Cook Martin Poulson is my trusted CFO. Because they pay my bills, reconcile my checking account, process my payroll, and take care of the paperwork, I can spend my time in my most valuable activities.
For many small and medium business owners turning a dream into a profitable business is an indication of success. As they begin to realize this dream, the complexity of their business increase; they begin to need more refined strategic advice and financial expertise to help ensure that their dream is realized. For most small and medium business owners, hiring a full-time Chief Financial Officer (CFO) isn’t an option due to budgetary constraints.
At Cook Martin Poulson, our Part-Time CFO services can provide you and your business with professionals who have experience working with a wide array of industries, and can understand the issues you face as a business owner. We take time to understand the critical issues specific to your business and help you identify potential problems before they arise. Is there something about your business’ financial situation that keeps you up at night? We want to help you develop a plan to address these issues. We understand that no two businesses are identical, and we will work with you to create a plan that meets your specific needs.
We are often asked, “What does an outsourced or part-time CFO do?” Some areas where we frequently spend time with clients are:
- Helping business owners focus more time on new services, new customers, and other core business issues. Let’s face it: you didn’t start your business to become a CFO, right? Freeing up your time from this activity allows you to focus on the work you enjoy.
- Helping improve quality and timeliness of financial information, which allows for better understanding of the financial side of your business. So you have fewer surprises and more control over the money.
- Developing strategic and operating plans. Looking to stay ahead of the curve and thrive in a competitive market? This is the starting point.
- Ascertaining and evaluating business drivers and key performance indicators. Developing these benchmarks will keep you on task and focused toward specific goals.
- Training and managing your accounting staff. We can provide your accounting staff, or we can manage your staff for you.
- Trend analysis. In other words, how does your company perform as compared to its forecast, prior periods, and to others in the industry?
- Profitability analysis by service or product line. You want to know which of your product lines or services are most profitable right? This is invaluable for future planning.
- Budget preparation and monitoring. Keep track of what actually happens in comparison to your projections. This is an ongoing process to ensure that everything stays on track. There’s nothing worse than finding out the hard way and having to make adjustments well after-the-fact.
- Tax planning, which can be imperative to a growing business. We can review your tax situation to help make sure that there is no surprise at tax time and that funds are set aside for taxes.
- Assisting in the design and implementation of accounting systems, procedures, and controls. Accounting systems are bound to change through time. There is no one-size-fits-all with these components.
- Assisting in the development of company accounting procedure manuals. Think of this as a cookbook for your existing accounting staff to follow. It will help them do their job better.
- Merger & Acquisition analysis & due diligence. The day may come where you find yourself seeking to merge or acquire a new business. We’re experts and evaluating these golden opportunities.
- Custom designed collection policies and procedure. This will improve consistency in how you manage collections and improve cash flow.
- Cash flow management. Cash flow is key for any small business. Effectively managing cash flow will allow you to ensure meeting your payroll, taxes, and other key obligations.
- Operational & profitability analysis. Do you want to increase the value of your business? Of course! Having an outside party who is well versed do this provides your objective feedback.
- Prepare capital project projections, such as equipment purchases, and expansion. This is often on an annual basis and may require more frequent fine tuning as your business grows and changes with market fluctuations.
Hiring a part-time CFO is an added-value decision that will improve your bottom line. Please contact us for additional information on how this will benefit your business today.