Outsourced Financial Director
- The organization of the finance department: FALINWA acts as CFO and relies on a team / assistant internal to the company.
- The operating range of the part-time CFO
- train people the finance department, make and check their work.
- production of reports, indicators of performance summaries and financial analysis for management.
- resume if necessary the financial management of the company at a preliminary mission 1 or 2 months.
The organization of the finance department
The proposed approach is a FALINWA pair work FALINWA CFO - Internal Assistant to the company.
This choice of structure has the following business benefits:
- Autonomy in the daily management of the finance department.
- Transfer of responsibilities to the assistant financial officer.
- Optimization of the intervention CFO FALINWA - intervening only on tasks with high added value.
The perimeter of the part-time CFO
1. Management of the finance department
The management of the finance department is done in tandem with management (or management assistant) which is operational and FALINWA leader who acts as a functional head. This dual management - and its inclusion in the organization - is important for the legitimacy of financial management to the finance department. During the first intervention, a significant time should be given to the team for both the train and get them used to the new organization. The presence in the offices of external CFO is rare, it is important to establish from the start a relationship of trust between the team and the external CFO.
The role of the CFO FALINWA as a functional leader is:
- Defining the scope / procedures of each member of finance department.
- Training concepts / tables used for financial management of the company.
- Checking job done / correction and explanation.
- Quarterly maintenance.
If the finance department consists of several persons, CFO FALINWA will rely on an internal assistant to the company. For technical questions, employees can ask questions directly to the CFO FALINWA (email, phone).
2. Produce reporting and performance indicators, conduct financial analysis
The second role of the CFO is to produce FALINWA for management of reports, allowing to have an overview of the health of the business and performance indicators to better assess the axes of development possible.
The summary tables are made by the CFO FALINWA for the following reasons:
- Verification, consolidation and correction tables managed by the finance department.
- Management of confidential information: integration costs of salaries, margin calculations, ...
- IT and financial skills: the production of summary tables requires both a mastery of computer skills and a clear vision of the synthesis.
The purpose of performance indicators - illustrated with graphic - is to report to the director only relevant information for decision making: overall health of the business, cash flow statement, margin projects, variable costs and fixed the company by cost ...
The analysis associated with these tables allows the Director to get an outside perspective on the health and development of the company. As any CFO, CFO FALINWA becomes a privileged partner of the director.
3. Develop a suitable financial management
The establishment of an external financial management often involves the overhaul of the financial management of the company and the development of a responsive enterprise solution. The work of setting up bases is performed early collaboration through an assignment of one or two months - Mission to understanding the company, its stakeholders and its operation, develop custom tools and integrate the Director financial FALINWA in running the business. Excel is the preferred software as it adapts to the needs of a large number of SMEs. The establishment of an ERP Odoo type can also be studied.