What's missing from your Financial Package?
Written by the Controller | CFO Advisor Team
Do you have all the information you need to evaluate the performance of your operations? Do your monthly results provide a glance to the future? The BIK CFO Services group identifies these gaps and fills them with pertinent analysis. Analysis that not only describes what is happening but what may happen as the business travels along the existing path. The BIK CFO works on a project by project basis strengthening the internal financial operations of the business thus keeping the business operation on track. Projects that create savings and reduce risk include:
- Product/Customer Profitability - What drives your company’s profitability? This is the most fundamental question a business leader must answer. The first step in answering the question is to identify profitability in detail at the product and/or customer level. Many companies look solely at volume and presume that these clients or products provide the greatest value to the business. This may not always be the case.
- Cash Flow Projections - The generation of sales and profit does not necessarily ensure adequate cash on hand to meet financial obligations as they become due. Though the company may enjoy a high degree of profitability it may still look to bank financing to support an increase in assets.
- Process Improvement - Throughout our education and careers we learn that there are many ways to arrive at the same answer to a question. For business leaders, the best answer is the most efficient and least costly as possible. A key question – Is my business utilizing all of the advances in technology to its best advantage? Am I overpaying for features that I do not need? Do all the steps in the process add value to the customer and are they necessary? As business events change we need to continually adjust our processes accordingly.
BIK’s outsourced Controller|CFO Advisors can review your company’s financial reports, to help determine whether any changes should be made, and can assist you in performing a process improvement review.
The BIK Controller|CFO Advisors:
Tony Battaglia
Tim Beck
Al Knox
Larry Schmitt
Mark Stricker
Together we can perform a variety of accounting and financial services to help your business run more efficiently and economically. Our objective will be to improve your bottom line through better processes and procedures. Contact us today at cfoservices@bikcpa.com or call 847-281-3209.
Visit our web-site at www.bikcfoservices.com.