Steve Koval

Providing CFO services and Business Transition Services in the Greater State College Area

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About Steve

Steve Koval

Boalsburg, PA CFO

37 Years of Experience

Direct Contact

stevekoval@b2bcfo.com

office 814-880-8835

Universities:

The Pennsylvania State University, B.S. - Accounting Honors Program, May 1980


Loyola College of Maryland, M.S. - Finance (attended Jan 85 to Nov 86)

Certificates & Licenses:

CPA

Organizations:

Chamber of Business & Industry of Centre County

Blair County Chamber of Commerce

Greater Johnstown/Cambria County Chamber of Commerce

PSU Start-up Community

Alliance for Innovation & Business Development of Central PA

Financial Executives International (FEI)

Financial Executives Networking Group (FENG)

Chief Financial Officer Network

Digital CFO Network

Contact Steve Koval and receive a free Discovery Analysis™

  • A confidential meeting with the business owner(s), then interview company staff.
  • Look at the company’s financial information and computer systems.
  • Benchmark financial information against industry averages.
  • Create a confidential report of our findings in The Strategy Gameplan™







Steve’s Bio

Steve is a CPA and an accomplished senior financial executive with over 30 years of financial and IT management experience. During his exciting career, he has functioned as CFO, Vice President of Finance and Information Technology, Controller and Director of Finance at various companies ranging from start-ups to businesses with 60 affiliated entities and annual revenues in excess of $140 million. His experience encompasses all aspects of operational, financial and information technology management in a variety of industries. His industry expertise includes telecommunications and cable TV, broadcasting and media, ecommerce and Internet technology, retail and wholesale distribution, banking and professional services.

Steve quickly understands complex business initiatives and techniques which help him assess and develop the key performance indicators (KPIs) that drive success in any business model. He uses this knowledge to develop and implement business processes and internal controls, information systems and timely and accurate financial reports to help business owners identify and improve their financial results.

Steve's highly skilled communication and financial planning and analysis skills allow him to work effectively with business owners and their senior management team to develop strategic business plans and related financial budgets and cash forecasts to raise debt and equity capital to finance their growth. He has been extensively involved in mergers and acquisitions, including financial and operational due diligence; negotiation of purchase and sales agreements; preparation and development of business plans and related financial projections; raising the debt and private equity to finance the transactions; and operational integration after the closing.

Steve has also negotiated credit facilities with banks to soften credit requirements, reduce the personal guarantees of business owners and increase the availability of funds to finance capital expansion and related working capital needs. As a result of this experience, he is skilled at interacting with vendors, bankers, investors, attorneys, outside CPA firms, insurance brokers and consultants. He has established numerous professional relationships during his 25 plus years in the local business community in Central PA to help business owners.

Steve also utilizes his extensive IT project management skills to assist companies making the transition from basic accounting systems to fully integrated ERP systems. He has successfully led several ERP and CRM system conversions throughout his career resulting in increased efficiency and timely and accurate financial and operating results. For project management engagements, Steve evaluates software and hardware alternatives based on specific business needs, documents various business processes, addresses relevant internal risks and controls, and can manage the overall project up to and including parallel testing and final system implementation.

Steve understands that cash flow and working capital management is the most critical aspect of any business. His cash flow model manages cash; forecasts needs while allowing for contingencies; and ensures compliance with bank covenants. He has also designed and implemented accounts receivable credit and collection processes to considerably reduce day's sales outstanding in accounts receivable resulting in increased cash. Similarly, Steve has also negotiated favorable credit terms with vendors to reduce immediate working capital needs.

Steve prides himself on being able to effectively develop, summarize and communicate financial and operational information to non-financial managers. Some areas that Steve can help business owners improve include the following:

  • Cash flow and working capital management and forecasting
  • Strategic planning and business plan development
  • Budgeting and financial planning and analysis
  • Development and reporting of key performance indicators (KPIs)
  • Improving the accuracy and timeliness of financial reporting
  • Managing the accounting team to free up entrepreneurs for business development
  • Reengineering core business and financial processes and related internal controls to protect company assets
  • System implementations and IT project management
  • Debt and equity financing and restructuring
  • Banking, auditor and investor relations
  • Mergers and acquisitions
  • Contract review and negotiation of vendor payment terms
  • Cost reduction and restructuring

