It’s good to be growing – something we know well here at Sponsel CPA Group. But growth also brings challenges to a company, particularly when it comes to managing finances and keeping the books properly.
That’s why we offer CFO Services; to help striving businesses keep their financial picture in clear focus. Essentially, they can outsource as much or as little of this function as they want so they can put their maximum effort toward keeping their business on a growth track.
Unlike some other accounting firms that offer only standard packages for financial management, Sponsel CPA Group custom tailors our CFO Services to fit each individual client. Some companies keep the bookkeeping function in-house but rely upon us for financial reporting and oversight. Others wish to outsource their entire accounting function.
Speaking broadly, though, clients who find a need for these services fall into three general growth stages.
The first is the startup company that is still establishing itself in the marketplace. In most cases, the lead entrepreneur was handling the books themselves. Now the cash is beginning to flow and they need an improved system for understanding their financial condition.
In this case, we would typically help establish a system for filing accounts payable and receivables, and put in a system of prudent financial management procedures. We can help set them up with QuickBooks or expand their knowledge of how to use QuickBooks, for everything from billing invoices to printing disbursement checks.
Next is the established company that needs more rigorous financial oversight, but doesn’t yet have the revenues to justify hiring a full-time controller. Our team can come in to assess the accounting function and the employees performing it. We would make suggestions for changes and could then effectively manage the client’s accounting department going forward.
Here we’re trying to enhance functionality and increase productivity. Typical things include using remote capture for incoming checks rather than physically running them over to the bank, paying employees via direct deposit, and streamlining financial reporting.
Finally there are small- to medium-sized businesses that need detailed analysis of their expenditures and revenue sources. Here we can provide a “CFO for hire” who physically comes to your workplace on a regular basis to oversee the accounting function and provide executive-level counsel to the business owner(s).
In this case, the business owner often has expertise in areas other than accounting – marketing, sales, technical – and prefers to hand off financial management to a trusted partner. We can provide all the benefits of a CFO without having to expand the “C-Suite” of executives.
Our team is quite experienced at handling outsourced CFO Services, and would be happy to provide a more detailed picture of how we could assist your growing company.
If you’d like to know more about how our CFO services can be customized to your organization, call Lisa Purichia at (317) 608-6693 or email [email protected].