GUIDE:
C.F.O (CHIEF FINANCIAL OFFICER)  SERVICE


Chief Financial Officers handle all of the financial and administrative needs of a business. 

These typically include:

  • Accounting Management
  • Financial Management
  • Human Resources Management
  • Legal Management
  • Insurance Management
  • Additional CFO Services
  • Tax Compliance



Accounting Management


Accounting Management is the core of the back office function. It allows us to gather information, pay your bills and (most importantly) collect your money. 


Transaction Recording: These are "traditional" bookkeeping services. We record all financial transactions into a computerized general ledger system, and use them for various reporting purposes.


Financial Reports: Once a month, we will compile your monthly financial statements, which include a balance sheet, income statement, and cash flow statement. Additionally, we will prepare a monthly financial analysis report, highlighting some key financial information about your company. We can also prepare other financial reports at your request.


Bill Payment: At least once a month, we will prepare a listing of your outstanding bills. For your convenience, we can prepare and send out payment on your behalf! Just tell us what bills you want to pay, and we will handle the rest. This service is designed to save you time, and help avoid costly late charges.


Invoices and Collections: Rather than spend your time writing up invoices, let us do it for you. We will make sure we have appropriate documentation from your customer (like a signed contract agreeing to the service), create the invoice, and send it out on your behalf. Once a month, we will prepare a listing of the invoices that have not been paid. At your request, we can initiate contact with your customers for the purposes of collecting on past due invoices. No more worrying about spending time making awkward phone calls to your customers…let us handle it and collect your money!


Deposits: Worried about losing checks from your customers? Frustrated with trying to set up credit card "merchant" processing? Don't want to waste time running to the bank and depositing cash? Let us do it for you!


Payroll: Are you confused about payroll? Would you rather not deal with it? Well, we love payroll, and are happy to handle it all for you! With your permission, we will provide information (such as timesheets, wage garnishment information, tax forms, etc.) to your payroll firm…so they can process your payroll, payroll taxes / benefit payments, and payroll tax / information returns on a timely basis. We will also work with your payroll firm for any requests of payroll information (e.g. earnings reports, duplicate pay stubs, etc).


Grant Management: For non-profit clients, we can also offer financial grant management services, including assistance with completing financial portions of grant applications, establishing indirect cost rates, program budgeting, grant accounting, regular financial reporting, segregated fund management, A-133 audits, etc.


 

Financial Management

Cash Management: You have various cash needs, and we can help you keep track of it all. We do this establishing and maintaining diverse cash funds for various purposes (e.g. operating fund, payroll fund, emergency fund, etc).


Budgeting: We can keep you on-track by preparing various budgets (e.g. operations budget, event / program budget, etc), and helping you stick to those budgets by providing actual-to-budget variance reports on a regular basis.


Forecasts: Even more importantly, we can create forecasts for your business, to predict how your finances will look in the future. This insight will allow you to pinpoint potential trouble spots and avoid them…before they become major problems. Typical forecasts include profit/loss, sales, and cash flow.
Credit Establishment & Monitoring: We can establish your credit number with Dunn & Bradstreet (a "DUNS" number). We can also monitor your credit rating with Dunn & Bradstreet, provide continuous updates to your credit file, and take corrective action when necessary.


Establishing & Maintaining Lines of Credit: We can help you establish lines of credit with a financial institution(s). We can also work with your financial institution(s) to increase your lines of credit when appropriate.

Note: We are not licensed financial advisors, and cannot provide investment advice or services directly to you. We can only assist licensed financial advisors to the extent allowed by law. If services are required that are beyond our authority, we will refer you to an outside financial advisor.


Budgeting: We can keep you on-track by preparing various budgets (e.g. operations budget, event / program budget, etc), and helping you stick to those budgets by providing actual-to-budget variance reports on a regular basis.



Human Resources Management

Your most important asset is your human capital - the people that make your business run. Unfortunately, he rules regarding human resource management can be a confusing labyrinth of complex rules and regulations. So make sure that your human resource function is being managed properly! It can make all the difference between a successful enterprise and a failed venture. 


Interview & Selection Assistance: If you have a position that needs filling, we can help you find candidates for the position. We can also help you develop a job description, post job opening listings, read through resumes and narrow selection, check references and schedule interviews. We can even be present during interviews to help ask questions and guide the interview. Upon selecting a final candidate, we can help you determine an appropriate compensation package and draft an offer letter. We can also coordinate background and drug tests as needed.


New Employee Assistance: If a new employee is coming onboard, we can assist you with gathering all the necessary paperwork for the new employee (including required government forms, tax forms, confidentiality agreements, etc). We can also develop and conduct a new employee orientation program, which introduces the new employee to your organization.


Job Descriptions: We can help you to develop and update job descriptions and job scope for your employees.


Organizational Chart: We can help you create and maintain your organizational chart, including reporting structures.


Internships: If you are in need of an unpaid student intern, we can assist you with sourcing one and working with the university on any required paperwork to ensure compliance with labor laws (including required evaluations, start-up and final paperwork, etc).


