Senior Level Financial Guidance at a Part-Time Price
Our clients have two things in common. They’re very, very good at what they do. And, they’re not accountants.
Whether you’re just starting out or have been in business for years, having skilled accountants and finance professionals on your team is a must for all successful companies. Government contractors are no exception. There are many layers of considerations: – FAR requirements, contract constraints, use of funds restrictions, and affiliation impacts – that limit your ability to operate and grow.
Consider this one example. Securing a line of credit or a loan to finance the purchase of equipment is relatively straight-forward for non-contractors. However, many financial institutions are not familiar with the accounting requirements, and the resulting structure of the financial statements, that contractors follow. In fact, many of our clients find securing external financing a complex and cumbersome challenge that they’re not skilled at managing.
If you’re asking yourself what the difference is between a Chief Financial Officer (CFO) and a Controller, you’re not alone.
A CFO is a senior-level executive responsible for analyzing the business’ operations and corresponding cash flow to ensure uninterrupted service to customers. Strategic planning is a cornerstone of their role, as they are where the internal data meets the external environment of investors, creditors, customers, and owners.
A Controller is a senior-level executive responsible for the accuracy and compliance of transactional accounting, including the creation of financial statements. Commonly, the development, implementation, and monitoring of internal controls and accounting systems is led by the Controller.
Companies should have access to support with Controller-type activities early in their existence. This role becomes more necessary as the complexity of operations, contracts, and revenues grow. Typically, most companies have a full-time Controller by the time they reach $10 million in annual revenue. Similarly, CFO skills benefit companies from inception, and become especially important when growth is occurring with a sustained pace. Once annual revenues surpass $50 million, you’ll most likely need to have a full-time CFO on your roster.
It is not uncommon for smaller contractors to combine these roles for many reasons such as minimizing payroll and related expenses. Although the needed skill sets are very similar and can often be done by one individual, there are times when one role will take priority over the other. Left Brain Professionals has the skill set, the bandwidth, and the experience to be both to your company. We’ll work within your budget to fulfill your needs for senior fiscal leadership with open communication and real world solutions for your everyday needs and complex situations.
Check out our Strategic Planning Resources.
Why Left Brain Professionals
Left Brain Professionals has the proven ability to interface with all levels of an organization to glean information and data, combine that data into meaningful information, and use that information to help you drive your business. We fit into your monthly accounting process to take the financial data without upending your team and, using our many years of proven senior-level excellence, strategize with you.
Budget comparisons are an integral part of a company’s monthly financial statement process. Using the variance explanations, we develop projections based on your historical data. These forward-looking analyses can be benchmarked against your plans or your industry or your competitors. Each iteration of comparison uncovers actionable insights to drive your business forward.
No budget? No problem! We’ll help you develop one. For many of our clients, a high-level, simple budget is sufficient. Others need a more in-depth, detailed approach. Whatever your need, our CFO an Controller services can get you there.
Have a Board of Directors? We’re skilled with presentations, strategic discussions, and other matters of Board focus. Our team has extensive experience with leading audits and with analyzing auditor-recommended adjustments. We’ve found that external financial auditors are not usually knowledgeable with the FAR and its supplemental Agency regulations. Unfortunately, FAR-compliant accounting does not always line up with the Generally Accepted Accounting Principles, or GAAP, that presides over the accounting profession. Serving both masters is challenging, and not always an easy task. Left Brain Professionals is skilled in navigating these sometimes conflicting requirements.