Small businesses don’t need to pay for a world-class accounting and finance department to have one. All businesses need the same full compliment of accounting and finance skills that the Fortune 500 enjoys but small businesses can’t afford them.
CFO & Co exists to optimize accounting and finance functions for our clients and give them the world-class financial performance they deserve, without the world-class price tag. By “optimize,” we mean matching the right expertise, at the right level, at the right rate, for the right amount of time to the tasks that must be performed.
We do all of this in sync with our clients’ existing personnel, filling in the gaps and rounding out the team as necessary. It’s just not feasible for most businesses to employ a CFO, Controller, Financial Analyst and so on, despite their need to have those disciplines onboard. It’s too expensive, unless they can tap into the missing skills on a part-time, as-needed basis. By plugging into us, companies can secure these specialized disciplines for much less than they would pay for their next full time hire.
It starts with a CFO at quarterback
We recommend a part-time CFO to oversee the accounting and finance team and advise the CEO on financing the businesses plans and other financial matters. A CFO helps management put its best foot forward with investors, customers, vendors, bankers, and the general public. The CFO understands the business, its strategy, and how to finance its operations; he or she also brings a wealth of contacts and connections to make it all happen.
Controllers, Analysts and Managers provide specialty expertise
With the CFO quarterbacking the accounting and finance functions, other professionals can be called in to perform a task (like budgeting or financial modeling) or to staff a project (such as implementing a system of internal controls, automating tasks or performing due diligence on an acquisition).
Sometimes our professionals fill a part-time, ongoing roll and other times they fill an interim role where someone has left the company and their tasks need to be performed until a replacement is hired.
Here’s what the other professionals on the team do:
The Controller is concerned with financial reporting and the operations of accounting and finance. The Controller oversees the books and records and produces financial statements. In addition, the Controller gains a comprehensive understanding of the company’s workflows and data flows and how they all feed into the financial records. With that knowledge, he or she implements a strong system of internal controls to safeguard assets and maintain the integrity of financial reporting.
The Financial Analyst creates financial models of the business plans or pending transactions, such as asset purchases, acquisitions or re-financings. In addition, financial analysts prepare operating and capital budgets, analyze budget variances and suggest cost reduction measures.
The Treasury Manager determines how much capital the business needs and whether debt or equity is the ideal means for obtaining it. This expertise is especially helpful when a company is expanding and needs to fund its growth, such as when it wins a big contract or open a new territory. The Treasury Manager deals with bankers and investors, advises on how best to invest excess cash and optimizes banking functions.
Let’s talk about how to optimize your accounting and eliminate costly inefficiencies.