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.
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.
Jeff Neville, CEO
Neville Dental Care
We are often asked, “What does an outsourced or part-time CFO do?” Some areas where we frequently spend time with clients are:
Helping You Spend More Time on Your Business
Using a CFO will help you 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.
Improving the Financial Health of Your Organization
In order to grow your business, you need to understand your financial health. Working with an outsourced CFO, we can:
- Develop a strategic operating plan to help you stay ahead of the curve and remain competitive in your industry.
- Evaluate business drivers and key performance indicators that lead to benchmarks and specific goals.
- Prepare and monitor your budgets to ensure you’re staying on track.
- Increase the value of your business through operational & profitability analysis.
- 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.
- Assist with 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.
Getting Your Organization Set Up for Financial Success
Not only can we improve the financial health of your organization, but we can also set your business for success. Our CFO’s can:
- Train and manage your accounting staff. Or we can provide an accounting staff for you.
- Help create company accounting procedure manuals. This will help keep your accounting staff on the same page and aligned on your company processes.
- Assist 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.
- Create and update accounting systems, policies, and procedures as they change.
- Custom design collection policies and procedures
- Conduct a 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.
CFO’s can also:
- Help with 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.
- Provide 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.
- Provide a trend analysis. In other words, how does your company perform as compared to its forecast, prior periods, and to others in the industry?
Hiring a part-time CFO is an added-value decision that will improve your bottom line.