COACH'S CORNER
By Barry Knepper
As Seen In Queensborough - The Magazine of the Queens Chamber of Commerce
Appropriate Expectations of your Outside Account
Year after year I hear complaints from TAB members about their outside accountant. It seems that expectations often exceed what is delivered by the accountant.
In many cases, the business owner asks his or her accountant to provide services that the accountant has insufficient experience in but agrees to perform because he/she is eager to generate the additional revenue. Accountants can provide excellent tax and financial statement preparation services but they are not chief financial officers.
A part time CFO can help you maximize your company's profitability and shareholder wealth by monitoring its operations and by establishing strategic goals through the development of a budget and business plan. You gain the benefit of a wealth of experience without the cost of a full time salary and benefits. A part time CFO you with the support you need so that you have the time to do what you do best .Some of the services that a part time CFO can provide include:
- Development of cash flow tracking and forecasting systems
- Prepare or manage preparation and analysis of monthly financial statements
- Prepare budgets and long term projections
- Establish and maintain banking relationships
- Review of the appropriateness of insurance coverage/obtain competitive quotes
- Develop procedures for the efficient operation of the accounting department
- Prepare a business plan to facilitate the raising of investment capital
- Develop incentive plans for key management personnel
- Prepare yearend audit work papers and manage relationship with outside auditor
- Select and implement accounting software
- Help select, evaluate and manage relationships with law firms and CPA firms
- Building a solid accounting and administrative staff
- Overseeing or performing the controllership function
- Select and implement benefit plans