Growing businesses often reach a point where they need professional financial advice but can’t afford a full-time CFO and this is where an outsourced CFO is needed. As a business owner, you probably spend most of your time thinking about everyday operations and future growth. However, when it comes to strategic decisions, growth objectives and overall success, your company’s financial position must also be considered. That’s where JS Morlu CPAs comes in.
What Does An Outsourced CFO Do?
Our outsourced CFO services provide a practical level of financial expertise to start-ups, small business and mid-market companies. When you utilize our outsourced CFO services, you’ll get a dedicated CFO: someone to assist you with today’s financial challenges while helping you develop tools for tomorrow’s success.
Our Team Is Fully Equipped With All The Expertise To Be Your Outsourced CFO
All outsourced CFO services are performed by a team with more than 20 years in financial management and accounting services. Our team of experienced MBAs and CPAs implement best practices to measurably increase efficiency and effectiveness in both finance functions and operations.
People are JS Morlu’s greatest asset. Our fractional CFO service focuses our employees on building relationships and trust with the business they are advising. There is no greater importance to our CFOs than building a trustworthy relationship in which our client feels their concerns are being heard and their questions are being answered. Each and every client can expect two basic accommodations at all times: reliability and dependability. Our outsourced CFO service department works diligently to deliver on time with focus on quality.
First Steps Of Outsourcing CFO
First, our team would meet with you to learn about and evaluate the financial needs, requirements, and overall business demands. Then, we determine whether our staff and resources would be functionally and economically preferable to hiring a full-time CFO. If this is the case, we offer you our services. We understand all of our clients have a unique mindset and situation, which is why we don’t treat every business the same and aim for a more personalized approach to CFO services. We believe in providing your businesses with recommendations that are tailored to you.
Our staff works with you to establish a regular schedule for your CFO to be on-site at your office working with your team. The schedule may be a few hours a day or a few days a week. JS Morlu also offers virtual CFO services. Then, we jump into the key areas of operations, production, sales, and accounting. Our goal is to increase your profitability by improving your efficiency. Our CFOs will offer multiple solutions to a problem and allow you as the business owner to decide which is the best path to take your business down.
All CFO services employ solid process documentation designed to create a cross-trained team approach and better communication with you, our client. This documentation describes each deliverable in terms of:
- User/Audience- Who are the direct users of this information?
- Suppliers- From whom/where do we acquire necessary data?
- Process- How will we add value to your business?
- Timing- How often can you expect reports and updates?
Once a regular schedule is established for our chief financial officer to be onsight and hands-on in your business or virtual, we look at areas to cleanup and improve. The business financials are assessed and our outsourced CFO service will become involved in day-to-day procedures.
JS Morlu’s CFO services follow a six-step process for making recommendations or assisting clients in making informed business decisions.
The process is outlined as follows:
- Do we know the upside?
- Do we know the downside?
- Can the client live with the downside?
- Is the recommendation suitable?
- Is the recommendation acceptable?
- Is the recommendation feasible?
Utilizing this process our CFO service is able to identify key aspects of the business in need of revision. Our fractional CFO services will allow you to focus your time on everyday operations and future growth opportunities, while our CFO aids you in managing financial risk, identifying key growth objectives, and assessing and managing your growing business’s financial position.
In order to capitalize on efficiency, our outsourced CFO service puts an emphasis on the utilization of automation in any business. Our CFOs look to automate low risk tasks using rule-based coding. In order to improve efficiency and maximize your CFO’s time spent elsewhere machine learning is installed where possible aiming to improve procedures.
Automating low risk tasks opens our expert’s time to focus on using creativity and problem-solving tactics to take on high-risk, complex situations in the business. Our fractional CFO services will also sort and disperse automation reports once installed. Utilizing automation reports our experts are able to analyze a much larger picture, and possibly a piece to the puzzle, of improving a business’s overall function. Our experienced advisors are able to analyze and sort through financial data to connect dots that would have otherwise been missed. Our CFO service offers advice and smarts that no software could ever replicate.
Fractional CFO Services Offered
JS Morlu’s fractional CFO services are available to anyone who is in need of CFO services. We have served non-profit organizations, government contractors, home healthcare companies, common real estate associations and a variety of other businesses. Our CFO service has reached industries which include retail, manufacturing, food and beverage, and construction. This service is available to any business seeking to improve their profitability as well as their efficiency. Outsourced CFO services can provide any or all of the following functions:
- Oversight of Core Accounting Functions
- Annual Budgeting & Planning
- Profit & Loss Forecasts
- Financial Statement Preparation
- Cost of Capital Planning & Management
- Cash Flow Forecasting
- Financial and Business Risk Management
- Lender & Investor Communications
- Development of Full-time Accounting Staff
- Product/Service Line Profitability Analysis
- Cost Control Initiatives
- Accounting Policy and Procedures Manual
- Billing and Invoicing Services
- Preparing Provisional Rate and Final Rate Submissions
- Metric, Ratio Analysis and Trending
Who Can Use Outsourced CFO Services?
Generally, CFO outsourcing services are utilized by businesses looking for additional financial insight and growth. Our team will meet with your business to assess its financial position and identify its need for CFO services. If it makes logistical sense to onboard a part time CFO into your business we will move to further steps into growing and optimizing your company. Small businesses looking to take the next steps to expanding could utilize the experience, insights, and smarts of our CFO experts to not only improve their bottom line, but increase efficiency and future outlook.
Based on our system of outsourced CFO services, not only will our experts use their own knowledge and expertise to advise your business, but our CFOs also have access to a network of other CFOs in varying businesses and industries. Essentially, if you employ the use of our CFO services, you gain access to the knowledge of a network of high level chief financial officers. JS Morlu offers a wide range of services beyond CFO services. Our experts also interact with high level CPAs, human resources professionals, risk managers and financial advisors operating on different tactics to promote a diverse decision-making process that addresses a multitude of strategies.
Your onsight or virtual expert will allow you more time to focus on everyday operations and oversight of the business, while they analyze and interpret key data on business functionality. When outsourcing a CFO service, the right fit means everything. We aim to provide a personalized approach to financial advising that makes a team-like atmosphere. Our experts strive to build your trust as an advisor and hear your concerns entirely.
Benefits of Outsourcing CFO Services
A proven C-level executive can cost a start-up or growing business anywhere from $150,000 to $250,000 plus benefits. Many small businesses can’t afford this, but are seeking additional financial insights for their business decisions. CFO services can provide the next step in growth for a business at a fraction of the price. The value an outsourced CFO can bring to a growing business is seen in multiple aspects of the business. CFO services will provide business owners and management key insights into financial data and reporting from the company.
CFO services allows business owners access to expertise and smarts on the financial end and aim to improve efficiency and profitability in a business. CFOs will also provide a new opinion on future financial and growth strategies for the company as well as establishing growth goals to strive for. Moreover, outsourcing CFO services is a cost effective method to gain access to quick and sound financial insights and advice. CFO services allow business owners to overlook a variety of different routes to take and leave decision making in the hands of the business owner.
Outsourcing CFO services can provide your business with experts who offer overall financial oversight services, advising in capital raising, short and long-term forecasting, budget creation, cash-flow analysis, and a variety of other services aimed at improving your business. Additionally, our experienced CFO professionals provide new insights to financial trends in the business and advise the business based on a personalized approach. Our approach aims to aid in decision making in a manner that has the business as the number one priority and improving efficiency and profitability along the way.