Many small companies assume that they have the necessary financial and accounting aspects of their business covered if they have a bookkeeper on staff to track where their money is going.
Eventually, however, they get to the point in their growth where they need to do a more professional job of managing their daily finances and of proactively laying out the road ahead.
They realize that they are missing a critical piece of the management team â€“ an experienced senior financial manager.
Thatâ€™s where Financial Managers come in. We combine strategic planning with an operating emphasis on cash management, budgeting, cash flow projection and control systems, affordably delivering that rarity among small businessesâ€”the superior financial oversight of a CFO.
Our typical engagement includes:
- Managing receivables and payables so that cash-in matches cash-out.
- Overseeing the work of the bookkeeping/accounting staff to help produce financial information that leads to better management decisions. Â (We do not practice as CPAs nor do we replace the annual review work of a CPA.)
- Controlling an organization’s spending by working with the management team to develop budgets and control systems, helping all of the managers to track their progress and manage more effectively.
- Analyzing product/service costs so management can separate the winners from the losers.
- Carrying the ball with the bank and other funding sources as well as with the insurance broker, the landlord, the benefits planner – negotiating strongly as a member of the client’s management team.
- Providing strategic financial input and perspectives for medium- and long-range company planning to help create predictability, stability, and sustained financial resources.
- Working with senior managers to develop and implement a flexible exit strategy which provides clear direction and accountability.
Our average engagement extends for 18-24 months.We are generally able to make a significant positive impact for our clients by working a half a day a week, more or less, on their financially-related issues. Our rate is $150 an hour; however, we usually agree with our clientsÂ on a â€œmenuâ€ of responsibilities in return for a flat monthly retainer fee.