Part-time CFOs – the Secret Weapon in Business Strategy for Small, Growing Companies

As the U.S. economy continues to recover and a new level of normalcy is established, small businesses know that their next level of growth requires taking a proactive leadership role in its finances. Many smaller sized companies have a bookkeeper or accountant on staff that accurately records and reports the financial performance of a company. They play a defensive role.

The focus of bookkeepers and accountants is mostly historical; they deal with what has already happened. They close out the financials for the month, reconcile bank statements, calculate sales commissions, and process payroll and accounts payable.

Helping Companies with their Offensive and Defensive Game

Seasoned entrepreneurs and business leaders understand that the difference between the success and failure of a business is more than just a matter of increasing sales – it’s also about being smart about its finances, smarter than the competition. They must also have a strong offensive strategy.

When it comes to future oriented financial matters related to planning and managing growth, many small companies are recognizing the benefits of enlisting a part-time Chief Financial Officer (CFO).

That’s where Ingenio Solutions comes in, an Orange County-based financial resources company that specializes in providing companies with executive level CFOs on a cost-effective part-time and interim basis.

Being Smart About Driving Profitable Growth

According to Jean Latu, CEO and Founder, Ingenio Solutions, “Today’s business leader must leverage every opportunity to drive profitable growth, and for our clients, that means access to financial dashboards with meaningful metrics to make better decisions about the business. It means reviewing financial statements and analyzing trends to anticipate the future. It also means ensuring that financial matters are effectively managed including banking relationships and funding sources, business insurance and employee benefit plans, and federal and state compliance requirements. Our clients benefit from engaging our senior finance executives to help them with their offensive strategy. They know they must be proactive and not just reactive.”

Leveraging the Experience of Senior Financial Executives

Senior-level finance and accounting executives like CFOs can work a few days per week, or per month. Their experience and expertise helps businesses to manage evolving and ever-changing financial and business issues. They can review an organization’s systems and processes to ensure compliance and prevent fraud, as well as making sure that the company is approaching their finances strategically and with the appropriate disciplines that are found at large companies that employ full-time CFOs and senior finance executives.

Minimizing Risk and Fraud

Recently Ingenio heard from a company who discovered that one of their senior executives was defrauding the company over an extended period of time. That same company also experienced a mid-level manager who was using gift card codes to shop for the company’s product online, from work.

Latu notes, “This type of fraud occurs more often than business owners realize. Retaining an experienced senior-level finance executive on an ongoing basis ensures that a company avoids running on autopilot. They can implement strong internal controls to ensure that systems and processes are in place and operating effectively which can help to minimize the risk of fraud.”

The ‘Next Level’ Starts with a Conversation

Not sure if you’re ready for a part-time CFO, don’t worry. Give us a call at (949) 529-2970 and let’s have a conversation. Ingenio Solutions offers a no-charge, in-person consultation.