounts you owe to nonowners)

Owners Equity (amounts you owe to owners)

• Statement of Cash Flows → this shows you the movements in your cash

===

So do you now understand accounting?

What other questions do you have, and what would you add?

Join the discussion in the comments below, and remember - no snacks until you clean up your toys!

The Guy Behind the Most Beautiful Dashboards in Finance & Accounting | 450K+ Followers | Founder @ Mighty Digits

Ken Quirante - Guiraldo

4 Levels of Excel Mastery 📊
Excel is my favorite application...by far. 

I use it everyday, and when I don't, I easily feel withdrawal symptoms.

But not everyone uses Excel the same way. 

There are clearly defined levels of mastery, and knowing where you stand can help you understand what skills you need to develop next.

Let me break down the 4 levels of Excel mastery that I've observed in my career 👇

LEVEL 1: BASIC EXCEL FUNCTIONALITY

This is where everyone starts. 

You're getting comfortable with the interface and understanding how to navigate the basic functionality.

At this level, you're working with:

- The Clipboard tools to copy, paste, and format
- Conditional formatting to make your data visually meaningful
- Find & Select features to quickly locate information
- Text and data validation to ensure consistency
- Creating new comments, notes, and sheets

You're building the foundation for everything else.

LEVEL 2: KEY FUNCTIONS

Once you understand the basics, you move into the world of formulas and functions. 

This is where Excel starts becoming a powerhouse.

You'll master:

- References: Relative [$C5], Absolute [$C$5], and Mixed [$C5$]
- IF statements to create conditional logic
- SUMIFS to add values based on multiple criteria
- INDEX/MATCH combination for advanced lookups
- EOMONTH for date manipulation
- XLOOKUP, the new king of lookup functions that returns values from ranges

When you can wield these functions confidently, you're starting to harness Excel's true potential.

LEVEL 3: DATA STRUCTURES

At this level, you understand the difference between structured and unstructured data. 

You know that structured data is easier to manipulate, while unstructured data is easier to consume.

You become proficient with:

- Excel Tables - easy to turn into a pivottable with automatically extending ranges
- PivotTables - quickly slice and dice your data, add custom fields, and drill down into details
- Charts - visualize your data in compelling ways that tell a story

This is where reporting becomes powerful and insights start to emerge from your raw data.

LEVEL 4: DATA TRANSFORMATION

The highest level of Excel mastery is all about creating environments where you can easily refresh and transform data with minimal effort.

You'll work with:

- Power Query - an ETL (Extract, Transform, Load) tool that adds data from different sources
- Data Model - connects different tables of data together without complex formulas
- SPILL functions - like FILTER, UNIQUE, SORT, SEQUENCE, and TRANSPOSE that fill multiple cells with their results

At this level, you're not just using Excel - you're creating systems that automate your work and deliver insights consistently.

===

Where are you on this journey of Excel mastery? 

What level are you at, and what skills are you working on next?

Let me know in the comments below 👇

Which Accountant are you?

I’ve said it before and I’ll say it again…

Accounting is one of the most versatile fields out there…

with no limits to what you can do with a degree and training.

Accounting is the language of business… 

and business is what makes the world go round 🌎

Here are some popular accountants:

☁️ The SaaS Accountant 

Software as a service has exploded in the last decade, and only became a thing in the 90s when the internet became widely accessible.

SaaS accountants are experts at revenue recognition, customer billings, and non GAAP metrics such as ARR, MRR, Net Dollar retention

🏠 The Real Estate Accountant

Real Estate is another huge industry…

and like all industries, there are complex accounting treatments requiring the right expertise.

Real estate accountants are pros at booking fixed assets, Depreciation / Appreciation, and special tax laws involving the sale of assets

🍔 The Restaurant Accountant

Enjoy being in the kitchen? Restaurant accounting may be for you…

only instead of spending your time sauteing vegetables, you’ll be analyzing pages and pages of transactions…

working with multiple departments to ensure each store is recording the right information on their financial statements

🧐 The Forensic Accountant

Like mysteries & detective work? Forensic accounting may be your calling.

