Interim CFO / Controller Services
Growing businesses often reach a point where they need accounting management and professional financial advice, but can’t afford a full-time CFO or Controller. Depending on the size of your company, you may need only have one of these two positions. However, as a company grows and and the operations become more complex, there becomes a need to divide these responsibilities.
Our Team provides CFO/Controller services to allow you more time to focus on new services, new customers and other core business issues, while providing you with a better understanding of the financial side of your business – resulting in fewer surprises and better control over your assets.
Our services would allow you:
- Improved decision-making capabilities from clearly seeing the hard and true numbers of your business;
- A readily available sounding board to help you with those tough business decisions and help you clarify your business plans;
- The comfort from knowing that a professional is overseeing, protecting and constantly improving the financial side of your business;
- Development of strong financial controls in your business to reduce employee theft and increase profit;
- Improved quality and timeliness of financial information.
CFO
The Chief Financial Officer position is accountable for the administrative, financial, and risk management operations of the company, to include the development of a financial and operational strategy, metrics tied to that strategy, and the ongoing development and monitoring of control systems designed to preserve company assets and report accurate financial results.
Interim CFO services include:
- Assist in formulating the company’s future direction and supporting tactical initiatives;
- Develop financial and tax strategies;
- Manage the capital request and budgeting processes;
- Develop performance measures that support the company’s strategic direction;
- Manage the accounting, human resources, investor relations, legal, tax, and treasury departments;
- Oversee the financial operations of subsidiary companies and foreign operations;
- Oversee the company’s transaction processing systems;
- Implement operational best practices;
- Oversee the issuance of financial information;
- Personally review and approve all Form 8-K, 10-K, and 10-Q filings with the Securities and Exchange Commission (if the company is publicly held);
- Report financial results to the board of directors;
- Understand and mitigate key elements of the company’s risk profile;
- Monitor all open legal issues involving the company, and legal issues affecting the industry;
- Construct and monitor reliable control systems;
- Maintain appropriate insurance coverage;
- Ensure that the company complies with all legal and regulatory requirements;
- Ensure that record keeping meets the requirements of auditors and government agencies;
- Report risk issues to the audit committee of the board of directors;
- Maintain relations with external auditors and investigate their findings and recommendations;
- Monitor cash balances and cash forecasts;
- Arrange for debt and equity financing;
- Maintain banking relationships and represent the company with investment bankers and investors.
Controller
The Controller position is accountable for the accounting operations of the company, to include the production of periodic financial reports, maintenance of an adequate system of accounting records, and a comprehensive set of controls and budgets designed to mitigate risk, enhance the accuracy of the company’s reported financial results, and ensure that reported results comply with Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS).
The scope of the controller position is much larger in a small business, where the position is also responsible for cash management and risk management. In a larger company, these added responsibilities are shifted to the CFO.
Interim Controller services include:
- Maintain a documented system of accounting policies and procedures;
- Oversee the operations of the accounting department, including the design of an organizational structure adequate for achieving the department’s goals and objectives;
- Ensure that accounts payable are paid in a timely manner, and ensure that all reasonable discounts are taken on accounts payable;
- Ensure that accounts receivable are collected promptly;
- Ensure payroll is processed in a timely manner;
- Ensure that periodic bank reconciliations are completed timely and accurately;
- Monitor inventory balances and cost accounting transactions;
- Ensure that required debt payments are made on a timely basis;
- Maintain an orderly accounting filing system;
- Maintain a system of controls over accounting transactions;
- Issue timely and complete financial statements;
- Coordinate the preparation of the corporate annual report;
- Recommend benchmarks against which to measure the performance of company operations;
- Calculate and issue financial and operating metrics;
- Manage the production of the annual budget and forecasts;
- Calculate variances from the budget and report significant issues to management;
- Provide financial analyses as needed, in particular for capital investments, pricing decisions, and contract negotiations;
- Coordinate the provision of information to external auditors for the annual audit;
- Monitor debt levels and compliance with debt covenants;
- Comply with local, state, and federal government reporting requirements and tax filings;
- If the company is publicly held, then add a requirement to be responsible for the filing of quarterly and annual reports with the Securities and Exchange Commission (SEC);
- If the company is a small one, then the controller likely assumes the responsibilities of the Chief Financial Officer.