Featured - Rifici Services

By: Rifici Services  09-12-2011
Keywords: Accounting, Financial Statements, cash flow

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Hiring a Virtual CFO is an extremely important hiring decision, and identifying the best time, both financially and operationally, can be a challenge. Some indicators that your company is ready for a Virtual CFO: You are receiving conflicting performance data. As an independent mediator in your business, a Virtual CFO will break down departmental silos to provide a unified and balanced view of your performance data. By focusing on planning, forecasting and measuring key performance indicators throughout your organization, you will no longer struggle to formulate future plans. It is taking longer than 1 week to receive your monthly financial data. Most businesses take far too long to produce monthly financial statements and reporting. With a monthly close in under a week, a Virtual CFO will convert your accounting and finance team into a competitive advantage. You have trouble sleeping at night. Entrepreneurs have a high tolerance for risk but will ..

Are you a small to medium sized business executive wearing multiple hats?  Does your company have a bookkeeper, an accounting manager and/or a controller? Maybe you're getting basic accounting data but need more. Perhaps you're struggling with profitability or cash flow management. Few businesses go from having no CFO to needing a full-time CFO. For the same reason that outsourcing legal and recruiting functions makes sense, hiring a Virtual CFO is an ideal solution for a growing company. A Virtual CFO will: augment your internal capabilities with stronger financial and accounting advice to compliment and coach your existing team, relieve the burden from existing management of directing exit and/or acquisition opportunities, help maintain relationships with investors, financial institutions and lenders, enable the president, CEO or owner to concentrate on higher value activities for their skill-set, deliver services on an as-needed basis as dictated by your business, and provide an experienced CFO at a fraction of the cost of a full-time employee.

Excellent.  You've decided to hire a Virtual CFO.  Now what qualities should you focus on in making your decision? Trustworthy: without trust, you have nothing. Experience: public and private company experience in financial and executive roles. Education: a professional accounting designation. An MBA is a bonus. Entrepreneurial: achieved sales, marketing and operational experience growing their own companies. Has lived and breathed a boot-strapped environment. Tech savvy: technology plays a key role in building efficient and effective business processes. Legal: comfort reviewing legal documentation. Breadth: experience with all departmental functions, and able to provide advice on any business related decisions. A great Virtual CFO will go far beyond accounting and financial capabilities to be a trusted partner in your business.

Keywords: Accounting, cash flow, Financial Statements, Professional Accounting

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