Frequently Asked Questions

1. Why do I need an Outsourced CFO/Controller?
2. How would you fit in the organization?
3. How often do I need a CFO/Controller?
4. What do you offer that a temporary agency cannot?
5. Should I be concerned that there is no physical corporate office?
6. Will the CFO/Controller keep my company information protected?
7. How is the CFO/Controller compensated?
8. Do you charge for the initial consultation and what is accomplished?
9. Do we sign a consulting agreement?
10. What system access do you require?
11. What can I expect during the first couple months?
12. What happens if I end up requiring a full-time CFO or Controller in the future?

1. Why do I need an Outsourced CFO/Controller?

Please read this article that appeared in the Business Monthly newspaper.

2. How would you fit in the organization?

It depends on the type of project:

(1) If this is a specific assignment (i.e. merger/acquisition/sale of a company or subsidiary, selection of a new accounting system, process improvement initiative, etc.) then Consult Your CFO will work with designated key team members with the direction and approval of the President/CEO until the project is completed.

(2) If this is a monthly operational accounting and financial engagement, then Consult Your CFO will oversee the accounting department. Additionally, in many start-up or early growth firms, we can oversee treasury, billing and receivables, payroll, human resources, and purchasing if required.

3. How often do I need a CFO/Controller?

This will depend on the agreed upon action plan and timeline.  We will work within your budget and your needs.  Typically, there is more front-end work followed by a reduced workload to maintain the improved processes and initiatives. 

4. What do you offer that a temporary agency cannot?

Consult Your CFO works within the determined project plan and timeline.  This may require various and infrequent scheduling requirements (e.g., once a week, once a month, twice a week, etc.).  You can schedule your time directly with your designated CFO/Controller and maintain the consistent relationship throughout the engagement.  This will be hard to achieve with a temporary agency.

5. Should I be concerned that there is no physical corporate office?

No, like many companies today, our "virtual" work environment allows us to work at the client's office or our respective home offices, depending on the client's needs.  This "virtual" structure allows Consult Your CFO to minimize overhead (rental space, utilities, furniture, etc.) and pass along our cost savings to our clients.  This allows our clients to obtain their own seasoned CFO/Controller at a cost historically unattainable.

6. Will the CFO/Controller keep my company information protected?

Yes.  We're also happy to sign a NDA (Non-Disclosure Agreement), if you prefer.  

7. How is the CFO/Controller compensated?

Clients are billed on an hourly basis.  Start-up and "going concern" clients fund a retainer before any work is performed and maintain it throughout. 

8. Do you charge for the initial consultation and what is accomplished?

No.  The initial consultation is used to determine the scope of the engagement, determine the working relationship, and if the engagement is a win-win for both companies.

9. Do we sign a consulting agreement?

Yes.  Once the client and Consult Your CFO are in agreement regarding the project goals and hourly rate, a consulting agreement is drafted.  The Client signs the agreement and sends it back to Consult Your CFO for signature.  A copy is sent to you for your records.  After this is completed the CFO/Controller will start working.

10. What system access do you require?

Most clients establish a username for the CFO/Controller to access the accounting information.  Many clients allow the CFO/Controller to access the information through a web-based hosting company or through a Citrix connection.  This allows the CFO/Controller immediate 24-hr access to quickly correct issues.  The CFO/Controller, as with any permanent staff, should have system limitations in order to adhere to internal control procedures.

11. What can I expect during the first couple months?

The CFO/Controller will be following the agreed-upon project guidelines.  In addition, as the CFO/Controller gets involved in the details of the company, other potential issues will probably be uncovered which may change the list of priorities.  These issues that are uncovered will be addressed to the President/CEO for a resolution. 

12. What happens if I end up requiring a full-time CFO or Controller in the future?

We work closely with the client and as the needs of the company change, we change as well.  We can assist in interviewing the permanent CFO/Controller and once hired have an orderly transition of duties until we are phased out.  If the client still requires occasional advisory services or a sounding board for the CEO, we can assist in this area as well.