A CFO provides a big-picture perspective on how your business is performing. It includes identifying and addressing bookkeeping gaps that can lead to inaccurate information, tax pitfalls, or fraud.
You must provide your new CFO access to your financial records, reports, and other relevant information. It will help them get up to speed quickly and better understand your needs.
Sales Tax Filing
Managing your company’s finances is essential to the success of your business. Many small businesses and nonprofits struggle to handle their growing operations, especially when they’re not at a revenue level that warrants hiring a full-time CFO. This is when fractional CFO services can help.
These external experts provide high-level financial strategies and advice on a part-time basis. They’re often equipped with experience in various industries and can provide a wealth of knowledge to help your company grow.
Some critical services that a Fractional CFO can offer your organization include sales tax filing, accounting software implementation support, and IT system selection consulting. Moreover, they can also assist with cash flow analysis, risk assessment, budgeting, and forecasting. By utilizing these services, your business can save both time and resources. Additionally, they ensure compliance and accuracy, making them a valuable asset. They can also help you stay up-to-date with changing tax laws and regulations. It can protect your business from costly penalties in case of an audit.
A fractional CFO will complete a full assessment to identify areas of improvement and provide a roadmap to work toward low-risk, efficient business growth. This roadmap is based on the specific needs of your growing business.
Fractional CFOs also perform a mini audit of your current bookkeeping system. It includes fixing taxed amounts, banking information, and more errors.
A CFO has the experience to perform budget projections based on your current accounting data. It will help you create a more efficient budgeting process and reduce the risk of error by automating the process. They will also provide a clear picture of your current cash standing to make funding decisions and ensure adequate working capital to grow your company sustainably. A CFO will also help implement systems that manage financial risks and monitor resources during transitional periods.
Financial Reporting & Review
A Fractional CFO can provide high-level financial insight, including budgeting and forecasting. They help companies manage their finances by ensuring compliance with accounting standards and regulations. They also manage accounts receivable and payable, track cash flow, and evaluate potential growth opportunities for fundraising or investments.
Fractional CFOs can help nonprofits with strategic grant allocation and other financial management services. It helps them keep funders happy and expedites the organization’s ability to expand programs.
A Fractional CFO can assess a company’s current and future financial performance, making recommendations that improve profitability and sustainability. For example, they can recommend reducing expenses by renegotiating vendor contracts or improving energy efficiency through motion sensor lighting and staff training. They can also help a company implement new software solutions that streamline operations. It gives the business a competitive advantage.
Whether you have a retail store, international manufacturing business, law firm, or residential construction company, there are times when your company requires CFO-level expertise to make strategic financial decisions and ensure the integrity of your accounting system.
In addition to ensuring a clean and accurate bookkeeping foundation, a fractional CFO can assist with financial reporting and analysis. It includes interpreting the numbers to identify trends and opportunities. A skilled CFO can help establish KPIs, provide insight into profitability and cash flow, and provide recommendations for the future.
With QuickBooks Desktop, you can create custom reports and save them for easy access. You can change the report layout, sort by and total by options, and add or delete columns from a standard report. You can also filter by date or date ranges. It can be done by clicking the Modify button from the top of the screen or the dropdown menu when you select a report.