Process
CFO for Hire has refined the process of correcting an organization’s financial course and continually works to improve the process to be more effective and efficient. After we have placed the new client on the right track, we continue to utilize a time-proven process to continually deliver valuable service to each of our clients. These processes are based upon over 200 years of combined experience of the CFO for Hire staff and the best accounting practices utilized by thousands of successful companies and non-profit organizations around the Country.
Phase 1: Introduction Phase (New Clients)
In Phase 1, CFO for Hire will conduct a thorough initial interview and consultation, to determine the most urgent opportunities for improvement. One objective in this initial phase is to address the ‘hot spots’ or primary issues in the organization, with minimal disruption to daily operations. During the Introductory Phase, clients will be asked to provide information to help in the financial diagnosis. The ultimate goal of Phase 1 is to provide an assessment for the organization that identifies the next critical steps in the process. In the majority of our new client transitions, we discover issues which must be addressed before any additional progress can occur. These often include months of unreconciled accounts, overlooked journal entries, and a lack of documentation to support the existing accounting records.
These situations arise largely due to insufficient resources – either personnel and/or funds allocated for the accounting function. The problems associated with years of performing accounting functions without strong systems, policies, procedures and oversight cannot be resolved in a few hours.
Initially, CFO for Hire will address the larger issues; this may take days, weeks, or months in some instances, while we continue to service the organization’s daily accounting needs. Smaller issues, not as significant to the financial statements, are addressed on an on-going basis during the first six months of the client’s relationship with CFO for Hire.
Phase 2: Action Plan
Based on the results of the initial interviews and consultation, the second phase includes the creation of an action plan for improvement. This may include development of interim or long term procedures, personnel strategizing and evaluation, process redefinition or reconfiguration, or defining and implementing other primarily short-term plans and objectives
Phase 3: Implementation
This phase is the actual incorporation of new procedures, processes and functions in the financial operations of the organization. This involves most or all senior level management and the entire accounting department
