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Budgeting & Expense Control

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According to the Wall Street Journal, 60-80% of business owners don’t know what their financial statements are telling them. I know what you’re thinking. “That’s not me.”

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Budgeting & Expense Control

Often, effective budgets distinguish successful companies from their competition. It does not matter how much revenue you bring in if your expenses are out of control. Effective budgeting takes time, however.  It needs to include a thorough analysis of expenses and research into possible changes to the overall budget and business operations. By having a part-time CFO handle your budgeting and expense control, your company can become leaner, more efficient, and stronger than your competitors, giving you a distinct edge in the market.

It is all too easy for business owners and leaders to focus solely on day-to-day operations – after all, that is enough to consume all of your time. Future planning, financial analysis and budget changes can easily take a back seat when your days are consumed by operational issues. However, stakeholders, senior management and directors will be expecting carefully reported budget and expense updates, so it is important to devote resources to this matter.

The good news is that you don’t have to find time in your own day to closely examine budget trends and opportunities for improvement. At CFO Simplified, we provide part-time CFO services as our clients need them. Our fractional CFOs can assist with many aspects of your business, including budgeting and expense control. Contact us to learn more about how we can keep your company on the right track to success.

A group of business people sitting at a table with paperwork and a tablet. Representing how one can benefit from calling a Chicago CFO firm.

Budget Review and Adjustments

It should be the goal of each business to provide the highest value to customers at the lowest cost to the company. When you are able to achieve more with a similar or smaller budget than your competitors, you are setting the stage for success. However, circumstances and expenses change, and regular review of your budget to improve expense control is critical to keep your business on track.

Our part time CFOs know how to analyze your budget in light of your company’s operational needs. They can take the necessary steps to improve your budget, such as:

  • Reducing operational costs – This involves more than finding shortcuts that cut operational costs, as that can compromise the quality of your products or services. Instead, our CFOs look for cost-saving solutions that allow you to maximize and increase value while using the same amount – or fewer – resources.  This is why the organization’s workflow is a focus of our attention during the Deep Dive.  Efficiency drives customer service and expense reduction.
  • Controlling expenses – Our CFOs can examine your expenses through prepared reports, graphs, and other visual representations. This can help to identify ways to reduce costs such as changing providers, obtaining bulk vendor discounts, eliminating unnecessary expenses, and other ways to achieve more efficient operations.

It is critical to fully understand where all of your cash flow is going in order to adjust your budget and find expense control solutions.

Consider Hiring a Part Time CFO for Help with Budgeting and Expense Control

Having a proper budget can lead to success for businesses in all industries. The team at CFO Simplified aims to help small to mid-sized companies succeed by providing part-time financial and strategy services when you don’t have the in-house resources. Contact us today to learn about part-time CFO services.

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