Our CFO Solutions help business owners and executives:
1. Make better business decisions with understandable, accurate and timely financial statements—presented in simple terms
Align finance and operations to build a foundation for controlled growth
2. Using our Interim or part time CFO services clients have access to financial expertise, similar to the big accounting firms, without the costly barrier to entry.
With improved internal controls client benefit from:
- Accuracy of financial statements—are best practices followed allowing for timely and accurate financial statement preparation? Do the financial statements accurately reflect operational activity?
- Checks and balances to help assure management that monies have been spent appropriately and wisely. These same processes help mitigate business and financial risk.
- Readable financial statements by management as well as all other people allowed access, such as in an open book environment.
- Building a stable foundation for the business to operate and grow in a controlled manner
- Set up repeatable financial processes
- Provide financial expertise to the management team
- Marrying the operational and financial plans
- Offer financial based insights and recommendations for operational efficiency gains
- Improve the overall performance of the finance functions, including controller and bookkeeping
- Better, and more timely, decision making capabilities
Why Should you Review Your Financial Processes and Compliance?
No business can afford to let financial processes develop at random, nor to stray from carefully-designed processes in the conduct of day-to-day operations. Although many managers and executives think of financial management and operations as two entirely separate functions, the truth is that a business will always be more successful when these two areas are aligned.
A strong, experienced CFO can take the lead in creating and implementing processes that not only position the company for controlled growth, but also provide the data needed to make informed decisions. A company lacking such leadership, on the other hand, is at risk in a number of ways. For example, the company may be unable to take advantage of expansion opportunities due to lack of financial planning, or simply because it is unable to timely provide necessary documentation in a clear and supportable format.
Other risks include:
- Failure to promptly identify unnecessary risk such as taking on more debt than is reasonable for the company, even if the project could be profitable.
- Failure to provide controls that offer checks and balances to work performed by people with high level access to financial functions.
- Lack of clear, accurate data with which to make operational decisions
- Wasted time due to lack of organization and repeatable process
- Inability to efficiently identify opportunities to reduce costs
In short, a company without strong financial leadership can easily make costly errors or miss opportunities.
Strengthen Your Company by Bridging the CFO Gap
Not every company has a dedicated, full-time CFO to spearhead financial processes and ensure compliance. Perhaps your CFO departed suddenly, and you anticipate a long search to find exactly the right candidate to help you grow your business in the long term. Or, maybe your company does not have a full-time need for a CFO, though certain functions are essential to the success of your business.
In those situations, Your CFO Solutions can provide an interim or part-time CFO to provide financial expertise and guidance as you need it, without a significant up-front investment or the cost and commitment associated with hiring a C-level executive.
The Power of Clear, Timely, Accurate Financial Statements
Accurate financial data is essential for many reasons, including:
- The ability to budget to keep the operation running smoothly
- The flexibility to take advantage of growth opportunities
- The ability to strategically build toward longer-term growth goals
- The knowledge to make solid decisions about what is and is not profitable
However, accurate data is not enough. Most of the decision-makers in a company will not be accountants or financial professionals. Simply providing decision-makers access to data will not empower them to make data-driven decisions. In fact, it may do more harm than good as time and energy is diverted to analysis of the financial information and misinterpretations or oversights are likely.
A capable, effective CFO doesn’t just implement processes for gathering that data and ensuring that it is accurate, but also creates or adopts a system for regularly translating that data into clear, useable information and distributing it to decision-makers.
Bring Financial Management and Operations Together
For those members of management who are not financial professionals, the financial management aspects of the business may seem tedious and even a bit mysterious. That’s a recipe for failure. After all, operating capital is a necessary ingredient for any new initiative or expansion your company might be considering. Likewise, profitability information is a key data point–perhaps the single most important data point–in determining whether a product or service line should be maintained, discontinued, revamped or increased.
That is why it is critical that your CFO does not just crunch numbers and create reports from on high, but finds a way to:
Ensure that decision-makers understand the relevance of financial data and how it impacts their options and decisions
Communicate financial information to those decision-makers in a way that is both clear and predictable
Establish and enforce simple, repeatable processes for those reporting financial data
Your CFO Solutions Can Help
If you do not have a strong financial manager driving financial processes and application and working to unite the decision-makers in a vision built on realistic financial analysis, you need help to create the strongest, most profitable version of your company.
Your CFO Solutions offers financial expertise much like you would expect from a large accounting firm, but on a part-time or short-term basis. We can provide the financial leadership required to take your company to the next level on cost-effective terms that are tailored to the unique needs of your business. Contact us today to learn more about how we can help you create and implement the financial processes that will provide the foundation for growing your business.