Do You Need a Bookkeeper or CFO?
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We get several bookkeeping requests from clients and it’s important to know whether or not you need a bookkeeper or a CFO (Chief Financial Officer) or both.
A Bookkeeper will typically do the following:
Accounts Receivable and Accounts Payable Services
Payroll
Monthly income and expense tracking
Categorizing all transactions appropriately and consistently
Monthly Reconciliations
Monthly Financial Statements
There are helping you with your day-to-day finances for your business.
A CFO on the other hand is helping you with business assessment, profit & cash flow targets, help you create action plans, and help you outline a long-term plan that will be beneficial to the continued success of your business.
We offer both services and if you are interested, they are detailed below.
What We Do As CFO
We have a 5-step process to provide a clear roadmap to improve YOUR profitability and cash flow. The steps are as follows:
Business assessment: We will analyze your business and financials and show you exactly what’s holding you back from making more profit and cash flow. We will provide you with instructions regarding the information that we may require to complete the work of this engagement.
Profit & cash flow target: We’ll get to work getting to know you and the goals you have for your business. We'll then set ‘profit and cash flow goals and put together a plan designed to improve the profitability and cash flow of your business.
Create a scoreboard: Each month we’ll give you a simple one-page “scoreboard” report that will clearly show you what’s going right and what’s going wrong.
Help you determine an action plan: You and your CFO will get on a video call each month and we’ll provide you with a shortlist of the MOST important “next steps” that need to happen within the next 30-days.
Help you outline a long-term plan: At the same time, we’ll work to help you increase the long-term value of your business so that you have a well-oiled machine that can run without you by your leadership team.
What We Won’t Do
For your success, it is important that you understand the scope and limitations of our services. It is also important that we do not overstep into areas that are appropriately your domain, responsibility, and authority. We do not provide legal, accounting, bookkeeping (unless you purchase this as an add-on service through Elite), auditing, data verification, management, facilitation, fraud detection, HR, insurance, or other such services. We do not publish or announce your plans to your team. We do not execute your action plans.
What We Need From You
You will designate an individual who possesses suitable skill, knowledge, or experience to oversee your bookkeeping activities and coordinate with the services we provide. In addition, you will evaluate the adequacy and results of the services performed by that designated individual and accept responsibility for such services. You will provide relevant information about your business on a timely and periodic basis. You will take our advice and make your own decisions about what to do with that advice.
What we do as a Full-Service Bookkeeper
(this is available as an add on to our CFO Service)
In order to provide accurate CFO services, you will need to have full-service bookkeeping done. May require additional software subscriptions. Services included are as follows:
Accounts Receivable and Accounts Payable Services
Payroll
Monthly income and expense tracking
Categorizing all transactions appropriately and consistently
Monthly Reconciliations
Monthly Financial Statements
Unlimited email and text support
If you are interested in either or both services, please feel free to reply to this email to learn more!
xx, Danae