5 Advantages of Using an Outsourced CFO if You're a VC Investor

pencil Posted by Richard Veltre on March 21, 2018

VC funds can vary significantly in the size and scale of their operations. Let’s take a hypothetical company that manages three funds:

  • Management is responsible for three fund audits, three quarterly reports, etc. (Basically, three of everything.)
  • Each fund must:
    • Manage distributions (from IPOs and M&A)
    • Field questions from multiple lending partners
    • Schedule and manage meetings

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When Do I Need a CFO?

pencil Posted by Richard Veltre on March 7, 2018

Many small businesses do well with the services of a bookkeeper or controller, but eventually many find it necessary to expand by bringing in a CFO. While accountants, bookkeepers, and controllers have their place, CFOs help with different things – like by offering actionable insights into how your business is faring financially.

If you’re unsure if this step is right for you, consider the following pros and cons to help you answer the question: "When do I need a CFO?"

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Why Do Small Business Owners Treat Accounting Systems Like Toothpaste?

pencil Posted by Richard Veltre on February 19, 2018

I had an epiphany this morning. I woke up early, started my routine, and - like many of my fellow business owners - immediately started thinking about things I needed to get done today. I believe I start thinking about work tasks so early to temporarily forget about the one part of my morning routine I dread: oral hygiene. I don't dread it because I have hygienic issues; I dread it because I feel like if I spend 5 minutes, my dentist would say I should have spent 10; 20 minutes should have been 30. Childish? Maybe. (But I digress.)

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Controllers vs Bookkeepers: What’s the Difference?

pencil Posted by Richard Veltre on February 6, 2018

For most small businesses, a bookkeeper is enough to maintain accounting records and create basic quarterly and year-end financial statements. Business growth, however, may necessitate hiring a controller. But what’s the difference between a bookkeeper and a controller, and how do you decide which role is appropriate for your company’s needs?

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5 Things to Consider When Negotiating with a Bank

pencil Posted by Richard Veltre on January 23, 2018

Whether you’re a sole proprietorship, limited liability company, or corporation, obtaining a small business loan will be a top priority when it’s time to expand your company’s reach.

If you dread ‘haggling,’ consider these tips for negotiating with a bank.

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9 Keys to a Successful Audit

pencil Posted by Richard Veltre on January 11, 2018

Preparing for an audit and its associated fieldwork can be overwhelming and time-consuming. Below, we’ve outlined helpful tips to help this yearly process go more smoothly.

Here are the 9 keys to a successful audit.

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10 Things a Controller Should Do

pencil Posted by Richard Veltre on January 4, 2018

A controller is an important member of your company’s management team. In large companies, the CFO is responsible for the overall financial strategy while the controller manages the day-to-day aspects of your accountants, payroll managers, tax managers, credit managers, etc. The controller’s role in smaller companies, however, can include the broad strategic responsibilities of a CFO in addition to hands-on management.

Here are the ten things a controller should do:

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How Outsourced Accounting Helps with Restructuring

pencil Posted by Richard Veltre on December 27, 2017

An electronic burglar and fire alarm company was going through a troublesome restructuring. Opportunities for consolidation in the local industry were abundant due to new state regulations and licensing requirements, but the company would miss out on those opportunities unless they quickly eliminated their current issues. When they found they couldn’t manage the situation on their own, they enlisted the services of an outsourced accounting team.

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How an Outsourced CFO Can Help with Audits

pencil Posted by Richard Veltre on December 21, 2017

Many situations require an audit. For example, one may be required under a bank loan covenant or by private debtholders, other stockholders, or members of your board of directors. Or maybe your company accepted a venture capital or private equity investment and an audit is a requirement of the funding. No matter what the reason, however, the audit process remains the same – you decide how stressful and time-consuming the process will be. We’ve all heard stories about audits that felt disruptive, chaotic, and traumatizing, but yours doesn’t need to be a nightmare.

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Using a Fractional CFO When Your CFO Resigns

pencil Posted by Richard Veltre on December 13, 2017

A wholesale distributor of orthopedic shoes with 30+ years of success under its belt found itself in a precarious position. The company’s management had taken a series of supply chain missteps that threatened the company’s survival; to regain control, most of the operational management team was terminated. Then, when the CFO and controller quit unexpectedly within six months of each other, senior management had no finance executives and no finance team, putting the company on the brink of failure.

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