Virtual Services for
Business Service Companies
Business services firms live and die by their ability to properly manage client jobs. We understand this at Fintelligent as we are a professional services provider ourselves. We use the same platform we offer to our clients to manage timesheets, client expenses, job profitability, budgeting, quoting and key performance metrics.
Labor is the biggest success factor – and potential profit killer – of services firms. Putting the right talent on the right job is crucial for customer satisfaction and repeat business. The problem is that if the labor is not deployed effectively it can hurt profitability. This is often discovered too late in the job. Lost profitability is difficult to capture in a current job. Nobody likes to go back to a client to ask for more money. Most business owners hope to make up lost profits in future jobs, however, that risks making an uncompetitive bid that may not capture the business.
Maximizing job profitability requires a system that provides revenue and expense visibility as it is happening. This is achieved by loading the accepted quote into a system and then booking costs against it as they occur. This information would be conveyed in real-time to a management dashboard that could be accessed by any device connected to the internet.
Constructing an internal job profitability system is costly and distracts from your mission. Why not rent one instead?
Fintelligent offers a platform of services and technology that provides visibility for job profitability that increases sales, profits and cash flow. We offer various service levels to meet the needs of your business: Virtual CFO, Virtual Controller and Virtual Bookkeeping. We’ll manage your financial operations and provide you sophisticated financial analysis so you can focus on profitably growing your business.
What Our Business Services Clients Want to Know
Our services clients are labor intensive and want to track and measure the effectiveness of their workforce. Some of the things they want to know include:
- How is a job performing against its original quote or budget?
- What is the utilization of the workforce relative to the total billable hours available?
- What hurdle rates should we set for each job to ensure we are profitable?
- How can we gain cost savings by standardizing certain practices across all jobs?
Why Do I Need a Virtual CFO?
You need financial expertise to help structure your company to efficiently and profitably capture the next $10 million in sales. To do that you need highly trained staff and software that goes well beyond the basics. Right now, you may not be ready to afford a full-time CFO and the resources that person would need. Maybe it’s time to consider a Virtual CFO, a part-time financial expert who can guide you through your high growth. A Virtual CFO helps your company grow sales, cash flow and profit. He or she does this by helping you figure out the most efficient path to sustainably scale your business. This is accomplished by first building a sound financial infrastructure to deliver accurate, timely data. That information informs a financial plan that is developed with you to lay out a roadmap of increased sales, profit and cash flow. The plan contains key financial and operational metrics that need to be achieved. The plan is compared to actual performance and the organization is held accountable for delivering results.
What Does a Virtual CFO Do?
A Virtual CFO typically works remotely and interacts with you and your team as set intervals, such as a monthly meeting to review financials. A Virtual CFOs work is greatly enhanced when he or she has a robust technological platform to provide accurate, timely data. The Virtual CFO will supervise a staff to perform various financial and accounting tasks. To be most effective, a Virtual CFO will supervise a team including a Virtual Controller providing Virtual Bookkeeping services. This integrated approach enables a company like yours to have a robust, turnkey financial operation available to assist you during your rapid growth phase. This team takes care of the financial operation so you can focus on growing your company. Learn more about the benefits of a Virtual CFO and the services Fintelligent provides.
Why Do I Need a Virtual Controller?
If you need better financial reporting, greater automation and stronger accounting processes then a Virtual Controller may be the way to go. A Controller is often the first full-time accounting hire made by an emerging company. Many times the hire is made out of desperation… an entrepreneur may be overwhelmed with financial tasks and cannot get the information they need to continue to rapidly grow the company. While many may think a Controller will solve all the problems, the fact is that a Controller is the first investment in a financial system required to sustain high growth. The Controller will need staff, technology, independent accountants and other resources to do an effective job. Often the true cost of a strong financial operation is underestimated.
What Does A Virtual Controller Do?
A Virtual Controller is responsible for providing timely and accurate books and records of your company. This is the “magic” that goes into preparing financial statements and reports. Strong Controllers lead a team of accountants who perform everyday tasks such as sending invoices to customers, processing accounts payable, booking payroll and closing the books each month. They analyze accounts and accrue expenses for costs that may have been incurred but not yet billed. This is critical to not only report accurate financials to but get visibility on future cash needs so they can be funded ahead of time. A Virtual Controller will work with you to help you understand your financials and how they impact your business. A good Controller acts as a detective, reviewing financial information to see if costs are in line, customers are paying on time and to research any issues that may arise. He or she will escalate certain issues to you. For example, if they see a customer is chronically paying late they may recommend a credit hold be placed on a customer until they pay down their balance. This helps you manage cash flow and instill some discipline in your customers that they must pay on a timely basis. Learn more about the benefits of a Virtual Controller and the services Fintelligent provides.
Why Do I Need Virtual Bookkeeping?
You didn’t start a company to become an accountant. Good financial data is critical for you to manage your business, yet seems so hard to get on a timely basis. The bookkeeper you currently have worked well before, but you’re growing and just need more. More data, more time, more financial expertise. Virtual Bookkeeping relieves you of the daily tasks of creating invoices, collecting payments, managing accounts receivable, posting payroll and researching issues. It organizes your financial data into reports that are easy for you to retrieve and understand. The data is updated regularly so you have up-to-date information to assist in your decision making. Most of all, it relieves you of these tasks so you can focus on growing your company.
What Does a Virtual Bookkeeping Operation Do?
A Virtual Bookkeeper processes all the financial transaction for your business. This typically includes:
- Preparing customer invoices, collecting customer payments and managing cash deposits
- Entering vendor bills and processing vendor payments
- Updating credit card transactions in the general ledger
- Booking payroll entries to the general ledger
- Supporting the Virtual Controller with the monthly close
- Contacting customers for payment
- Responding to various transaction inquires
The Virtual Bookkeeper operates remotely and is trained on the latest techniques and software to accurately and efficiently process financial transactions. Transaction processing can happen as frequently as daily depending upon the service levels required by a client. He or she is a member of your team and is available to your company for clarification, inquiries and follow up. Learn more about the benefits of a Virtual Bookkeeping operation and the services Fintelligent provides.