Retail Furniture Software - PROFITconsulting/Business Systems Assessment and Profit Planning

Frequently Asked Questions

What is CFO Outsourcing?
CFO Outsourcing is the process of contracting out top internal financial management functions. It has a heavy emphasis on business performance and provides high level human resources at a fraction of the cost of employing an equal resource.

Why offer CFO Outsourcing?
We have found that many businesses lack the internal capabilities to run their financial systems to an acceptable level. As a result, these businesses end up underperforming in profitability and cash flow.

Financial reports are often not accurate, not studied, and misunderstood. Sometimes, there is no real information on profitability provided at all. There is seldom profit planning, budgeting, or forecasting. We have found that “by the seat of the pants” control is still very common in small to medium size operations.

A good CFO or Controller is paid well for their abilities. Not all businesses can afford this type of person and not all owners have the time or desire to wear this hat.

So, we are filling this void in order to help businesses who have these challenges. Companies can have access to a top level CFO which allows them to save time and money, and get proper reporting. Above all, they will get expert advice and interpretation of data to propel their bottom line.

Who would benefit from CFO Outsourcing?
Anyone who would like to grow their business but does not currently get monthly advice that is backed by solid evidence would benefit from CFO Outsourcing.

What does it include?

Prepare monthly financial statements (Balance Sheet, Profit and Loss, Cash Flow).
Verify the integrity of balances with sub ledgers and perform ledger adjustments.
Notify office manager or owner of any suspected inaccuracies that arise.
Produce and maintain the “profit plan” or budget.
Prepare monthly break even analysis.
Create a monthly summary and recommendations based on a top level analysis of financial data.
Verify that critical operational tasks are done: cash, sales, bank reconciliation, payables, payroll, and inventory processing.
Optional extra: maintain industry specific FMA (Financial Metrics Analysis).

How much does it cost?
Well, it depends on your size, complexity, and requirements. But here is a standard for the above:

Under $ 5 million: $500/month
$5-$10 million: $700 month
$10+ million: custom pricing
Optional monthly FMA: + $200

Who would be my CFO?
David McMahon and Wayne McMahon of PROFITconsulting. Wayne holds his Certification in Management Accounting (CMA) and has previously run his own accounting firm. David holds degrees in Economics and Business Administration and is a member of the Institute of Management Accountants (IMA). Combined, they have worked in the home furnishings industry for over 30 years and have helped thousands of operations. In addition to running PROFITconsulting at PROFITsystems, they also facilitate PROFITgroups, PROFITsystems’ peer performance groups. Their ongoing clients are among the most profitable in the industry.

How do I get started?
Just email or call us to schedule a complimentary discussion of your business. If this product is right for you, we will coordinate the initial steps. If not, we will give you some recommendations to help you move in the right direction on your own.


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HOME > CONSULTING > FINANCIAL FITNESS > CFO OUTSOURCING CFO Outsourcing Frequently Asked Questions What is CFO Outsourcing? CFO Outsourcing is the process of contracting out top internal financial management functions. It has a heavy emphasis on business performance and provides high level human resources at a fraction of the cost of employing an equal resource. Why offer CFO Outsourcing? We have found that many businesses lack the internal capabilities to run their financial systems to an acceptable level. As a result, these businesses end up underperforming in profitability and cash flow. Financial reports are often not accurate, not studied, and misunderstood. Sometimes, there is no real information on profitability provided at all. There is seldom profit planning, budgeting, or forecasting. We have found that “by the seat of the pants” control is still very common in small to medium size operations. A good CFO or Controller is paid well for their abilities. Not all businesses can afford this type of person and not all owners have the time or desire to wear this hat. So, we are filling this void in order to help businesses who have these challenges. Companies can have access to a top level CFO which allows them to save time and money, and get proper reporting. Above all, they will get expert advice and interpretation of data to propel their bottom line. Who would benefit from CFO Outsourcing? Anyone who would like to grow their business but does not currently get monthly advice that is backed by solid evidence would benefit from CFO Outsourcing. What does it include? Prepare monthly financial statements (Balance Sheet, Profit and Loss, Cash Flow). Verify the integrity of balances with sub ledgers and perform ledger adjustments. Notify office manager or owner of any suspected inaccuracies that arise. Produce and maintain the “profit plan” or budget. Prepare monthly break even analysis. Create a monthly summary and recommendations based on a top level analysis of financial data. Verify that critical operational tasks are done: cash, sales, bank reconciliation, payables, payroll, and inventory processing. Optional extra: maintain industry specific FMA (Financial Metrics Analysis). How much does it cost? Well, it depends on your size, complexity, and requirements. But here is a standard for the above: Under $ 5 million: $500/month $5-$10 million: $700 month $10+ million: custom pricing Optional monthly FMA: + $200 Who would be my CFO? David McMahon and Wayne McMahon of PROFITconsulting. Wayne holds his Certification in Management Accounting (CMA) and has previously run his own accounting firm. David holds degrees in Economics and Business Administration and is a member of the Institute of Management Accountants (IMA). Combined, they have worked in the home furnishings industry for over 30 years and have helped thousands of operations. In addition to running PROFITconsulting at PROFITsystems, they also facilitate PROFITgroups, PROFITsystems’ peer performance groups. Their ongoing clients are among the most profitable in the industry. How do I get started? Just email or call us to schedule a complimentary discussion of your business. If this product is right for you, we will coordinate the initial steps. If not, we will give you some recommendations to help you move in the right direction on your own. To request additional information, email: davidm@profitsystems.com or wayne@profitsystems.com Or call us at 800.888.5565.