Knowledge and Experience
CFOs assess cash flow and financial risk, and identify opportunities for growth. Having a CFO within your organization can be the difference between success and failure, but it comes with a price tag. That means many organizations, especially nonprofits, cannot afford a CFO on staff. That’s where an outsourced CFO comes into play! Nowadays small to medium sized organizations can experience the benefits of expert financial advice without having to fork out a full-time salary. Hiring an outsourced CFO means you can have a great financial advisor on your side!
Your CFO is the person you rely on to have the details about your business at top of mind to answer any question you may have. They should know what the various parts of the organization are doing, how things are going, and what issues may arise in the short and long term. Your CFO should be the one who tells you when to grow the team, and when to bring in a new piece of equipment or technology, and they’ll know how best to deploy that. They build and execute your plans, deploy the right resources, and keep projects on track. More than an accountant, an outsourced CFO is someone that’ll give you better guidance so you make smarter decisions.
CFO Services:
- Monthly, Quarterly & Year-End Reviews – Careful review of everything from bank reconciliations to financial statements. That could include reviewing your balance sheet reconciliations (Bank accounts, AR, AP, Inventory, Fixed Assets), your profit and loss statement, and your GAAP compliance.
- Audit Preparation – Prepare audit schedules, reconciliations, consolidations, roll-forwards, and draft financial statements. We can drive, interact and/or consult with your auditors throughout the entire audit.
- Risk Assessment Assistance – Help you identify potential hazards or threats, analyze what could happen if such a hazard occurs, and help develop a strategy to counteract such risks.
- Internal Control Recommendations – Examine the adequacy and effectiveness of your internal controls and make recommendations where control improvements are needed.
- Strategic Planning – Assist in documenting a plan that establishes the direction of the organization over the next year or more and how to get there. Here we can help you identify potential risks, because awareness of these risks can help your company stake out a stronger position in their field.
- Budget Monitoring – To accurately understand expenses versus budget, you need to have good knowledge of what the budget includes and how it’s planned out. This service includes performing a regular comparison of projected financial costs and gains against actual performance numbers.
- Reporting to Governance – Create integrated organizational reporting models to satisfy the needs of investors, preparers, auditors, and regulators.
- Overseeing Issuance of Financials to External Parties – Report financial information to external parties such as investors, government agencies, banks, and suppliers in compliance with accounting principles.