Sometimes the easiest questions are not asked and thought about when making a decision on whether an interim CFO/Controller can work for an organization. Innovative Financial Services takes a simple approach by asking accounting 101 questions. These questions are critical in helping the organization avoid making a potentially bad reactionary decisions by rushing into hiring someone.
Those questions are about your current accounting staff:
- Is invoicing for services rendered or product shipped timely and accurate
- Is collecting from customers/clients for amounts invoiced current
- Is processing and paying vendors invoices current
- Is paying all employee wages and all payroll taxes timely and accurate
Innovative Financial Services assessment model can be of great assistance to the Company by ensuring that core accounting functions are being maintained and in most instances more efficiently than in the past. We will review and supervise the current staff to assure that the right people are in the right position. This will give us the opportunity to review the Company’s current financial reporting with management to determine what reports are most useful in running the business and make suggestions of reports that can add value based on our vast experience with similar organizations.
After the assessment, we will advise the organization on our findings and recommend whether a full time person is needed, and if so, will assist in the recruitment process and help in the transition of the new hire.
We have also had many situations where after the assessment, the organization realizes a part time CFO/Controller will work for them as they recognize the improved financial reporting and the supervision and productivity of the accounting staff. With an outsourced CFO/Controller, the Company does not pay a full–time salary or provide any employee benefits and therefore the Company reduces costs.
Our interim CFO/Controller services are also very valuable to Private Equity and Venture Capital Firms who may be in need of an interim CFO/Controller to work closely with the CEO’s and management teams within their portfolio of Company’s.
We can also provide support with special projects if your existing staff does not have the time to work on these projects.