I provide CFO/Controller-on-Call services at a fraction of the cost of a full time CFO or Controller.
This is a unique service that I offer for continuing involvement with your business for financial management.
In my 25+ years in the field of accounting and finance I have found that many times a small or medium size company needs high-level financial expertise, but not a full time employee to provide it. Even in my own career I had positions that utilized my unique Controller and Full Charge Bookkeeper skills about 80% of the time, and the rest of my workday was filled with “make work” – things that could have been done by a less costly staff person, but were done by me because I had the available time. As your CFO/Controller-On-Call I give you the opportunity to have professional CFO or Controller expertise and only pay for the time you need it.
My Service
CFO or Controller responsibilities chiefly revolve around policy and planning at the highest level. Key areas of management under the CFO or Controller are the financial structure of the organization, design of the financial information system, compensation plans, and management of key financial relationships, including banking and outside investors.
Small businesses can be financially sophisticated and well managed as the largest corporations thanks to advances in communications, computers and computer software. These advances have made it possible for the small business to economically obtain Controller level services on a contract basis.
Key benefits of utilizing my Controller Service includes:
- Rounding out the management team to provide a level playing field with competitors.
- More time to focus on new services, new customers, and other core business issues.
- Better understanding of the financial side of your business so you have more control over the money.
- Improved decision-making capabilities from clearly seeing the hard and true numbers of your business.
- A readily available sounding board to help you with those tough business decisions.
- The comfort from knowing that a professional is overseeing the financial side of your business.
- A professional who establishes strong financial controls in your business to reduce employee theft.
- Training and managing your accounting staff.
- Improved quality and timeliness of financial information.
- Budget preparation and monitoring.
- Profitability analysis by service or product line.
- Tax saving strategies.
- Assistance in defining long-range plans and the quantification of goals.
- Cash flow management.
- Liaison with bankers, attorneys, vendors, insurance agents, etc.
- Assistance in obtaining financing from banks, including assistance with negotiations.
- Review/negotiation of insurance policies.
- Development of company accounting procedures.
- Analysis of equipment purchases.
- Mergers and acquisition assistance.
- Custom designed collection policies and procedures.
- Management of the financial and tax accounting and reporting function.
- Accurate and timely preparation of financial statements and other management reports on a consistent basis.
- Reconciliation of the general ledgers, sub-ledgers, and adjusting entries.
- Management of accounts receivable and collection.
- Management of accounts payable and vendor payments.
- Inventory accounting and management.
- Maintenance of the property, plant, and equipment records and capital investment reporting.
- Unlimited consultation to help you understand your financial information.
A full-time CFO/Controller providing these services could cost from $102,000 to$188,500 or even more per year in the Palm Springs area. The good news is most small businesses do not need a full-time CFO/Controller. I provide you with these services for only a fraction of the costs.
How does it work?
The key to the success of CFO/Controller-on-Cal is continuous involvement in the operations and financial reporting of your company. It starts with regularly scheduled visits to your location depending on the complexity of your accounting and business systems. I will review and establish accounting and reporting procedures with your staff and will work closely with your office manager to make sure all accounting issues are handled properly and timely.
Monthly financial statements will be prepared and reviewed with you. Non-accounting reporting issues will be handled or monitored as necessary, such as vehicle registration procedures, federal and state sales taxes, and governmental forms for various agencies.
Besides the traditional "accounting and reporting" functions, there are many other areas of general management that are often best addressed by a financial professional. These would include…
- Cash management functions.
- Develop effective Accounts Receivable controls to get the best use out of your cash flow.
- Develop effective Accounts Payable controls to stretch your dollars but also retaining your good credit standing.
- Working with operations staff to develop and track key indicators of productivity and profitability.
- Reviewing and determining the appropriate levels of insurance coverage and assisting in obtaining competitive quotations.
These are examples of the types of issues that come up and require a financial professional, but they don’t come up every day, thus the value of a CFO/Controller-on-Cal.
Initially I suggest we would work through implementing new procedures and controls. This generally costs your company less than the cost of a full time accounting clerk. At any time, you can reduce the service level, or if necessary, increase your service during a period of significant growth or during an acquisition.