How It Will Work
Our engagement begins with understanding your business
We will set up a meeting with you to know you and your business. We will discuss your vision for the business and its history. You will be sharing with us what you see as challenges and problem areas, if any, that are holding your business back. We will try to understand any issues you have faced in terms of compliances, cash management and banking, accounting and bookkeeping issues, or any other area of concern.
We will conduct a diagnostic review of financial statements, your accounting system, status of compliances, position of accounts receivable and payable, bank and inventory reconciliations, and systems and procedures.
Our discussions with you and the reviews carried out will provide us with the areas of concern or urgency that need to be immediately addressed. It will also help us understand your vision and aspirations for your business, and challenges you foresee. This will set up the direction for our engagement and will go a long way in completely aligning your CFO to your vision, aspirations and challenges.
Your CFO will conduct regular meetings with you and your team at predetermined intervals
The frequency of these meetings can be weekly, fortnightly or monthly depending on the size of your business and your requirements. However, the frequency of meetings can be adjusted on needs basis. You may require a deeper level of engagement through a merger, acquisition or divestment. There may be other events or issues necessitating greater physical presence onsite. Our services will be fully responsive and flexible to take care of such exigencies.
These meetings will cover review of financial performance, comparison with plans and budgets, review of cash position and forecast, and review of accounts receivable and payable. Development of business plans and forecasts, systems and procedures and new investments will be part of the agenda. Employee hiring, performance appraisal and compensation will be covered as and when required. Status of compliances, regulatory filings, and statutory payments shall be updated.
Business being a dynamic and evolving activity, our engagement will remain fully responsive to emerging scenarios, opportunities and challenges. All issues of importance will be covered and your CFO will fully support you in maximising opportunities and facing challenges.
Our engagement will not be limited to physical onsite meetings
Cloud accounting has made it possible to review finances and accounts remotely. Your CFO will continue to monitor accounting and financial position even when offsite. Moreover, you will have full time access to your part time CFO over email and phone, and any pressing issues will continue to be addressed even when the CFO is not physically present at your business location.
We will work with your tax accountant and bookkeeper
CFOs are equipped with expertise, skills, experience and qualifications that enable them to provide strategic insight, act as a business partner and manage all facets of finance. Your bookkeeper and tax accountant may not have the experience, expertise and knowledge required to act as a CFO. Practicing tax accountants’ exposure and experience is largely restricted to an accounting firm environment.
We will not replace your tax accountant and bookkeeper. We will manage them to derive maximum value for your business. We will provide an interface to clarify tax related issues with your tax accountant and ensure error free and timely compliance. As your CFO we will monitor and supervise the work of your tax accountant and bookkeeper.
If the size of your business does not justify an in-house bookkeeper at this stage and you want us to provide a solution including bookkeeping, we can take care of that. We can also take care of tax returns and other related work handled by your tax accountant if you so desire. However, taxation and bookkeeping is additional work and will cost extra.