Frequently Asked CFO Questions
Deciding whether or not your business could benefit from the services of a CFO will certainly impact your company’s bottom line and growth horizon. We want you to have all the facts you need. Here are some questions that we have answered for clients in the past to give you some background. If your question isn’t here, or you want more information, call (614) 944-5760 or email info@focuscfo.com to get your answers.
What does a CFO do for my business and me?
A CFO helps your business look to the future, working with you as a strategic partner. In addition to addressing short-term needs and day-to-day analysis, a CFO provides long-range planning and focusing on keeping your company on solid footing and moving forward. Check out our services page for a more extensive list of what we offer.
What is the role of the Controller?
The Controller is responsible for ensuring the integrity and accuracy of management reports and maintaining business control systems.
Why doesn’t my Controller do that?
In many cases, the person a company calls a “controller” is handling the bookkeeping tasks, like paying bills and running payroll. A good CFO can make sure your controller is really functioning as a controller in the truest sense, going beyond the bookkeeping to be part of a team that provides solid management information to you, the business owner.
What if I already have an accountant? I have a CPA do my tax return.
You certainly should have a CPA—most businesses need someone for tax planning and preparing tax returns and financial statements. That’s not what we do. A FocusCFO consultant is involved in the day-to-day issues of your business, working as part of your team. By being on-site, we can help by managing internal functions and providing the information and data necessary to manage and grow your business.
What size company does FocusCFO work with?
At FocusCFO, we believe that no matter the size of the company, almost every business can benefit from a CFO. We primarily work with companies ranging from $1 million to $25 million in annual sales, although some are smaller and some are larger.
What type of information should I have to effectively run my business?
To fully realize and plan for your company’s future, you should have access to key financial and diagnostic data including:
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Overhead analysis and cost control initiatives
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Detailed budgeting of sales and operating costs
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Trend analysis and pro forma (“what if”) scenarios
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Comprehensive breakdown of your critical business areas—customer pricing, overhead, profit margins, capital expenditures, etc.
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Regular internal management reporting
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Thorough cash-flow planning and forecasting of cash needs, including borrowing scenarios
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Development and tracking of performance indicators, benchmarking, and ratio analysis
What “back office” functions do you help with?
We generally help with the oversight of traditional back office functions including: customer billing and accounts receivable, accounts payable, bank reconciliations, administration of employee benefits, internal office and administrative functions, payroll support, and business insurance oversight.
What is your objective in helping a business?
Our objective is two-fold. First, we work to provide you with time to concentrate on what is critical to your business, giving back hours in the work week for you to get back to what you do best, your core business. Second, we provide you the information you need to run your business proactively and efficiently.
What is your experience with small business owners?
We have found that business owners and entrepreneurs are forward-thinkers, which is why they struck out on their own. However, their vision is often being sidetracked by financial and operation issues that could be handed off to the right personnel. We help business owners by giving them the information they need to run their business and free up the time they were spending on back office administration.