| |
Posts Tagged ‘CFO’
Friday, July 2nd, 2010
It doesn’t matter if your business is predicted to make $50,000 or $50,000,000 this year. You need a CFO.
Of course, that doesn’t mean you have to go out and hire a CFO on a full-time basis. That’s where the beauty of our Internet-based society comes into play!
Today, there are many virtual CFOs– myself included — working with companies of all sizes. We only do what is necessary and don’t take up a corner office. In fact, we often don’t need to be onsite at all, which is good if you’re working from your home or you’re pinched for space.
Best of all, virtual CFOs are independent contractors (generally), which means you don’t have to worry about adding an employee to your payroll. It’s like having your cake and eating it, too.
Don’t deny your organization the benefits of having a CFO. You’ll be seen as a bigger “player” in your market which can translate to more prestige and, hopefully, a more significant income stream.
Interested in hearing more? I’d love to help you! Just email me at Scott(at)FinancialFutureCFO(dot)com today.
* * *
FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: CFO, Cfos, Corner Office, Full Time, Income Stream, Independent Contractors, Love Help, Organization, Payroll, Play Today, Prestige, Time Basis, Translate
Posted in virtual CFO | No Comments »
Monday, June 21st, 2010
Interim financial services are exactly as they sound. They offer the professional help you need when you’re in a position where temporary financial assistance is needed.
Some of the occasions when interim financial services can be especially useful include:
- When your company has recently lost its CFO or person in charge of financial management. Without someone at the helm who can make sure your money is being handled wisely, you could make some major errors.
- When your CFO goes on an extended vacation. Is your CFO planning to take a long-term break that will leave his or her position vacant for longer than a week or two? Interim financial services may be the right answer to fill the gap.
- When you’re hiring for a financial person. Again, this helps fill any holes in the management of your company’s finances.
- When you have a large financial project on the horizon. Has something major come up at your organization? It might be wise to bring some additional help in to ensure that your money is being spent and saved wisely.
* * *
FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Break, CFO, Finances, Financial Assistance, financial management, Financial Person, Financial Project, Financial Services, Gap, Good Time, Helm, Holes, Horizon, Interim, Occasions, Organization, Rim, Sure Your Money, Vacation Planning
Posted in interim CFO | No Comments »
Tuesday, April 27th, 2010
So you don’t have a problem with cash flow. You are paying all your bills on time. You’re paying employees. Life is pretty good. That’s great!
But wait. What if I told you that your cash flow might be flowing in the wrong direction. Would it all seem so good after all?
Having a decent cash flow is a great start, but that doesn’t mean you’re maximizing that cash flow. You might just be going through the motions and missing huge opportunities to make sure your cash is flowing into places that will enable you to make more cash, do more things with your business, or invest in new products or services.
While I applaud anyone whose cash flow isn’t a problem, I still encourage them to evaluate that cash flow regularly. Sit down with a CPA or CFO and analyze your data. You may be able to increase your cash flow’s “water pressure” and get a bigger bang for your buck!
* * *
FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Business New, Business Products, cash flow, CFO, CPA, Decent Cash, Going Through The Motions, Invest, paying bills, Paying Employees, Right Direction, Sit, Water Pressure, Wrong Direction
Posted in cash flow management | No Comments »
Friday, April 9th, 2010
I cannot tell you how many of my clients miss out on great opportunities at tax time because they don’t save their receipts. Without receipts, it can be insanely difficult to figure out how much you spent in a certain area of your business.
Though you might not be able to do anything for 2009’s tax preparation, it’s not too late to get a jump on ensuring you’re not overly taxed for 2010! Below are a few tips for keeping track of receipts:
- Create a system for filing your receipts. Many people choose to physically staple or tape their receipts to a blank sheet of paper. While this might not be the most environmentally-friendly option, it will be easier to store (and find) them.
- Make a note on (or next to, if you tape the receipt to a sheet of paper) the receipt as to what category your purchase falls under. For instance, was it for office supplies? Marketing? Business equipment? (If you’re not sure which categories you should be tracking, devise a system with your CPA or CFO.)
- Once a week, record your receipts in a spreadsheet. That way, at the end of the year, you won’t have to perform this arduous task. Alternatively, you could track receipts daily, although I think that’s too cumbersome.
Here’s to making tax time a little less emotionally — and financially — stressful!
* * *
FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Arduous Task, Blank Sheet Of Paper, Business Equipment, CFO, CPA, Many People, marketing, Office Supplies, Receipt, Receipts, Spreadsheet, Tax Preparation, Tax Time, Taxes
Posted in Taxes | No Comments »
Friday, March 5th, 2010
Unless you’ve been living under a rock, you’ve probably heard that the United States Postal Service is contemplating making a move to eliminate Saturday delivery.
