How a Virtual CFO from Fintelligent Can Help You Grow Your Business
Your business is growing fast. You’ve reached $1 million in sales and expect more growth. Other parts of your business have grown as well: headcount, expenses and financial transaction volume. So far your accounting services have served you well, but they are stretching the limits of your capacity and you are uneasy about the path ahead. As your business becomes more complex you know you need a robust financial operation that can keep pace with growth. You are unsure of where to start.
How Fintelligent Helps Fast Growing Companies Grow Faster
Fintelligent was created to serve the financial needs of fast growing technology, consumer goods and business services companies. Fintelligent was born in the cloud. Our founder, Rob Ripp, has over 25-years experience in corporate finance management. As a CFO to high-growth companies, he knows how a well run financial operation works. He designed Fintelligent to provide fast growing companies a financial operation utilizing the latest cloud technology. This platform provides clients with real-time feed back on sales, profitability and cash flow. QuickBooks no longer cuts it.
“We provide entrepreneurs a turnkey financial department so they can focus on growth,” he says. Here are some of Fintelligent’s recent accomplishments:
- Helped clients raise over $15 million equity and debt capital
- Implemented a performance measurement system to manage 2,000% revenue growth
- Implemented a margin improvement program that tripled gross margins in under two years
- Utilized an internet-based accounts receivable clearing system to accelerate payment of invoices, reducing AR exposure by over 50%
- Automated accounting operations that reduced processing 600 monthly invoices from 20 hours to a few minutes
- Prepared financial analysis to set product pricing that optimized profitability
- Managed financial audits resulting in clean opinion from independent CPA firm
Why You Need
A Virtual CFO
- What is a Virtual CFO?
- What will a Virtual CFO do for My Company?
- How do I Assess the cost and Value of a Virtual CFO?
- Are there Other Options?
What Does a CFO Do as Compared to an Accountant?
The role of a Chief Financial Officer is to help grow your business. He or she binds the operational performance of your company to financial metrics to provide strategic guidance on the most effective way for your company to grow. An accountant is much more task specific. They will focus on getting clean data to prepare financial statements.
The typical duties of a CFO include:
- Advise senior management on the best path for growth
- Prepare financial analysis to support his or her recommendations
- Manage corporate financial performance by setting metrics and reporting actual vs. plan
- Ensure the company is adequately capitalized
- Oversee high-impact administrative functions such as finance, accounting, HR, insurance, taxation and information technology.
What Is a Virtual CFO?
A Virtual CFO, sometimes called an outsourced or interim CFO, has all the skills of a full time CFO with one key difference: he or she is a part-time financial expert that provides you the right amount of guidance at an affordable cost. You are effectively “renting” their expertise.
Typical attributes of a Virtual CFO include:
- Is an expert in your industry or service
- Provides the same strategic guidance as a fulltime CFO
- Performs financial planning & analysis
- Supervises accounting staff
- Bridges the gap until a full-time CFO is justified
Benefits of a Virtual or Part-Time CFO
A Virtual CFO benefits your company by providing more sophisticated financial support during your company’s high-growth phase, which can be chaotic.
- Works with companies like yours. Understands your industry and is familiar with issues facing startups
- Scales with your business.
- Helps hold your team accountable for high performance
- Frees up your time to so you can focus on growth
- Less costly than a full-time resource
- Provides access to knowledge, practices and other resources you otherwise might not have.