WHAT IS THE ADDED VALUE OF AN OUTSOURCED CFO?
What is the difference between accountant and CFO?
Expert Accountant: Legal Speaker, the accountant monitors the financial situation of the company and is responsible for reporting to local authorities
CFO: Strategic speaker, CFO develops financial management of a company with the right tools and an analysis of the situation of the company
The two functions are complementary and essential for SMEs. Like FALINWA offers outsourcing as a financial manager, the accountant may also be an external function of the company.
When to call an external CFO?
The implementation of a project depends directly on the financial returns and risks of a project. The calculation of the expected return dependent on assumptions, it is easy to force a project to be profitable - just make assumptions that are right. It is more difficult to calculate an expected return next several scenarios, anticipate potential risks and estimate the provisions for risks, optimize profit.
During project development (creation of a subsidiary or developing a new product), The technician duo / CFO allows a detailed analysis of the project's profitability. This study, which is crucial for a proper assessment of risks and opportunities is an opportunity to include an external CFO in your organization.
Your company is in a difficult situation and you need to make radical changes in order to continue your business.
Working with an external CFO can:
- Analyze past financial management and its impact on the current situation.
- Propose solutions for restructuring financially reliable.
The main disadvantage of this procedure is the cost at a time when you want to cut spending to a minimum.
This choice of structure has the following business benefits:
- Autonomy in the daily management of the finance department.
- Transfer of responsibilities to the assistant financial officer.
- Optimization of the intervention CFO FALINWA - intervening only on tasks with high added value.
The Perimeter of Part-time CFO
1. Management of Finance Department
The management of the finance department is done in tandem with management (or management assistant) which is operational and FALINWA leader who acts as a functional head. This dual management - and its inclusion in the organization - is important for the legitimacy of financial management to the finance department. During the first intervention, a significant time should be given to the team for both the train and get them used to the new organization. The presence in the offices of external CFO is rare, it is important to establish from the start a relationship of trust between the team and the external CFO.
- Training concepts / tables used for financial management of the company.
- Checking job done / correction and explanation.
- Quarterly maintenance. If the finance department consists of several persons, CFO FALINWA will rely on an internal assistant to the company. For technical questions, employees can ask questions directly to the CFO FALINWA (email, phone).
The second role of the CFO is to produce FALINWA for management of reports, allowing to have an overview of the health of the business and performance indicators to better assess the axes of development possible. The summary tables are made by the CFO FALINWA for the following reasons:
3. Develop a Suitable Financial Management
The establishment of an external financial management often involves the overhaul of the financial management of the company and the development of a responsive enterprise solution. The work of setting up bases is performed early collaboration through an assignment of one or two months - Mission to understanding the company, its stakeholders and its operation, develop custom tools and integrate the Director financial FALINWA in running the business. Excel is the preferred software as it adapts to the needs of a large number of SMEs. The establishment of an ERP Odoo type can also be studied.
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