Forensic accountants spend time analyzing records to detect fraud…

and can include interrogating key witnesses, and reporting to governmental authorities

🎬 The Film Accountant

Ever watch the ending credits of a movie?

Next time you watch a movie, stick around till the end, and pause the screen when you see the word “Accountant”.

Accountants are a key piece in any film, ensuring budgets are met, and payroll is being processed correctly.

🤑 The M&A Accountant

Acquiring or Selling a business is an exciting thing…

involving tons of complexities. And who better to handle these complexities than a strong accountant?

M&A accountants are familiar with areas such as the cost of capital, valuations, and goodwill

🤓 The Personal Finance Accountant

Have you set your personal budget for 2024? If so, you may be a proud personal finance accountant.

A personal finance accountant understands the typical expenses that you may face on a regular basis…

and the right level of tracking needed to ensure you hit your financial goals.

===

There’s no limit to what you can do with an accounting degree…

but as I always say, a degree may open door…

the knowledge & experience will give you the true power.

So…now that you know all of the accountants out there…

Which accountant are you?

Share your answer in the comments below 👇

I’ll go first 👀

I'll never forget my first board meeting, and if you scroll to watch the video, you'll see exactly what I wish I had known back then: https://lnkd.in/ek9Ny3dB

I was trembling.

The CEO was there.

His major investors.

One guy had sold his companies for millions and millions of dollars.

It was my turn to present and I froze.

I didn't know what to show them.

Sales?

Cash?

Both?

Something else?

Well, now over a decade later and dozens of board meetings, I've figured it out.

You only need about 10 dashboards to really understand a business.

So I just filmed a walkthrough of every single one I actually use when reporting to clients, investors, and board members.

Like how to show exactly when you're going to run out of cash.

In big, scary visuals that make it impossible to ignore.

Budget vs actual done right.

This is hands down my favorite one to show the board because it makes you look like you actually have a grip on the business.

The variance column trick that stops you from showing negative percentages when they're actually good variances.

Seems small but it'll save you from looking foolish in meetings.

Why your P&L is only half the story.

And which report gives you the context to know if your profits actually mean anything.

Plus how I stack all three financial statements together so leadership sees the full picture in one view.

Here's the thing.

Most people spend way too much time on manual data entry and not enough on actual insights.

These 10 dashboards fix that.

And if you stick around to the end, I'll show you how to get all of them connected to your data.

21 Excel tips you NEED to know
Study these to 10x your productivity 🚀

1. Freeze Panes
 - Lock your row, column, or both
 - Navigate to View > Freeze Panes

2. Conditional Formatting
 - Set rules for how your data gets formatted
 - Home > Conditional Formatting

3. Set Print Area
 - Print your data from excel to PDF / paper
 - Page Layout > Print Area > Set Print Area

4. Flash Fill
 - Auto-complete data
 - Type a pattern, select cells, Data > Flash Fill

5. PivotTables
 - Summarize data dynamically and flexibly
 - Insert > PivotTable

6. Remove Duplicates
 - Clean your data by removing duplicated
 - Data > Remove Duplicates, or =UNIQUE

7. Data Validation
 - Create dropdowns and set data entry rules.
 - Data > Data Validation

8. Keyboard Shortcuts
 - Ditch the mouse and increase your productivity 10x
 - Hold down the alt key, then tap whatever keys you need to get to the ribbon.

9. Protect Sheet
 - Restrict a range from editing
 - Review > Protect Sheet

10. Autosum
 - Quickly sum a column or row of numbers
 - Home > Autosum

11. Find & Select
 - Find data quickly
 - Home > Find & Select

12. Merge & Center
 - Combine and center cells
 - Home > Merge & Center

13. Filter
 - Filter data for any criteria
 - Data > Filter

14. Transpose
 - Switch rows to columns.
 - Copy, Paste Special > Transpose

15. Cell Styles
 - Apply preset styles to make data stand out
 - Home > Cell Styles

16. Data Consolidation
 - Merge data from multiple ranges
 - Data > Consolidate

17. Named Ranges
 - Create named range for cells / ranges for easier reference.
 - Formulas > Name Manager

18. Grouping Data
 - Organize rows / columns in groups and expand / collapse as needed
 - Data > Group

19. Text to Columns
 - Split cell content into columns
 - Data > Text to Columns

20. Custom Sort
 - Dort data by multiple criteria
 - Data > Sort

21. Hide/Unhide Sheets
 - Hide / unhide sheets in your workbook
 - Right-click sheet tab


===

Did you know all of those?

