Internal CFO

What a Chief Financial Officer does inside an organization.

An excellent Chief Financial Officer is integral in assisting the financial side of a business turn data into information that can be used by operations to control and monitor their processes. If your firm does not currently employ a CFO, Kierland Partners can act as yours.  We will monitor cash flow, assist in budgeting, oversee human resources reviews, and produce meaningful financial statements. We fill the role of the Chief Financial Officer and let you focus your time and attention on those things that make money.

The partnership between the financial side of any organization and the operations side of that same organization is key to the success of that organization. Without the ability of the financial side to turn data into information that can be used by operations to control and monitor their processes, the organization cannot maximize its potential.The role of the Chief Financial Officer is to ensure the partnership between finance and operations and provides everything necessary to minimize risks and maximize profits.

Some of the roles the internal CFO fulfills

Cash Flow

Internal CFOCash is KING. Maximizing cash is a major key to success in any business. Managing all aspects of cash and knowing and understanding how the various elements of cash interact and affect each other is an integral part of understanding and managing cash flow. Projecting cash flow over future periods is a tool that allows management to determine how processes, procedures and policies impact the flow of cash in the company. As an example, a company that allows customers to charge purchases on credit, will need to review credit granting process and procedures and also ensure sufficient financing for the accounts receivable. We can help you to develop and maintain a comprehensive cash flow model that will focus on these processes, procedures and policies will show you how they affect cash flow and how changes impact cash flow.

Budgeting

The Road Map. When on a journey, how do you get to where you want to go without a map? A budget is a map for the business. This map, when properly prepared, monitored and updated, is an invaluable tool for success. A budget that is properly monitored, allows management to set expectations and monitor those results to more effectively manage the business for growth. It communicates managements expectation, how are we doing relative to those expectations, what are we doing wrong and what are we doing right, and gives us an opportunity to change those things that need to change to meet our expectations.

Expense Review

Many companies have experienced what we call expense creep. Over time expenses creep higher than they should be when items are not reviewed and/or people are not held accountable their budgets. We will review all of your expenses and help you decide what changes need to be made. As an example, we recently reviewed a company with six locations and five different phone service provider (voice only) and different providers for data. We moved all the locations to one provider for both voice and data, moved all the data to the equivalent of T1 speed and cut their phone billings from around $8,000 per month to $3,500 per month. We will review ALL of your expenses .

Key Result Indicators (KRI)

How does a manager know if he/she is performing if they do not know what is expected of them. We want our managers to manage so they need to know what are the keys to monitoring their own success. How does each manager know that at the end of the day they have been successful in their efforts for the day. They need two to three key measureables that they focus on each day. We can help you determine what those measurable are and also help set up the processes to make them available each day.

Human Resource Review

Human capital is the most important resource to the success of any companies. We can assist you with the policy and procedures for the hiring process, getting the most from your fringe benefits, periodic evaluations, employee handbooks and compliance with state and federal regulatory requirements.

Financial statements

Most organizations are normally very good at accumulating data. Data results from transactions within the general ledger. Turning that data into information is the trick. Also, there can be a significant difference between financial reporting under Generally Accepted Accounting Principles (GAAP) and operational financial reporting. We can assist you in the design and implementation of both.

We fill the role of the Chief Financial Officer and let you focus your time and attention on those things that make money. Please feel free to contact us with any questions about our CFO services.