Do you need full-time CFO or Controller Services?
Small businesses often don’t have the cash flow to support a CFO or Controller and in many cases those types of services may not even be necessary. However, as your business grows, your accounting and finance needs will become more complex, requiring a different level of expertise than a bookkeeper or staff accountant can offer. Hiring us as your CFO/Controller on an as-needed basis is the ideal solution. How do you know if you need help beyond the basic bookkeeping and payroll processing? Here are a few examples:
Obtaining Financing
Bookkeepers perform a valuable service, but it often takes a CPA acting as your CFO/Controller to prepare financial statements that are suitable enough to present to lending institutions. As your CFO/Controller, we can also identify any possible red flags in your income statement and balance sheet that might give the lenders concern – IN ADVANCE of the lenders’ review. Our service can help you be proactive and navigate you through those types of challenges should they exist.
Creating Budgets
At some point, your business will grow to the point where you can no longer mentally keep track of what you have spent in the last few days, much less in the last month. That’s where our CFO/Controller expertise comes into play: budgets and planning. We will build you a monthly budget based on your historical numbers and our combined knowledge of your business, which will be a realistic picture of your anticipated revenues and expenses. Your monthly income statement will not only show your actual performance, but it will also compare it to what was budgeted. We can then identify areas of opportunity to reduce expenses, or invest in areas that will help grow the top line. For example, if you didn’t hit your sales plan – why not? What can be done to improve? Having a budget to follow is the first step in maximizing your profits. Using Spencer Business Solutions as your CFO/Controller can help you take your business to the next level.
Managing Cash Flow
This is the number one priority of small business owners. It is a common misunderstanding that an income statement will indicate how much cash is required to meet your debt obligations. Managing cash flow is a different animal. It is true that some bills you pay will never show up on your income statement. For example – if you have a bank loan for your business, your monthly payments consist of paying interest and principal. Only interest expense shows up on your income statement. Confusing? Yes! But it is our job as your CFO/Controller is to project your cash flow needs. We can do this on a week-to-week basis, monthly or even on a seasonal basis if warranted.
Implementing Internal Controls
Do you maintain e a sizable inventory? Are you certain that it is all accounted for? Maybe some of it is walking out the door on a daily basis. But how do you know for sure? As your CFO/Controller, we can perform a physical inventory to determine your true cost of goods sold , help determine if you have a potential internal theft problem, and even help you decide what the appropriate level of inventory is for your business size. This is another way we can help you maximize your profits with our CFO/Controller services!
As a client of Spencer Business Solutions, you can leverage our first-hand experience in this area – at a very reasonable price. For more information, please contact us. We would love the opportunity to explore whatever needs you have. Ready to see how Spencer Business Solutions services can assist you with your CFO or Controller needs? Whether your business needs a part- time CFO or you need Controller Services, Spencer Business Solutions is here to help.
