The working relationship between the CEO (Chief Executive Officer) and CFO (Chief Financial Officer) in any business is virtually unparalleled in importance, this is especially true when that business is seeking to do something significant to achieve growth, capital or an exit. We’ve introduced this service for those clients who need more commercial insight than their current compliance accountant can offer but don’t yet require a full-time CFO.
Companies at this stage will typically experience some or all of the following:
- The management team will have less than a full picture of the true financial state of their business, its’ profitability or how much money they actually have
- The accounts team may be struggling with inefficient information flows from quotes, orders, deliveries and billings
- The current accounting system may be insufficient for the future growth plans of the company
- There can be a tendency to add more people or band-aid tech solutions to the problem which only exacerbates the issues
What’s The Difference Between Using an Accountant and Using a CFO?
The accountant you use for your bookkeeping or tax compliance will by necessity have a “rearview mirror” approach to how they look at your business. Your Be Business CFO’s focus is squarely on the road ahead, making sense of all the financial data your business produces and using this to guide decision making around future investments and funding growth strategies. The addition of a CFO to your team will ensure you get much better value from the relationship you already have with your existing compliance accountant.
- Cashflow ManagementCash Flow Management is a key aspect of the financial management of a business. It identifies potential liquidity issues and growth constraints by planning its future cash requirements to avoid a crisis of liquidity.
- Budget (Rolling Quarterly Forecast)Budget with Rolling Quarterly Forecast is where you’re always forecasting 3 months out into the future, as opposed to 12 months. This means that your financial information and assumptions are more up-to-date and more relevant to your business.
- Management ReportingManagement Reporting is a set of accounts and insights specifically used by the management team to make business decisions. This is different to the statutory financials prepared by your tax accountant once a year. These reports are a source of truth of a business.
- Cashflow Forecasting
- Custom Internal ReportingCustom Internal Reporting as bespoke reports tailored to the nuances of your business or industry. It provides the ability to measure key drivers of your business.
- Quantified Reports
- Audit CoordinationAudit Coordination is where we will liaise with your external auditors throughout the annual audit process. This process includes preparation in the months leading up to, during and post-audit field work as well as assessment and implementation of auditor’s report. This helps you keep the auditors on point, focussed on the bigger picture and keeps them from getting buried in the details.
- Company Policy CreationCompany Policy Creation is having effective controls and enforcement to set the standard behaviour of working within the business. It provides a framework of expectations that all staff are adhered to.
- Internal Controls CreationInternal Controls Creation is corporate governance reducing risk borne by directors in their capacity. It protects the company against risks such as errors and fraud.
- Credit Policy & Procedure CreationCredit Policy & Procedure Creation provides support in the event of legal dispute. It aids in collection of trade debtors and helps improve cashflow.
- Funding Sourcing (Debt/Equity)Funding Sourcing enables the business to expand and grow faster.
- Commercial Negotiations
- Financial ModellingFinancial Modelling provides justifications and or rejections for new business expansion, whether it’s expanding geographically, new products or new industries.
- Employee Incentive Schemes
- Board Meeting Facilitation
Why Use a Management Consultant Rather than an Employee?
It could well be that the appropriate option for your business is to internally hire a CFO. However, many businesses don’t have the capacity for a full-time CFO. A management consultant also delivers the benefit of wide and varied, current experience that can only come from working with more than one company at a time. Outsourcing this role at least initially can go a very long way towards illuminating exactly what your future requirements in this role will be as well as systemising the key functions for that future employee.
What is the Be Business Approach to Financial Management?
Be Business offers you a comprehensive solution with promised results to your financial needs, covering the entire scope of the finance function. Our scientific approach is supported by objective information, quantified figures and empirical data.
Our CFOs provide high level advice and scalable solutions giving you a higher level of transparency where you need it most. In order for business owners to have a productive understanding on how their business is run from a financial aspect, they must completely understand the different components that contribute to the financial process. We ensure that all business decisions are based on quantifiable data, help them understand their financials, ensure there are no roadblocks in the information flow and no bottlenecks in the accounting processes.