What is a basic external CFO service offering?

Firstly, fix your SME clients bookkeeping and KPI reporting. Then prepare Predictive Budgets for each business unit operated by the business:

• Sales

• Expenses

• Margins

• Cash flow forecast

• Projected balance sheets

• Start and finish positions for each forecast

Other services you can offer are as follows:

• Report Monthly on Budget versus Actuals and relevant KPIs. Consider creating a Dashboard with real-time reporting capability (e.g. use Power BI or Clear Desk).

• Due Diligence Review of the business operations – so that you have a “an inch wide and a mile deep” understanding of your client’s business.

• Daily KPI reporting to suit your client’s requirements.

• Weekly Performance Report and Profitability Report – a favourite for big business – a great service to introduce to help small businesses succeed.

• 52-Week Total Business Service – incorporates daily and weekly functions.

• Monthly Reporting Cycle – 12 months of the year – very important to assist clients through the difficult conditions expected for 2023/24.

• Profit and Loss Accounts for each business unit compared to budget.

• Budget Variation Report for each business unit.

• Cash Flow Analysis as compared to budget.

• Balance Sheet Analysis as compared to budget with close attention to working capital items.

• KPI analysis.

• Monthly Business Review Meeting – submit your report on the business’s performance for the previous month.

Want to know more? Andrew Geddes discussed these matters in the recent episode of ESS BIZTOOLS Business Advisory Services Podcast. A snippet discussing this particular are is featured in today’s video.

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