And what are some other excel tips that you recommend?

Let us know in the comments below 👇

Become a PRO at reading Financial Statements 👇
This one Mindmap will tell it all

Watch the FULL tutorial here → youtu.be/f3T0tCjw1k8

Financial Statements are something EVERYONE should understand how to read.

Learn:

👉 How to read them

👉 How they differ

👉 How they are connected

If you can accomplish this simple task, you unlock an incredible amount of benefits such as:

👉 How to run your business better

👉 How to implement changes & procedures to maximize your cash flow

👉 How to increase your profitability

and so much more.

Let’s do a deep dive on how they work:

➡️ The 3 Financial Statements

1️⃣ The Profit & loss → Your performance

2️⃣ The Balance Sheet → Your position

3️⃣ The Statement of Cash Flows → Your cash

➡️ The Profit & Loss

This statement is all about telling you what your income, and your costs

Your income is summarized by

1️⃣ Revenue → income related to your core business

2️⃣ Other Income → income related to none core activities (like credit card points)

Your expenses is summarized by:

1️⃣ Cost of Goods Sold → Costs that relate to carrying out your product or service

2️⃣ Operating Expenses → Costs that relate to operating your business

3️⃣ Other Expense → Costs that don’t relate to carrying out your income, or operating your business

The bottom line metric in a Profit & loss is your net income, which takes all income accounts, less all expense accounts

The P&L PUSHES data to the other 2 statements, but doesn’t care about any activities from the other 2 statements when presenting it’s information

➡️ The Balance Sheet 

This statement tells you all about the financial position of your company

it is summarized by:

1️⃣ Assets → Amounts of Economic value that business owns, or substantially controls

2️⃣ Liabilities → Amounts that you owe to creditors

3️⃣ Owners Equity → Amounts that you owe to the owners

The Balance sheet is presented on a cumulative basis, which is the only statement of the 3 that acts this way

and it PULLS from the Income Statement via an account called RETAINED EARNINGS, which is a cumulative balance of your NET INCOME from your Profit & Loss

➡️ The Statement of Cash Flows

This statement is all about telling you where your cash is going

it is separated by:

1️⃣ Cash from Operating activities → this section relates to cash movements from operating your business

2️⃣ Cash from Investing activities → cash movements from fixed & long term assets (IE, Assets that are invested for long term benefit)

3️⃣ Cash from Financing activities → cash movements from amounts invested by owners, or creditors - both for amounts put in, and amounts repaid

The Statement of Cash Flows is the NEEDIEST of all 3 statements…in fact, it doesn’t even present you with any new data!

It simply pulls from the other 2 statements, as shown in the mindmap below

===

That’s my take on the 3 Financial Statements, and how they are all connected

Got anything to add? Let us know in the comments below 👇

I use these Excel functions EVERY single day in my fractional CFO work 💼

While there are hundreds of Excel functions available, there are only a select few that I use almost every day...9 to be exact.

Today, we're going to do a deep dive on these 9 functions, and how you can use them in your work too. 👇

➡️ SUMIFS 

This one is my go-to, and is what it sounds like. It "SUMS" data in a range "IF" it meets a certain level of criteria.

For example…I'll often times condense a profit & loss into a summarized profit and loss using SUMIFS.

➡️ INDEX MATCH 

The Dynamic Duo

It in essence combines both the Index and the Match value, allowing you to have complete flexibility over your range with dynamic inputs.

Many feel that XLOOKUP is superior, and I won't fight it - it's all a matter of personal preference!

➡️ XLOOKUP 

The beauty of Xlookup is it replaces the limitations you have with Vlookup and Hlookup (please, I'm begging you...stop using Vlookup)…

allowing you to look up values in a 2 dimension table, both top to bottom↕️ and ↔️ left to right

➡️ COUNTIFS 

This one is not nearly used enough…it's extra useful when you're comparing 2 datasets. 