Benefit Plan Design & Management: Benefits are just as important as monetary compensation. We can assist you in designing a comprehensive "cafeteria" benefit plan package for your employees (e.g. retirement, health insurance, supplemental insurance, transportation assistance, dependent care assistance, etc). We can also assist you with employee education, enrollment periods, annual renewals, etc. We can also act as your authorized contact with the third-party service providers (e.g. Blue Cross, AFLAC, Merrill-Lynch, etc).


FMLA Leave: If an employee needs to take leave under the Family Medical Leave Act (FMLA), we can assist with obtaining the proper paperwork.


Employee Maintenance & Recordkeeping: We can assist with you regular employee maintenance procedures, including annual reviews, pay increase determination, handling employee complaints, random drug testing, etc. We will also maintain the employee files for your employees.


Employee Handbook & Agreements: At least once a year, we will work with an outside attorney to update your employee handbook to reflect any changes in employment law. We can distribute the updated handbook to employees and obtain acknowledgement signatures. We can also assist you with drafting employee agreements, such as confidentiality clauses, non-compete clauses, etc.
KPI Development / Tracking: Well-run businesses know how to develop and track metrics for their key employees. We can assist you in developing these key performance indicators (KPI) for your employees. We can also track the KPI's of your employees, and provide status reports to you on a regular basis.


Discipline & Termination Assistance: If you have an employee that requires disciplinary action, we can assist you in taking appropriate action, including drafting and monitoring performance improvement plans. In the unfortunate case that an employee must be terminated, we can assist you with the final termination discussion, final payment, severance agreement, exit interview, COBRA paperwork, etc.
Other Employee Legal Issues: If you have any other legal issues pertaining to your employees, such as an immigration issue, lawsuit, investigation, etc, we can assist your outside attorney in obtaining the information needed to assist you.

Note: We are not licensed attorneys, and cannot provide legal advice or services directly to you. We can only assist licensed attorneys to the extent allowed by law. If services are required that are beyond our authority, we will refer you to an outside attorney.


Insurance Management

 

We can work with your insurance broker / agent to help them design a comprehensive insurance package for you. We will also work with your insurance broker / agent in renewing your policies, and regularly evaluating your policies to ensure that they are still providing an adequate level of protection for you. 

Note: We are not licensed insurance agents or brokers, and cannot provide insurance advice, products or services directly to you. We can only assist licensed insurance agents / brokers to the extent allowed by law. If services are required that are beyond our authority, we will refer you to an outside insurance agent / broker.


 

Legal Management

Dealing directly with attorneys can be confusing and costly. We can serve as your middle-man, coordinating services with your attorney on your behalf. 


Contract Review / Drafting: At your request, we can help you do a preliminary review any contract / agreement that you are requested to sign, with a particular emphasis on the financial aspects of the agreement. We can also help you draft agreements for a variety of purposes (e.g. service contract to present to your customers for your services) - again with a particular emphasis on the financial aspects of the agreement. Once we do our review or initial draft, you can then turn it over to an attorney for their final review and approval.


Business Filings: There are many different forms that a business can take (e.g. Corporation, S-Corporation, LLC, LLP, etc.), and the options can be staggering. We can help you determine the proper legal structure for your company, and file incorporation, LLC, or other registration paperwork with the appropriate secretary of state office. And once you are formed, you must stay in compliance. We can handle annual filings as required by your domicile to ensure that you stay in good standing. We can also assist you with registered agent selection and maintenance.


Other Legal Services: We can work with your attorney to help them identify potential legal risks, and to provide them with information they need to adequately serve your needs. Such risks may include trademark registrations, lawsuits, governmental investigations, etc.

Note: We are not licensed attorneys, and cannot provide legal advice or services directly to you. We can only assist licensed attorneys to the extent allowed by law. If services are required that are beyond our authority, we will refer you to an outside attorney.


Additional CFO Services

 

In addition to our main categories of management, we also offer a range of "miscellaneous" management services that are equally important to the success of your business. 


Business Plan Development: We can assist you in writing, reviewing, and updating your business plan.


Annual Report Development: We can assist you in writing your annual report.
Exit Planning: We can help you develop an exit strategy for your business (e.g. sale to third-party, succession planning, IPO, etc).


Selecting Third-Party Vendors: As stated before, we cannot provide certain services directly due to licensing issues. In these cases, we can assist you in selecting a third-party vendor for services that we cannot provide. These outside vendors typically include law firms, insurance brokers, tax preparation firms, etc.


Managing Existing Staff: If your company has existing staff in any of the areas that we manage (including finance, human resources, technology, etc), we offer to manage those staff members for you at your request.


Tax Compliance

Unlimited consulting from a dedicated Certified Pubic Accountant / Tax Consultant.  You may consult with your dedicated CPA on the following issues related to your U.S. Company:

  • Unlimited Business and Tax Consulting
  • Corporate Tax
  • Sales Tax
  • Franchise Tax
  • Monthly Bookkeeping
  • Payroll Management
  • Annual Tax Return (Federal & State)
  • State Franchise Tax and State Annual Report
  • Federal & State Compliance Requirements

 

 

 

 

 

     
 

Tax Filing, State Annual Report & Registered Agent are included

FilingByCPA provides complete annual tax filing and company renewal service to our clients to assist you meet your U.S. Tax Filing and Company Renewal Requirements.

 

 

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