Q : I have a Controller, do I still need a CFO?
A : The controller is an in house accountant with experience to manage an accounting staff and be responsible for the accounting activities of the company. The controller is responsible for ensuring that the books and records are properly maintained and the financial statements accurately reflect these records. The controller is responsible for preparing monthly financial statements and ensuring the integrity of the books and records.
Finance uses this information by taking accounting results to a step further. The CFO is responsible for looking at where the business will be by looking at budgets and projectiions, maintaining tight control of cash flow, and planning for future growth.
The CFO manages the controller and may also manage other administrative areas of the company. He i responsible for the company's financial health, the Treasury functions (cash), financing activities including debt and equity and sometimes Information Technology, Legal, Human Resources and the external reporting. He is the go to person when the CEO or shareholders need answers. The CFO is part of the management team that is responsible for developing a the strategic plan for the future. He/She acts as both a visionary for growth and also holds onto the brakes by providing critical financial guidance. A part-time CFO from IBSI can act as both the controller and the CFO and is part of the team for your business.
Q : My Company is too small for a CFO?
A : All companies, regardless of size nee good financial management. Small companies as well as large ones benefit from the services of a CFO. Small companies, however, usually don't need or cannot afford full time CFO services. Interstate Business Solutions fills this void by providing a way for companies of all sizes to get the financial management they need, as they need it, at a fraction of the cost of a full-time CFO.
Q : Can't my CPA Firm do what you are doing?
A : No. Your independent CPA cannot perform our services because they must remain independent. Since they are sponsible for reviewing the financial statements and present and independent opinion on these statements, they are ethically required refrain from perfoming ertain functions in your business. In the past, large accounting firms performed both consulting and auditing functions. Since the consulting fees were very profitable to these firms, they sometimes overlooked audit issues allowing companies to misrepresent their financial information to the public. Once these accounting irregularities became evident, Congress passed the Sarbanes-Oxley Act governing corporate responsibilities of public companies. A major part of this legislation was the requirement that accountants be independent.
Also, many CPA's do not have the experience that is required of a CFO.Being a CFO, whether on a full-time or part-time basis is much more than being able to crunch numbers or to fill out a tax form. A CFO has a different skillset than a CPA. An experienced CFO has already worn many corporate hats and is experienced with administrative activities including human resources, purchasing, facilities management, contracting, and negotiations in addition to internal controls, accounting and finance. Most important, a good CFO must be street smart and business wise..
Q : Why do I need Interstate Business Solutions is everything is running fine?
A : Most businesses fail within a few years after starting. Businesses without the proper financial management often miss the roadblocks and risks while on their path to growth. Accepting orders without having enough resources to deliver them, borrowing money with restrictive terms or signing a long term lease may prove to be detrimental to the company. A experienced CFO provides the company with the risks and rewards information and the financial implications allowing a clear vision for solid growth. A company may be running fine but is not aware of the pothole or brick wall in the middle of its road to growth. A CFO works with the accounting staff to improve the financial reporting so management can make better decisions based on timely and accurate information. Improved communications among all departments is critical to all organizations and a CFO from Interstate Business Solutions can act as the ambassador linking your accounting department to the operations side of the business.
Q : Will Interstate Business Solutions help us find a banker, attorney or CPA Firm should we need those services?
A : Yes, one of the advantages of working with us is that we are always willing to introduce strategic relationships, whether it be a CPA, banker, lender, lawyer, insurance broker, logistics consultant or real estate owners for new space. Our network is extensive and comes as part of our services.
Q : How can I receive an estimate for CFO services?
A : Our first visit is free where we discuss your needs and future plans. At that time we can talk about the amount of time and requirements of the position. Based on this, we would present an estimate for our services.