➡️ IF 

The Logic Master 

The premise is extremely simple…

IF my condition is TRUE, return this result. Otherwise (ie it's false), return this other value.

➡️ EOMONTH 

The Date Wizard 

Almost any financial report will show your dates going across this way ↔️

and your accounts going across this way ↕️

You can extend the dates by a month by using =EOMONTH(last period,1)…

or by a quarter using =EOMONTH(last period,3)…

or a year with =EOMONTH(last period,12)

➡️ UNIQUE 

The Duplicate Destroyer 

Duplicates can cause a headache 🤕

and while there are numerous ways to remove duplicates…UNIQUE is actually my favorite.

➡️ FILTER 

The Data Slicer 

OK, this one is a top favorite for me. With the FILTER function, you can set all sorts of conditions, and return a whole table based off of those conditions.

Combine that with a SORT function to return your results in the order you need.

➡️ SUMPRODUCT 

The Hidden Champion.
 
Most professionals simply don't realize its full potential.

In fact…it's so powerful, that it replaces the need for each of these functions: XLOOKUP, SUMIFS, COUNTIFS, AVERAGEIFS, and can do things that these functions can't.

And you can tap into this power once you start using it together with some of the other formulas I showed you today. 

But this is a topic for another time

===

These 9 Excel functions are my go-to in finance and accounting. 

While Excel offers countless other formulas, I've found these to be the most valuable in day-to-day work

Which one is your favorite? And which would you add?

Let me know in the comments below 👇

Old Excel vs Modern Excel
Which one are you using?

Excel is a completely different beast than what we used 5 years ago. 

But most of us still work in it like it's 2015. 

Let's fix that - here are the powerful features you might be missing 👇

💾 OLD WAY → Reference Functions

VLOOKUP ruled our spreadsheets for years, but it came with frustrating limitations. You could only search left to right, vertical searches were impossible, and error handling? Almost non-existent. Adding a column meant watching your formulas break in real-time.

💻 NEW WAY → XLOOKUP

XLOOKUP changed everything. Now you can:

✅ Search in any direction you want

✅ Use built-in approximate matching

✅ Handle errors intelligently

✅ Process large datasets at lightning speed

No more complex nested formulas just to look up a simple value.

💾 OLD WAY → Basic PivotTables

Remember when PivotTables could only handle basic summarization? One table at a time, simple calculations only, and those dreaded memory constraints that popped up with any decent-sized dataset.

💻 NEW WAY → Power Pivot

Power Pivot transforms how we analyze data:

✅ Connect multiple tables with real relationships

✅ Use DAX formulas for complex calculations

✅ Process millions of rows without breaking a sweat

✅ Built-in time intelligence functions that save hours

Your reports just got a serious upgrade.

💾 OLD WAY → Manual Data Cleanup

The old way meant endless hours of:

- Copy-paste operations that numbed your brain

- Find and replace marathons

- Manual data cleaning that took forever

- Constant risk of human error

💻 NEW WAY → Power Query

Power Query is like having a data cleaning assistant:

✅ Connects multiple data sources automatically

✅ Transforms data with reusable steps

✅ Cleans data with advanced rules

✅ Refreshes with one click

Set it up once, use it forever. That's work smarter, not harder.

💾 OLD WAY → Static Functions

Remember the CTRL+SHIFT+ENTER dance? Static functions meant:

- Single cell outputs that limited your analysis

- Array formulas that required special keystrokes

- Range references that broke easily

💻 NEW WAY → Dynamic Array Functions

Welcome to the future:

✅ Arrays spill automatically where needed

✅ UNIQUE, FILTER, and SORT work instantly

✅ Dynamic ranges adjust automatically

✅ Formulas actually make sense when you read them

Calculations that used to take hours now happen in seconds.

💾 OLD WAY → Basic Support

Getting help meant:

- Scrolling through endless forum posts

- Testing solutions that might not work

- Dealing with outdated answers

- Wasting time on trial and error

💻 NEW WAY → Excel Copilot

AI joins your team:

✅ Understands what you're trying to do

✅ Writes formulas in plain language

✅ Suggests improvements as you work

✅ Solves problems in real-time

It's like having an Excel expert on speed dial.

