Advisory/Outsourced CFO Services
Accounting professionals can help businesses with services other than accounting such as improving profitability, increasing cash flow, and becoming more efficient with technology to list just a few examples. This work is called advisory or outsourced CFO services.
Advisory services are designed to help you reach your business’s financial goals faster. Here are some of the ways we can help you.
Business consulting services span many areas. We will discuss with you your business goals and current challenges and guide you toward solutions to achieve your goals. Here are some areas where we have experience providing solutions:
- Cash flow improvement. This is the most common issue with businesses and there are many ways to tackle this issue. We start by reviewing your invoicing, payroll, purchasing, and payment processes and suggest ideas for speeding up cash collections and slowing payments. We can prepare cash flow forecasts and projections to evaluate your short-term needs. We can also review your liabilities and create a payment schedule to help get you out of debt.
- Financial review and performance analysis. On a regular basis, we can hold a review session with you to discuss your financial results and point out opportunities for increased profits or revenue. We can also provide graphical dashboard analysis including forecasting, goal setting, KPI selection (key performance indicators, kind of like a report card for your business), what-if simulations, benchmarking and more.
- Strategic planning and budgeting. Many businesses are flying blind without a roadmap to help them know where they are going. We can help you build a strategic plan for your business as well as a budget (we prefer to call them profit plans) so you can get clear on your business’s future.
- Capital expenditure and project analysis. There are unlimited ways to spend money in your business and only a limited amount of cash available. We can help you anticipate and prioritize the right projects for your business to reach your goals and move it forward.
- Internal control review. If you’re concerned that you may not have the controls in place to prevent fraud, we can help you identify and put into place stronger internal controls to reduce the risk of future fraud.
- Specialty accounting services. These services, which include items like job costing and inventory analysis, can help you find ways to improve your business profitability. We take a deep look at your operations, reviewing items such as profit margins, pricing, revenue growth, and costs to identify issues to fix and successes to repeat.
The right technology can greatly boost your bottom line. We’re tech-savvy accountants that can help you streamline your accounting workflow with the right choice of accounting software and apps for your business. We can help with:
- Accounting system selection
- Transition to the new system
- System implementation
- System customization
- Accounting software training
- Integration of add-ons to enhance your core functionality
Getting the right people on board your business is essential to success. We can help you select and evaluate your accounting department staff. We can provide the technical evaluation of candidates’ and employees’ accounting skills so that you know for sure you have the right people doing an accurate and timely job for you.