For most consumers, that isn’t a huge problem; it’ll just mean bills will arrive in the mail on Monday instead of Saturday! However, for businesses, the concerns can be significant, especially when it comes to the effects of such a decision upon cash flow.
Below are 3 of the top ways that ceasing Saturday mail service could have a serious outcome for your company:
- You will have one less day per week to receive money via mail from customers.
- Mail may take longer to get from point A to point B, meaning payments could be delayed.
- If you send anything via USPS, you may have to change your customers’ expectations of how long it will take for orders to be processed.
Obviously, these are items that should be discussed between you and your CFO, as they can be overcome with pre-planning. Just make sure you stay abreast of the latest news.
* * *
FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: 3 Ways, cash flow, CFO, Consumers, Mail Service, Money Mail, Saturday Mail, States Postal Service, Top Ways, United States Postal, United States Postal Service, Usps
Posted in In the News, cash flow management | No Comments »
Saturday, February 20th, 2010
Let’s say you have $1 million in outstanding invoices. It’s a great feeling… well, sort of…See, the problem is that until you have that money in hand, you really can’t do a whole lot. Sure, you know that it’s coming, but if you have a whopping zero balance in your bank account, you’re almost as limited as if you had no invoices on their way at all.
In this type of situation, you do have choices, of course:
1. Pay everything with credit until the invoices roll in and then pay off the credit on time, incurring no penalties.
2. Sell a portion of your invoices to a third party so you can get at least a part of what you’re owed immediately.
3. Call your creditors and try to negotiate a new time to pay, hoping they don’t sock you with some kind of interest.
4. Change the way you handle your invoicing.
Obviously, if you’re already in a bind, you may have to choose 1-3, but if you’re not quite in a precarious situation yet, I’d recommend hiring a CPA or CFO to help you change the way you handle your invoicing.
Just being “owed” isn’t going to cut it. You need to have money available to pay bills, make payroll and invest in opportunities, continuing education, marketing, etc. So if the above scenario has happened to you at least once, it’s time to figure out a better way to make your cash flow.
* * *
Learn more about cash flow! Sign up today for a copy of my FREE report: 9 Ways to Increase Your Cash Flow.
* * *
FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: 1 Million, Bind, cash flow, CFO, Choices, Continuing Education, CPA, Creditors, Education Marketing, invoices, Invoicing, Money, New Time, Payroll, Precarious Situation, Third Party, Whole Lot, Zero Balance
Posted in cash flow management | No Comments »
Friday, February 12th, 2010
Is it time to get your cash flowing? (That’s a no-brainer, by the way!)
Did you know that hiring a CFO can help you in that capacity?
Many people hold onto the notion that CFOs are good for protection, but they aren’t necessarily “brainstorming” people. But the new breed of CFOs, myself included, is different.
We’ve come to realize that you sometimes have to get really creative to get the cash flowing. That doesn’t mean doing something that will harm you financially, of course, but something that will help you in the long run even though it may cost money in the short term.
For instance, there are some businesses that have found themselves in a cash flow crunch. Because they can’t hold a sudden “fire sale” (for whatever reason), their CFO may advise them to consider selling their accounts receivable to a third party. The third party pays a reduced rate for the accounts receivables and makes a little profit when the accounts are paid up. (The third party, of course, does take a bit of a risk here, especially if the accounts need to be collected through an agency… but I digress…)
In this scenario, the company with the cash flow problem gets instant cash for the accounts receivable. To be sure, that company takes a hit in terms of losing a percentage of the amount of money they are owed. However, if they have bills to pay today, it can beat closing their doors or having to make other hard choices to get money moving.
Of course, selling your accounts receivable isn’t a simple process - that’s why you’ll need to involve your CFO (and possibly an attorney, too.) It’s not a “do it yourself” proposition because of its complexity.
The next time you find yourself assuming that CFOs are only “numbers guys/gals” who say “no” to every new idea, think again. When you partner with a CFO who understands the need to be imaginative (within reason!), you can turn on the spigot and make the cash flow!
* * *
Do you have cash flow on your mind? Sign up for my free report, 9 Ways to Increase Your Cash Flow.
* * *
FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Accounts Receivables, Amount Of Money, Brainer, Cash Flow Problem, CFO, Complexity, Crunch, Doors, Fire Sale, Gals, Hard Choices, Hard Money, Instant Cash, Money Owed, Moving, New Breed, Notion, risk, Spigot, Third Party
Posted in cash flow management | No Comments »
Tuesday, January 26th, 2010
Have you ever noticed that many businesses begin to advertise “super sales” at the end of the month? Though this isn’t surprising from a marketing standpoint, my guess is that there may be more to these sales than fulfilling a marketing plan.