===

Which modern Excel feature surprised you? What's still on your learning list?

Drop your thoughts below 👇

Learn about 77 Types of Accounting 👇

I remember when I first graduated… 

I thought Accounting only meant 2 things

Tax, or Audit.

Boy…was I wrong.

Accounting is easily one of the most diverse and versatile fields out there…

With tons areas & industries that you can specialize in.

Let’s dive in to some of my favorite areas of Accounting:

1️⃣ Cash Accounting

Cash is king…right?

Well, that’s especially true if you’re performing “Cash” accounting.

The idea here is pretty simple - you record all money received as income…

and all money paid as an expense.

There are some exceptions here, but that’s the gist of it

2️⃣ Public Accounting

This is where I started my career…and where many feel it’s the best place to launch your career as an accountant.

The main focus here is between 2 fields: Auditing, and Tax, often times for public companies.

The most popular public accounting firms are known as “The Big 4”…which are Ernst & Young, KPMG, Deloitte, and Price Waterhouse Coopers

 3️⃣ Forensic Accounting 🕵️

Ever wish you became a private investigator, or a detective, instead of an accountant? 

Forensic accounting may be a perfect fit.

Forensic accountants investigate financial discrepancies and fraud, often times working on legal cases to uncover any irregularities with a companies financial records.

4️⃣ Accrual Accounting

Accrual accounting is much more popular amongst bigger companies…

and IMO tells a much better story of what’s ACTUALLY happening.

Here, you treat income EARNED as revenue…

and expenses INCURRED as an expense…

regardless of when cash was received

5️⃣ Operational Accounting

Here’s one of my favorite fields in accounting…

With operational accounting, you’re handling the accounting tasks that relate to “operating” a company, such as…

→ Managing accounts payable

→ Following up on outstanding invoices

→ Processing payroll

and much more

6️⃣ SaaS Accounting

For the most part, SaaS is just another industry, without too many nuances from any other industry…but it definitely has it’s quirks.

For example, with SaaS accounting, there’s a lot of emphasis on deferred revenue, and when something can be recognized as revenue.

Similarly, an extra emphasis is put on calculating KPIs such as Customer Acquisition Cost, Customer Payback, and Net Dollar retention.

7️⃣ Restaurant Accounting

Think you can easily transition to an industry like Restaurant Accounting? Be prepared for a lot of differences.

For example, instead of analyzing dozens of transactions a month…

you may be analyzing thousands of transactions a DAY…

each with their own complexities in reconciling and reporting

===

Those are just 7 of the 77 areas of Accounting identified below…

but even 77 types of accounting is an underestimation - the real number can be much much larger.

What are some other types of accounting you’ve seen?

And which is your favorite?

Let’s us know in the comments below…I’ll go first 🙋

Here’s EVERY Excel Chart, and When to Use it 👇📊📈
Charts are one of the most powerful features that Excel offers…

and each one has their own time & place for when you should use them.

Let’s do a walk through of each chart:

1. 📊Bar charts → helps you understand trends over time.
 
 • Bar chart → single series
 
 • Stacked bar chart → multiple series grouped together
 
 • Clustered bar chart → multiple series side by side 
 
 • Horizontal → alternate orientation
 
2. 📈 Line chart → helps you understand trends over time, requires 2 or more data points
 
 • Line chart → can show 1 or multiple series. I like to utilize 2 series when I’m trying to understand the intersection (like with a break even anaysis)
 
 • Area chart → highlights magnitude of change by shading the bottom
 
3. 🟡Pie chart → helps you understand the distribution between multiple categories
 • Pie Chart → shows the split / distribution between multiple categories
 
 • Donut → shows the % completion. This is in essence a hollow pie chart (my favorite for budget vs actuals)
 
4. Hierarchy charts → helps you understand the hierarchy of data
 
 • Treemap → provides a hierarchal view of data by color and size
 
 • Sunburst → provides a hierarchical data in a circular fashion
 
5. 🔢 Statistical charts → provide a visual representation of data distributions, trends, and patterns

 • Histogram → Shows the underlying frequency distribution
 
 • Box & Whisker → Shows distribution of data into quartiles, highlighting the mean and outliers.
 
