Are you being forced to make important or timely decisions when lacking the financial or operational information required to make an informed decision?
Are you looking for a partner to assist you in understanding the metrics that makes your business tick?
If you answered yes to any of the above questions, and you are not prepared to take on the full-time salary of a seasoned finance professional then you might consider hiring a part-time CFO.
In many small- to medium-sized businesses, the CFO is responsible for the interpretation of the financial results, cost control measures, capital acquisition, and strategic planning due to economic, industry, tax, government regulation and social issues. In some cases, the CFO can also be an asset to a small accounting office by managing bookkeepers and accountants for more accurate and timely processing of financial information. The CFO must also be in the forefront of the banking relationship – there can be no errors.
Here are the “TOP 11” Chief Financial Office – CFO services for your business…
1. Strategy
- Develop tools and systems to provide critical financial and operational information to the CEO and make actionable recommendations on both strategy and operations
- Engage the board, finance, audit, and investment committees about issues, trends, and changes in the operating model(s) and operational delivery
- Assist in establishing yearly objectives and meeting agendas, and selecting and engaging outside consultants (auditors, investment advisers)
- Oversee long-term budgetary planning and ensure cost management is in alignment with company’s strategic plan
2. Executive Management
- Serve as a member of the executive leadership team
- Participate in key decisions pertaining to strategic initiatives, operating models and operational execution
3. Financial Planning and Analysis
- Prepare and maintain regular financial planning reports; monthly profit and loss forecast (vs. budget); weekly cash flow forecast and maintenance of capital budgets
- Complete analysis of financial results; develop recommendations (strategic and tactical)
- Assist in development of financial planning and analysis of exercises/reports
- Participate in calls with potential lenders
4. Finance
- Oversee cash flow planning and ensure availability of funds as needed
- Oversee financing strategies and activities, as well as banking relationships
- Develop and utilize forward-looking, predictive models and activity-based financial analysis to provide insight into the organization’s operations and business plans
5. Planning, Policy, and Investor Relations
- Coordinate the development and monitoring of budgets and develop financial business plans and forecasts
- Participate in corporate policy development as a member of the senior management team
- Engage the finance committee of the board of directors to develop short-, medium, and long-term financial plans and projections
- Represent the company to financial partners, including financial institutions, investors, auditors, public officials, etc.
6. Accounting and Administration
- Oversee the accounting department to ensure proper maintenance of all accounting systems and function
- Ensure maintenance of appropriate internal controls and financial procedures
- Ensure timeliness, accuracy, and usefulness of financial and management reporting for the board of directors; oversee the preparation and communication of monthly and annual financial statements
- Coordinate audits and proper filing of tax returns
- Ensure legal and regulatory compliance regarding all financial functions
7. Team Management
- Mentor and develop finance team, managing work allocation, training, problem resolution, performance evaluation, and the building of an effective team dynamic
- Guide larger, cross-divisional teams
8. Accounting Activities
- Oversee preparation of month-end, quarter-end and year-end financial statements
- Review all month-end closing activities including general ledger maintenance, and balance sheet reconciliations
- Enhance and implement financial and accounting systems, processes, tools and control systems
- Serve as a key point of contact for external auditors; manage preparation and support of all external audits
9. Cash Management
- Oversee weekly cash management; approve weekly payables; execute cheque signing
- Oversee AR management and provide support to collections activities
10. Corporate Development
- Represent company in efforts with investment bankers and potential investors
- Prepare various analysis and reports required by corporate development efforts
11. Insurance/Real Estate/Legal Affairs
- Manage the company’s insurance program
- Manage the company’s real estate affairs consisting of leases and sub-leases with various landlords; negotiate new leases or lease renewals; coordinate with real estate counsel
- Manage the company’s legal affairs