Steve earned his Bachelors of Science Degree in the Accounting Honors Program from The Pennsylvania State University and also attended Loyola College of Maryland to pursue his Masters of Science Degree in Finance. He started his career with Ernst & Young in public accounting in their Houston, TX and Baltimore, MD offices. Steve has lived in the State College, PA area (home of Penn State University) for the last 25 plus years and enjoys hiking and the outdoors, tennis, golf and the many sports and cultural events associated with a major university environment. Steve also enjoys relaxing and entertaining in his Pontoon boat with his family and friends on nearby Lake Raystown.

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Recent Articles

Jul 21Steve Koval

U.S. Chamber of Commerce Names B2B CFO among Nation’s Top 100 Small Businesses

Jul 21Steve Koval

B2B CFO’s Founder Jerry L. Mills brings top concerns of Small Business Owners and discusses Free Enterprise with members of Congress and Press. B2B CFO, the nation’s largest CFO and Exit Strategies firm for growth-oriented, privately held companies, was honored by the U.S. Chamber of Commerce with the prestigious Blue Ribbon Award. Selected from a record number of applications, B2B CFO was among 100 businesses in the nation, and the only Arizona-based company, honored by the U.S. Chamber at the

May 11Steve Koval

When Should an Entrepreneur Hire a CFO?

May 11Steve Koval

When Should an Entrepreneur Hire a CFO? By Kimberly Danek From Entrepreneurweek.com Not every small business or company requires the services for a Chief Finance Officer or CFO, and as such, it is important that an entrepreneur knows the right time to hire one. To hire or not to hire a full-time CFO is dependent on many factors. In general, entrepreneurs in a startup company outsource accounting services from other companies. These companies provide services often limited to taxes, and

Mar 10Steve Koval

A Dozen Ways to Boost Cash Flow

Mar 10Steve Koval

Increasing the amount of cash you have on hand isn’t rocket science. There are basically only two ways to do this: earn more and spend less. Within these two categories are a myriad of strategies and actions you can take to improve cash flow—to get paid faster and spend slower. Here’s how: 1. Stop being a banker for your customers. Instead of invoicing for your goods and services, find ways for customers and clients to pay you on the spot. For

Sep 4Steve Koval

Small Business Loans

Sep 4Steve Koval

Approaching a bank for a small business loans for the first time can be an intimidating experience. Remember, the bank wants to loan you money if you qualify.  One way to improve your chances of being approved for a loan is to be prepared beforehand with the information and documentation the bank will request. Research Options In virtually every town or city there will be multiple financial institutions where you may apply for a loan.  Many will publish rates and

Jul 24Steve Koval

Put People Before Profit

Jul 24Steve Koval

In these very tenuous and difficult economic times, the importance of profitability becomes tantamount. Without profit, positive cash flow, which is the lifeblood of any business, can quickly dry up and cause significant difficulty even in basic operations. This is especially true when the availability of credit seems to be evaporating before our eyes. Profitability is critical in the short term and in the long run. When times are challenging, as they are today, we must do everything we can

May 26Steve Koval

WHY?

May 26Steve Koval

Are you passionate about your business or career?  If not, you may need a “WHY.” Following is a video on our recently published WHY. Does Our Why Benefit You? At B2B CFO, we work to improve business owners’ lives because we believe they are all unique and important to society.  We help them achieve their goals by removing barriers with our unique tools and processes. Our mission is to take companies to a higher level of success.  We work with

Mar 17Steve Koval

Producing an Effective Strategic Dashboard

Mar 17Steve Koval

Performance management dashboards have proven to be a valuable addition to financial management systems. When correctly implemented, dashboards can generate significant value by providing the link that connects management’s strategic intent to actual business performance. The first step to implementing an effective dashboard begins at a strategic level. Step 1 is to identify two or three key characteristics that express your business’ value proposition. Wikipedia defines value proposition as: A value proposition is a promise of value to be delivered

Feb 17Steve Koval

15 Ways to Invite an IRS Audit

Feb 17Steve Koval

There’s no reason to pay more tax than is legally required, but there’s also no reason to make yourself a target for an Internal Revenue Service audit or to get your return flagged by the IRS’ computers, which match billions of documents each year. So consider what situations might make you more … Read More photo credit: Tax Return and Calculator via photopin (license)