 • Pareto Chart → displays both the individual and cumulative frequencies
 
6. Waterfall chart → Helps in understanding the cumulative effect of sequentially introduced positive or negative values

This is especially relevant when showcasing MRR and ARR

1. Scatter charts → often used to find correlations and patterns in the data
 
 • Scatter Chart → displays the relationship between 2 numerical variables
 
 • Bubble Chart → variation of the scatter chart, adding a third dimension using the size of the dots.
 
2. Combo charts → allows you to combine data from multiple series
 
 helpful when you have information across 2 distinct series (like Revenue and Gross Margin)
 
3. 🗺️ Map Charts → provide a geographical representation of data

4. PivotCharts → allows you to control chart data from a PivotTable
 
This may be the most powerful of them all, as it allows you to take any chart, and connect it to a PivotTable…
 
That’s my take on Excel charts, and when to use each.
 
There’s a whole lot more to be said about how to structure your data, and how to design your charts to captivate your audience 🤩
 
What would you add about Excel Charts?
 
Let us know in the comments below 👇

If you're running an accounting firm offering traditional services, you're leaving serious money on the table.
(This post is sponsored by Thomson Reuters)

Here's how to 3x your revenue without working more hours

Advisory services generate 3 to 5 times higher fees than compliance work.

Same clients, better margins, less time on repetitive tasks.

Advisory is a no brainer.

So why haven't you made the switch yet?

→ The Fundamental Difference

Advisory is about the future.

You're helping clients figure out what's coming next, spotting opportunities they can't see yet, steering them away from problems before they happen.

Accounting is about the past.

You're mapping where they've been, measuring what they've consumed, making sure every transaction gets recorded correctly.

You need both, but advisory is where the real money lives.

→ Advisory Services

When you do strategic finance, you're translating business ambitions into financial possibility.

Your client wants to expand? You show them the capital structure, timeline, and ROI to make it happen.

Tax planning means you're designing proactive strategies to minimize their tax burden.

Board reporting takes all that complexity and turns it into clarity.

You're presenting KPIs, market positioning, and strategic options so leaders can make decisions with conviction.

And when M&A comes up, you're evaluating targets, modeling synergies, negotiating valuations.

→ How to Get Started

So here's the thing.

Most accountants have the skills to do advisory work.

But they don't know how to position themselves as advisors or make the transition without making costly mistakes.

Thomson Reuters built Practice Forward specifically for this.

It's a business coaching program with over 290 tools...proposal templates, client deliverables, pricing calculators, the whole setup.

You get one on one consulting with an experienced advisor who walks you through the transition.

Plus there's a community of firms making the same move.

The results? Firms see an average 133% increase in billing for new clients in their first 12 months.

Check them out here: https://lnkd.in/er_Zzd8m

===

Making the switch from traditional accounting to advisory has been the best career decision of my life.

I'm not just enjoying my work more...I'm having conversations with CEOs and founders 

And getting into rooms I’ve never imagined I would be in

The money is better, which has allowed me to invest in other passion projects.

But honestly? The biggest change is that I'm excited about what I do every day.

What's holding you back from making the switch?

Let me know in the comments below 👇

Most CFOs waste hours building dashboards that nobody understands, and if you watch this video, you'll see exactly how to fix that with just five reports -https://lnkd.in/dyfbDCYi

I used to be one of them.

Hundreds of rows.

Dozens of tabs.

So much data that stakeholders would just nod and pretend they got it.

Then I figured out you only need five dashboards to run any business.

That's it.

Five.

I just recorded a complete walkthrough of each one and exactly how I use them with clients, investors, and board members.

The KPI dashboard that shows only eight metrics but tells you everything you actually need to know.

No information overload.

Just the numbers that matter.

Budget vs actuals is my personal favorite because it proves you're not just guessing.

It shows what you thought would happen versus what actually happened.
And when you miss, you have a story ready.

