Our Outsourced CFO Services

Any accounting firm can tell you what your numbers are. We’ll tell you what they mean.  Now that we have your day to day accounting and cash management in order, we move on to developing useful reporting for you and your management team:

As your virtual CFO, we review and provide internal use financial statements that you can count on as accurate.

Why is it important that we review and provide internal financial statements?

The goal of any accounting department should be to produce timely and accurate financial statements within a reasonable period of time after the month has ended. Part of our outsourced CFO services includes performing a month-end close.

The transactional account steps and month-end close produce timely, accurate and transparent financial information. This creates the foundation for evaluating performance, supporting business decisions and satisfying external reporting requirements. We understand that you as a business owner have other things to do than worry about your finances, let us be your virtual CFO and worry about your pains and focus on strategic planning.

We help you develop an annual goal by working with you, via strategic planning, on – based budget, so that your business has goals to shoot for and benchmarks to measure against

Why is it important that we help you develop an annual goal?

An annual budget outlines both income and expenditures that are expected to be received and paid over the coming year. Annual budgets help companies project their future cash flows and effectively manage their money. But is it really that important? Yes, we're your outsourced CFO and we'll tell you why – 

Budgets set targets. Budgets are used to project revenues and spending to help determine how the company will achieve short-term and long-term goals. Budgeting estimates revenues, plans expenditures, and restricts spending that is not part of those goals.

Strategy requires funding. Strategy and planning go hand-in-hand. Budgeting ensures that dollars are allocated to those things that support strategy. It is difficult to take a company to the next level without the necessary financial resources to support the plan. Strategic planning is key. 

Budgets communicate priorities. A well communicated budget helps everyone understand what business priorities are. You should communicate with the business owner to understand their strategy and how priorities are funded by the annual budget.

Controls spending. Spending is controlled when unallocated spending is not tolerated. Budgets help to establish boundaries, which eliminates unbudgeted spending.

Provides a benchmark for profit margin. Budgeting for a profit margin helps to ensure the future success of the company and determines its ability to grow and expand.

Ok, so you know why it’s important, but how do we create one?

  1. We start by understanding your business, primarily the necessary expenditures associated with revenues.
  2. Next, we understand where you are at and where you want to go. What do you want to do in terms of revenue for the upcoming year? Are there any big projects, new product lines to be launched, or job prospects, etc. in the pipeline?
  3. Finally, we understand how changes to revenue effect the other facets of your budget. Using strategic tax planning, we develop a custom dashboard for your business

Why is it important that we develop a custom dashboard for your business?

The first thing that should come to mind when thinking of a dashboard is tracking performance. A dashboard is a one-page document that is built to display financial metrics. The list of financial metrics is specifically directed and customized to your most important key metrics and vital signs.

The idea behind any financial dashboard is to provide a concise, but accurate, view of the company’s performance, for any given time period. As your outsourced CFO, we consider the following –

  • We think about the audience for the dashboard. We ensure that the data we display is relevant.
  • We select the right type of dashboard. If not for our own efficiencies, this often correlates with the audience and the end user’s preference. Do you prefer hard numbers or more pictorial and graphic images? What is the best way to get important financial information to you in a way that will be meaningful?
  • We group data logically, use space wisely. Cluttered, inconsistent displays deflect the focus from the important messages.