Almost all businesses share the same goals – turn a profit, generate cash and increase shareholder value. Every business needs some level of financial management to achieve these goals, but not all businesses can afford to hire the professional expertise necessary to direct the financial aspects of the business.
That is why many businesses today are turning to outsourced CFO services as a cost effective way to procure professional financial management services.
The cost of hiring a full time CFO can be substantial and out of reach of many small and mid-sized companies. PRIME CFO’s Part Time CFO service provides significant value to the business owner by delivering experienced financial management at a fraction of that cost of a full time CFO.
Here’s what you get with our Part-Time CFO services:
- More time to focus on new services, new customers and other core business issues
- Better understanding of the financial condition of your business, so you have fewer surprises and more control over your finances
- 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 seasoned financial executive is overseeing, protecting and constantly improving the financial side of your business
- Assistance in defining long-range plans and the quantification of goals
- A professional who establishes strong financial controls in your business to enhance operating efficiency and increase profits
We work alongside the business owner and management team, roll up our sleeves and take a hands-on approach to each engagement. As a member of your management team, PRIME CFO will work closely with you, your team members and your key advisors to provide CFO services in the following areas:
Financial Reporting
PRIME CFO will implement best practices to ensure your business is generating timely and accurate financial statements as well as internal management reports.
Process Review and Improvement
PRIME CFO will improve your daily financial processes – accounts receivable, billings and collections, payables and disbursements and payroll by ensuring all transactions are being processed in the proper internal control environment in the most efficient manner possible.
Strategic Planning
We assist the business owner in developing a strong strategic financial plan incorporating elements needed to develop, monitor and direct the implementation of the company’s business plan and develop performance measurements in support of the company’s strategic goals.
Cash Management
As part of our cash management service, we provide cash flow forecasting to manage your daily or weekly cash needs and, a strategy and forecast of long term capital requirements to meet your business needs. PRIME CFO will review and improve your collection policies and implement effective payment policies to enhance your business’s cash flow. We will, if needed provide assistance with the evaluation and selection of the right bank for your business and work with your bank to install the most current cash management tools available to you.
Profitability Enhancement
PRIME CFO’s profitability enhancement service is designed to increase your profits and company’s value by identifying revenue improvement and expense reduction opportunities. By analyzing how your company operates, our profitability enhancement service can result in identifying areas of growth, improved income and expense controls, efficiency increases and expense reductions.
Manage Key Business Relationships
PRIME CFO can assist the business owner with managing key time consuming business relationships with bankers, auditors, attorneys, insurance brokers, financial and estate planners, vendors and other key business contacts. This allows the business owner to better focus on the core aspects of the business.
Raise Capital
When it comes to borrowing or raising equity, PRIME CFO can provide financial information in the format that lenders and investors want to receive. Whether it’s a line of credit, facility lease, equipment financing or real estate loan, PRIME CFO can help your company succeed in obtaining these funds and negotiating a favorable result.