Jan 21Steve Koval

JERRY MILLS, CEO of B2B CFO®, NAMED as FINALIST for THOUGHT LEADER AWARD

Jan 21Steve Koval

January 9, 2014 at 8:17 pm Mesa, Arizona, Jan. 9, 2014 (GLOBE NEWSWIRE) Prestigious award honors individuals for meaningful contributions to middle market M&A Jerry L. Mills, founder and CEO of B2B CFO® and B2B Exit was named among the five finalists for the Middle Market Thought Leader Award, an annual honor bestowed by the Alliance of Merger & Acquisition Advisors® (AM&AA), the leading association and credentialing body for middle market M&A professionals. This annual award was designed to recognize

Jan 3Steve Koval

CFO vs. Controller

Jan 3Steve Koval

I am consistently surprised at how many business owners I meet that do not understand the difference between the roles of the Chief Financial Officer and the Controller. Not understanding or appreciating the differences between the two roles usually means the business owner has underestimated the value that a CFO brings to an organization. Actually, the confusion between the two roles is understandable. Both come from the same background – accounting – and have an orientation around financial numbers. Often, that’s

Dec 10Steve Koval

Small Business Exit Preparation

Dec 10Steve Koval

I often have small business owners tell me they are waiting to cash out of their business when the time is right.  I then ask a few very simple questions. When do you think that might be? How much do you think your business is worth and how do you know its value? My line of questioning goes on for a while until the business owner finally realizes that he or she has not really thought much about planning for

Nov 28Steve Koval

A Dozen Ways to Boost Cash Flow

Nov 28Steve Koval

Increasing the amount of cash you have on hand isn’t rocket science. There are basically only two ways to do this: earn more and spend less. Within these two categories are a myriad of strategies and actions you can take to improve cash flow—to get paid faster and spend slower. Here’s how: 1. Stop being a banker for your customers. Instead of invoicing for your goods and services, find ways for customers and clients to pay you on the spot. For

Nov 9Steve Koval

Taking Financial Control of Your Company

Nov 9Steve Koval

Many emerging and mid-market companies have basic accounting systems. They have a bookkeeper, maybe even a Controller. They have an accounting system – probably QuickBooks, or possibly a more advanced product. What they usually don’t have – and what for many is a major weakness – is a coordinated Financial Process. Jim Collins, entrepreneurial author and guru, says there are plenty of great mousetraps but not very many great processes and that’s where entrepreneurs should focus. The better process will

Oct 13Steve Koval

Top 5 CFO Services

Oct 13Steve Koval

It’s often assumed “CFO services” are similar, if not the same, as those services provided by a CPA or bookkeeping firm.  The services are complementary, and really have very little overlap.   Below are what I consider the Top 5 CFO Services, and as you’ll see, they do not included preparing your tax returns or making regular journal entries into your books. 1. Finding Cash for Your Business Banks lend money based on the ability to repay. When your financial

Aug 25Steve Koval

The “5 C’s of Credit” What Do They Mean to Your Small Business Loan?

Aug 25Steve Koval

One of the most common questions among small business owners seeking financing is: “What will the bank look for from me and my business?” While every bank has its own unique criteria, many use some variation of “the five C’s of credit” when making credit decisions. Broadly speaking, they are: Character Cash Flow Collateral Capitalization, and Conditions Let’s take a look at each of these ingredients and review how they may impact your funding request. Review each category and see

Aug 11Steve Koval

Increasing Sales

Aug 11Steve Koval

Most business owners want to increase sales. Our goal is to assist in that area. Business owners can usually increase sales significantly if they are allowed to spend time in what we at B2B CFO® call “Finding Activities.” Finding activities are those events that allow an owner to be a visionary, idea generator and a catalyst for change. These activities usually allow an owner to spend time building relationships and ideas to bring future sales into the company. We are

Jul 27Steve Koval

The Excel Experience™

Jul 27Steve Koval

What would it mean for your business to be considered Best in Class?  To be the benchmark that other companies try and emulate?  How do you view your competition?  Do you tolerate your competition? Or would you rather crush them?  Are you playing the business game to play?  Or are you playing to win? The partners at B2B CFO®, each with decades of experience leading and managing organizations toward greatness, are positioned to assist you to achieve your goals, develop

