Who's Managing Your Cash Flow?
Get back to business with a Cash Flow Consultant and CPA at your side.
As the masks come off and businesses enter a “new normal”, owners are gearing up for what it will take coming out of the Pandemic. As a small business owner, you are most likely filling the role of a CEO, and CFO (Chief Financial Officer). It’s also not unusual for business owners to rely on their CPA’s for a one stop shop to cover all their financial concerns. Could building a team of subject matter experts help you climb your way to recovery?
Let’s take a moment to pause;
What did your financial picture look like gong into the Pandemic?
- What were your habits around money back then?
- If you wanted to buy something for your business, did you pull the trigger or were you working from a monthly budget?
- Did you co-mingle personal expenses with business expenses?
- Did you have good processes in place on how to collect Accounts Receivable to get more money coming in faster; and Accounts Payable on how to slow down the money going out against a monthly budget?
- Were you struggling with cash flow already before the shutdown in March last year?
Previously, I blogged about five strategies:
Five top strategies to optimize cash flow as Your Business Recovers From the Pandemic
One of the strategies I recommended in this article is bringing outside eyes to your financials arena. What if you considered the importance and value that a CFO could provide on a monthly or quarterly basis to help you, the CEO perform at a higher level? Think about this: a CPA’s role is to minimize your Net Profits to help you pay less in taxes. A CFO’s role is to help you maximize Net Profits for better cash flow. Business owners can benefit tremendously from these two subject matter experts working together!
What does your financial picture look like coming out of the Pandemic today?
- Do you have more money in your bank accounts than ever before?
- Did you add more debt to get more money into the bank accounts?
- Are you willing to consider adding more disciplines in managing your financial arena?
- Are you spending more money each month than what is coming in from cash collections?
- Are you willing to learn what it takes to build a solid financial foundation that includes building proactive processes and a monthly budget?
- Do you know how to forecast your cash reserves to insure you will NOT run out of money by the end of the year?
When Should You Hire a CFO / Cash Flow Consultant:
In today’s business landscape, outsourcing is a less expensive way to go when wanting to “hire” your subject matter experts! One good indicator is if you are not sleeping well because you are concerned about some aspect of your financial arena. More specifically, is your company getting back to generating profits but not sure how to create strategies that will help to maximize the gains?
Benefits that a CFO Cash Flow Consultant Can Provide:
We cannot be “experts” in all aspects of our business. The goal is to look at the good, the bad, and identify what is not working. As a cash flow strategist, I think business owners should add this subject matter expert to their team to help build that financial foundation, create those proactive processes around A/R and A/P and to identify potential problems that may occur 5, 6 and 8 months into the future!
Who is Watching Your Cash Flow?
Take Advantage of the SWOT Analysis Package before Investing in a CFO. This is a onetime analysis of your current financials. I will do a deep dive into your financials, create an 8-month view into the future based on a 4-month trend of how your business is currently performing. If you want to know where you stand, take advantage of the SWOT Analysis Package – strengths, weaknesses, opportunities and threats. This snap shot will help you to plant the financial seeds to build a strong financial foundation. CLICK HERE to learn more about this offering.
Moving Into a New Normal Will Take Some Strategies:
Now it is time to get a forward-looking view that empowers. Bottom line, your conversations with your CPA can’t always be about taxes and how to pay less money to the government. Partnering with a money expert will help to ensure that you won’t run out of money by the end of the year.
Be Proactive with Your CPA as you Enter the 2nd Half of 2021:
Now is the time to be collaborating with your CPA and CFO/Cash Flow Consultant to plan for end of year tax liabilities. If you’re profitable mid-year, what kinds of strategies should you be creating now to help reduce the tax liabilities before year’s end? If you are going to owe money, how do you project cash flow requirements and get more money into your pockets?
A CFO/Cash Flow Expert offers security and an education.
Offering a different perspective on your financials, a CFO can take a 360 view: not just a two-dimensional view of profits and taxes. If you are interested in learning more about how I work with my clients providing leadership in the management of financial activities and collaborating with your CPA, I welcome the opportunity to help.
Find confidence and comfort in the financial health of your business.
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