For many companies, the approach of the end of the month brings to light a scary reality — their cash flow… well… it isn’t flowing. In fact, it may be as dried up as a desert stream. The result? A quick sale to improve ”ye olde bank account”.
While this type of technique isn’t innately bad (after all, it does work on some level), I’d be very concerned if a company had to do this on a consistent basis. In essence, they would be in the same position month after month (i.e., terrible cash flow.)
If you’re finding yourself in a pinch every 30 days, this is a red flag that it’s time to get assistance from a CPA and/or bring a CFO on board. That way, you can get some expert advice on how to make sure you aren’t spending the last 5-10 days of each month in “scramble mode”.
One final note: If you’re concerned about cash flow (which is perfectly normal, by the way!), sign up for my free report, 9 Ways to Increase Your Cash Flow.
FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Advertise, cash flow, CFO, Consistent Basis, CPA, Desert Stream, Expert Advice, Guess, Marketing Companies, Marketing Plan, Red Flag, Sales Marketing, Scary, Scramble Mode, Standpoint
Posted in cash flow management | No Comments »
Friday, January 15th, 2010
Every profession has its myths and misconceptions, and the realm of the CFO is no stranger to that phenomenon. Therefore, I’ve decided to take a few minutes and debunk some of the commonly-held beliefs about those who have chosen my career path:
1. CFOs are Expensive
When I first tell people I’m a virtual CFO, I can see it in their eyes — the concern that what I do is going to cost them plenty. Fortunately, they start to realize after chatting for a bit that I am not out to turn my clients into cash cows. In fact, my business is to save them money and protect their financial interests. Do I charge a fee for that service? Yes. Is it intended to buy me a yacht? No.
2. CFOs Always Say No
My fellow CFOs will understand this myth. We are somehow portrayed as the keeper of the “nays”! But I contend (as I’ve written about in blog posts here before) that the best CFOs will have the words “no” AND “yes” in their vocabularies. I prefer to look at each situation comprehensively before rendering an opinion, and oftentimes that opinion includes numerous options, not a definitive “it can’t be done”.
3. CFOs are Unnecessary for Entrepreneurial Ventures
Well, this certainly isn’t the case, especially for entrepreneurs who are serious about continuing to grow their companies (and, let’s face it, most fall into this category!) I like to believe that having a CFO on board can be the jumpstart a very tiny organization needs. I’ve seen this happen again and again.
Bottom line? Don’t allow what you think you know about CFOs (virtual or otherwise) to keep you from looking into hiring one. It might just mean the difference between a 2010 to forget and a 2010 to remember!
FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Bottom Line, Career Path, Cash Cows, CFO, Common Misconceptions, Debunking, Entrepreneurial Ventures, Fellow, Few Minutes, Financial Interests, Jumpstart, Myth, Myths, Nays, Path 1, Phenomenon, Profession, Stranger, virtual CFO, Vocabularies, Yacht
Posted in Myths & Misconceptions | 1 Comment »
Thursday, December 31st, 2009
For many entrepreneurs and business owners, 2009 is a year that’s best left unvisited. Truly, it was tough out there; many casualties resulted from the international economic instability. Yet despite the dire predictions, plenty of organizations have survived to greet the new year.
Before you totally close the books on 2009 once and for all, I strongly encourage you to sit down with your CFO and evaluate your numbers. Look beyond just the bottom line and start asking yourself such questions as:
- How was our company’s cash flow in 2009? Is there anything we can do in 2010 to make it better?
- Were we always operating in compliance in 2009? If not, how can we ensure that there are no compliance problems in 2010?
- Were there any expenses in 2009 that we can lower in 2010?
- Are there any tax deductions we should be taking that we haven’t thought about before?
- Did we budget well in 2009? Were all the areas operating within their budgets? If not, was it that we didn’t plan well enough? Or did the manager of that area mishandle the finances?
There’s nothing wrong with wanting to shelve 2009 once and for all, but before you relegate it to the annals of your business history, learn from what you experienced.
When you and your CFO take this journey down a financial ”memory lane”, you’ll no doubt discover a wealth of information that will help you give all your business resolutions for 2010 a better chance of coming to fruition.
Happy New Year!
FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Annals, Better Chance, Books, Bottom Line, Budget, Budgets, Business History, Business Owners, Business Resolutions, cash flow, CFO, Compliance Problems, Economic Instability, entrepreneurs, Finances, Fruition, Happy New Year, International Economic Instability, Journey Down, Many Casualties, Memory Lane, New Year, No Doubt, Shelve, Tax Deductions
Posted in Auditing, Budgeting | No Comments »
|
|