Jul 14Steve Koval

3 Surprising Ways to Measure the Success of Your Small Business

Jul 14Steve Koval

Based on a recent article by Newtek in the “Small Business Observer” there are 3 ways to measure your small business performance.  In business, we’re mostly trained to measure the success and vitality of our company using a small set of standards. Largely, this has to do with looking at profit and loss. In principle, this seems like a pretty solid way to measure how healthy your company is; making money is the point, right? It’s so easy to get

Jun 10Steve Koval

7 Steps to Successful Cash Flow Management

Jun 10Steve Koval

When it comes to properly managing the cash flow of your business, the best way to move from where you are now to where you want to be is to get a clear picture in your mind of the benefits you will enjoy as you take control of your cash flow. The benefits include: Increasing the likelihood that your business never runs out of cash. Eliminating the constant worry associated with not knowing what your cash balance is right now

May 11Steve Koval

What’s the Owners Role in Selling a Central PA Business?

May 11Steve Koval

Have you ever wondered what the owners role is in selling the business? This sounds straight forward, huh? Well the owner needs to continue building the business while the sale takes place. The Exit Planning Process, done right, can take time. During the initial phase, you must access the potential selling price relative to the desired price. Then programs should be designed and implemented to achieve the desired price. Once these steps are implemented, the owner needs to continue to

May 11Steve Koval

Dispelling Financial Statement Myths – Myth # 3

May 11Steve Koval

In the last several weeks we have examined two of the common myths that small business owners have about financial statements. Those were: Myth #1: Financial statements are just history; I manage my business forward. The banks and tax accountants can use the financials but they aren’t much use to me. Myth #2: I don’t really understand my financials, but they seem to keep the bank happy, so I’m okay with them. This week we finish this series with dispelling

Apr 28Steve Koval

Dispelling Financial Statement Myths – Myth # 2

Apr 28Steve Koval

Last time we looked at Financial Statement Myth #1: Financial statements are just history; I manage my business forward. The banks and tax men can use the financials but they aren’t much use to me. We learned that using your statements were critical in managing your business forward because they are the foundation to your budgets and monitoring your progress toward goals. This time let’s look at another myth common among small business owners. Myth #2: I don’t really understand

Apr 14Steve Koval

Dispelling Financial Statement Myths – Myth #1

Apr 14Steve Koval

For successful companies, timely and accurate financial statements are the cornerstone of sound financial management. While the information is historical, it provides information critical to the management of any business. The power of these numbers comes alive through meaningful comparisons and analysis. Yet there are many business owners and operators who miss the opportunity to manage their businesses because of their belief in certain myths. Here are a few truths behind the misconceptions. Myth #1: Financial statements are just history;

Apr 7Steve Koval

Are You Working IN Your Business or ON Your Business?

Apr 7Steve Koval

Entrepreneurs and small business owners often tell me that they simply don’t have time to focus on growing their business because they are immersed in their business. These are the same people who started their business with a strong vision of what they wanted to build, and then went about building it. But somewhere along the line, they got locked into managing certain aspects of the business, such as accounting, or involved in the actual creation of the service or

Feb 18Steve Koval

Obamacare – An Introduction for Small Businesses

Feb 18Steve Koval

Regardless of which side of the political aisle you reside, Obamacare, which is more formally known as The Patient Protection and Affordable Care Act (PPACA), is here to stay so you need to invest some time learning about how it will impact your business.  If there is any good news it is that most of its new provisions that affect businesses do not become effective until 2014.  But don’t feel too good as you will need much of 2013 just

Feb 18Steve Koval

Should You Consider an Outsourced CFO?

Feb 18Steve Koval

Are you curious about outsourcing the CFO function? Could your cash management, financing, forecasting and overall financial strategies be improved by the right person? A business owner needs expertise in product knowledge, operations, marketing, and finance. Most entrepreneur’s will have deep knowledge in one or two areas but less frequently in all of the areas needed for growth and long term success. For this reason, business owners rely on a wide variety of outside resources: industry consultants, IT service providers,