This approach is often not cost-effective and leaves SMEs with significant coverage gaps in their finance function. The financial health of your business needs more attention and insight than what accurate bookkeeping can inform. And whenever the volume of work allows, Virtual CFOs should not be performing operational activities that can be done by a lower-cost resource.
We know that the support of a leader in finance, even in small amounts, is an important ingredient to give companies the financial insights, depth of analysis and support needed to thrive and grow over the long-term.
We begin by understanding the current state of the financials and the existing team. Our goal is to arrive at a scalable and sustainable approach that ensures long-term reporting and oversight that meets your needs.
As a member of your senior management team, your Virtual CFO will build internal capacity in your organization by increasing efficiencies and bringing a financial planning focus to your important business decisions. They provide oversight for the entire finance function and ensure that your financial reporting is accurate, timely and relevant.
A Virtual CFO will work with you to:
By definition, bookkeeping is the process of recording your financial transactions in a systematic and consistent way. Bookkeeping is the foundation upon which you can rely on to understand the financial aspects of your day to day operations to enable you to manage your business more effectively. It involves capturing, classifying, and recording all your financial transactions and is much more informative than a shoebox approach! Supplier bills, cash flow and client invoices can’t wait for the year to end before they need attention and business decisions are simply easier when your financial records are up to date.
The Business Sherpa Group approach is flexible – our Bookkeepers can do as little or as much as makes sense for you and your business. And if needed, we can recommend a Virtual CFO that can support your business management – providing you a financial team that is both cost effective and reliable. This team approach provides financial insights and reporting that targets your business issues and moves beyond simply recording financial transactions and ultimately helps you make better informed business decisions.
We work to ensure appropriate internal controls are in place, ensure regulatory compliance and identify opportunities to improve your financial reporting.
Determining and measuring those key business indicators allows your organization to focus its attention and measure its success in a way that ensures you are on track to achieve your goals.
We look at your organization’s strategic focus and ensure it is moving in a direction that is facilitated with long term planning, both for operational and capital spending. We will work with you to assess the adequacy of your finance tools and staffing resources and recommend approaches to better manage your financial assets.
Risk exists in many forms in all organizations, and becomes more formalized as your organization evolves. And in many cases, the formalization of risk is needed to meet funding requirements. The key is to understand your risks clearly and to have a plan in place that manages those risks.
In addition to ensuring your insurance coverage meets your needs, we can also work with you to review your contract management approach.
The administrative professionals at Business Sherpa Group bring incredible organizational skills and a strong business sense to support you on a periodic or ongoing basis. We allow you to assess the effectiveness of the support and adjust as your business needs change, with no long term commitment required.
Business Sherpa Group’s seasoned Project Managers hone in on key business requirements to move critical initiatives forward without the day-to-day distractions of running the business.
They are able to quickly assess the situation, connect with key contacts and develop and execute on a plan, either independently or with other members of your team. This model works very well if you have well-defined and focused projects that need to be completed in a rapid, thoughtful and focused way.
As a CEO of a small association you seek innovative ways to get maximum value from your resource dollars. At CAR, I wanted the association to have the highest level financial expertise possible but I only needed it part-time and with flexibility in hours each week. A Virtual CFO from BSG was the solution! Not only did we get the expertise, BSG got to know our culture and matched us with a consultant who fit superbly with our team.
With our business expanding, we needed help balancing financial planning with our growth. As a high tech company, we move quickly and BSG wasted no time in first strengthening our existing office processes and then our planning functions. We are already operating more smoothly after just four months with BSG on board.