The three financial statements stacked together so leadership sees profit, cash, and balance sheet health in one view.

Most people show these separately and lose the narrative.

A full year trends dashboard that makes patterns impossible to miss.

You'll spot problems months before they become disasters.

Plus the exact formatting tricks that make your dashboards look professional instead of amateur.

Like how to show millions versus thousands versus percentages automatically.
The hard part isn't knowing what numbers to track.

It's making them easy to understand in a spreadsheet.

These five dashboards solve that.

Everything you need to know about Excel Tables 👇

Excel tables are one of the most powerful features excel has to offer…

and few people truly understand the magnitude of their power.

Be sure to download this image in high res along with the free excel worksheet right here
👉 https://bit.ly/3tC4DaW

➡️ What is an Excel Table?

An excel table is a STRUCTURED range that when activated as a table, unlocks a number of features not available under traditional ranges

➡️ How do you convert a range to a table?

2 ways:

1️⃣ Click CTRL + T

2️⃣ Navigate to Insert > Table

➡️ What’s so special about Excel Tables?

I’m glad you asked 😄

Here are 8 benefits:

1️⃣ Auto extend range

Anytime you add a new column to the right / left of a table…

or a new row to the bottom of a table…

the range will automatically update.

This is huge, especially for the reason mention below in #7

2️⃣ Enhance readability in your formula

Tables take a range like this:
F6

to instead look like this:
PnL[Budget]

This greatly enhances readability of your formulas

3️⃣ Easily select ranges

Simply hit CTRL + Space to select a full table column

Shift + Space to select a full table row

CTRL + A to select a full table

4️⃣ Create consistent & uniform data structures

This is how structured data references are set up, making it infinitely easier to use in formulas.

The more you familiarize yourself with data structures in this format, the more dynamic you can set up your spreadsheet

5️⃣ Convert to Pivot Table or load to Power Query

Set up a Pivot Table 👉 Insert > Pivot Table, or Table Design > Summarize with PivotTable

Load to Power Query 👉 Data > Load from Table/Range

6️⃣ Change Formatting

Change the look and feel with one click when you navigate to 
Table Design > Cell Styles

7️⃣ Automatically Extend References

Potentially my favorite. 

When you reference a range in a table…

your range will extend as you add more rows.

I especially love using this with data validation drop down 💪

8️⃣ Add a total row

Table Design > ✅ Total Row

Then you can easily add a sum, average, count etc. to the bottom of your table

===

As we learned from Spiderman…

with great power comes great responsibility.

And tables have their dangers!

Sadly, I only have 3k characters to explain it all, so to get more…

⬇️ Download this image in high resolution, and get the free accompanying excel worksheet via the link on the image below.

Got anything to add about Excel Tables?

Join the discussion in the comments below 👇

EXCEL VS POWER BI 📊
The great debate continues...which tool should YOU be using?

Most professionals find themselves asking this question at some point. 

There's no one-size-fits-all solution, but there ARE specific situations where one clearly outshines the other.

Let's break down when to use each so you don't waste time with the wrong tool!

➡️ EXCEL: THE SWISS ARMY KNIFE

Excel is my daily driver. I open it first thing in the morning and it's usually the last app I close at night.

SPREADSHEET-BASED work is where Excel dominates. You get cell-by-cell control that just feels right when you're building something from scratch.

I absolutely love the FORMULA-DRIVEN approach. From simple SUM functions to complex nested IFs and XLOOKUPS, you can make Excel dance.

STATIC REPORTING doesn't need to be fancy. When you need a quick visual of data, Excel charts get the job done without the overhead.

FILE-BASED STORAGE has its pros and cons. You can email a workbook to anyone, but those 20MB files clogging up your inbox? Not so fun.

INDIVIDUAL ANALYSIS is Excel's sweet spot. When diving into numbers alone or with a small team, nothing beats Excel's flexibility.

➡️ POWER BI: THE DATA POWERHOUSE

Power BI solves problems that make Excel crash or slow to a crawl.

DATA MODELING in Power BI is like Excel on steroids. Connecting sales data with inventory and customer info becomes actually doable.

DAX MEASURES - once you get them, you can calculate things Excel can only dream of.

INTERACTIVE DASHBOARDS make your data come alive. The ability to filter data with a click and watch everything update instantly is powerful.

CLOUD PUBLISHING solves the "which version" chaos. No more "final_v3_ACTUAL_final.xlsx" floating around company email.

DATA DISCOVERY lets anyone ask questions in plain English. Type "show me sales by region" without knowing a single formula.

➡️ WHEN TO CHOOSE EXCEL

-Creating ad-hoc numerical analysis
-Working with moderate data volumes
-Building financial models and forecasts
-Users need direct data editing capabilities
-One-off or infrequently updated reports

➡️ WHEN TO CHOOSE POWER BI

-Working with large datasets
-Creating enterprise-wide dashboards
-Need for real-time data connections
-Building interactive, self-service analytics
-Sharing insights across the organization

===

The two tools aren't competitors but companions in the data analysis journey. 

Excel remains the everyday workhorse for many financial calculations and models, while Power BI specializes in visualizing and sharing those insights at scale.

Many teams build initial models in Excel, then connect Power BI when broader organization-wide reporting is needed.

What about you? Are you an Excel die-hard or have you made the jump to Power BI?

Leave a comment below with which tool you use most often 👇

VLOOKUP is killing your productivity
🚫 STOP USING IT
Let me explain why..

➡️ HOW DOES VLOOKUP WORK?

Let's start with the basics - VLOOKUP is a function that searches for a value in the leftmost column of a table and returns a value in the same row from another column.

Here's the syntax:

=VLOOKUP(lookup_value, table_array, col_index_num, [range_lookup])

Sounds simple enough, right?

But here's where things get messy.

➡️ WHY YOU NEED TO STOP USING VLOOKUP

First…you need to MANUALLY count columns, praying nobody inserts a new one in between, and crossing your fingers that you'll never need to look up data to the left of your lookup column.

Next, you can’t look up values to the LEFT of your first column in VLOOKUP.

But most importantly, you can’t use VLOOKUP to look up BOTH horizontal and vertical searches. 

Lookups are great for looking up both an X and Y axis (eg: look up the value in your P&L for a specific account in a specific period)

To do this with VLOOKUP, you end up with this frankenstein combination of VLOOKUP and HLOOKUP that nobody can understand – including yourself when you look at it a month later.

➡️ MEET XLOOKUP

This is where XLOOKUP comes in, and it's a game-changer.

Remember all those limitations with VLOOKUP? XLOOKUP solves them all.

No more counting columns - just select what you want to find and where you want to find it.

No more restrictions on direction - XLOOKUP doesn't care if your data is to the left or right.

Want to look up both vertically and horizontally? XLOOKUP handles it like a pro.

But here's where it gets really interesting...

You can nest XLOOKUP functions together to create powerful dynamic references. Imagine being able to look up values based on both row and column criteria, all in one formula.

It's like VLOOKUP and HLOOKUP had a baby, and that baby went to Harvard.

➡️ THE POWER OF INDEX MATCH

Now, let me introduce you to the heavyweight champion of lookups - INDEX MATCH.

This is my personal favorite, and here's why:

It's been around forever, which means it works in every version of Excel (sorry XLOOKUP).

The syntax is crystal clear - you're telling Excel exactly what range to look in, what to match, and where to find it.

Want to do a two-way lookup? INDEX MATCH handles it beautifully with a simple nested formula.

The best part? Once you understand INDEX MATCH, you'll start seeing opportunities to use it everywhere. It's like putting on glasses for the first time and realizing you've been seeing the world in low resolution.

The lookup function you choose today will impact every spreadsheet you build tomorrow.

VLOOKUP might feel comfortable, like that old sweater you can't bring yourself to throw away. But it's time to level up.

Whether you choose XLOOKUP or INDEX MATCH, your future self will thank you.

What lookup function are you using? Let me know in the comments below 👇

PS: want to learn more? Watch the FULL TUTORIAL here 👉 https://lnkd.in/eGkrfVVJ

taplio

Josh Aharonoff, CPA's Linkedin Analytics