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.”
Businesses engage in many different transactions on a daily basis, and it is important to properly organize information regarding operational expenses and revenue so that the profitability of each revenue stream can be identified and analyzed. Accurate financial reporting allows for easy review and analysis of transactions and trends, and this is a critical part of a CFO’s role. Accurate and insightful reporting can be time-consuming.
Financial reporting allows a CFO to better design and implement financial strategies to grow a business’ bottom line whenever possible. Boards of directors and lenders expect reports on financial strategies and results, as well as risk management. Many companies don’t have someone with the time, resources or background to properly create and analyze financial results. This is where CFO Simplified can help.
CFO Simplified provides part-time CFO services to businesses, including financial reporting services. Contact us directly to learn more.
Financial reporting involves compiling records to track how a business’ money is used and managed. These reports can include many aspects of your company’s financial picture, including:
There are different types of reports that are critical to the success of the business, such as:
The purpose of different types of financial reporting is to provide an in-depth picture of the company’s performance and financial situation. These reports should be well-organized and easy to understand when it comes to product or sales planning, predicting cash flow, sales or expense trends, or providing support for business valuation.
Some financial reports are intended for internal use for future growth planning or providing the board or the management team with updates about the business’ financial trends. Other reports are needed for external entities, including lenders or investors, who might need to examine the company’s finances. The importance of accurate and consistent reports can’t be understated.
A company’s success depends on its finances, and you should have the ability to interpret and compare financial reporting to identify possible room for improvement. Our part-time CFO services take this task of financial reporting off your hands, so you can focus on your operations while we handle the compilation and analysis of your reports. Some of our financial reporting services include the following:
We can help answer targeted questions based on our thorough analysis of your reports, keep you apprised of the state of your finances, strategize for the future when necessary, and provide information for company leaders to make essential business decisions. We will make sure that you have the information that you need to make decisions today that will affect profitability tomorrow.
CFO Simplified can implement a reliable system for creating and analyzing organized, accurate, and timely financial reports. The CFO role is a critical one for businesses, though it is understandable that your company might not have the resources or need for a full-time CFO position. This is why we offer fractional, or part-time, CFO services on an as-needed basis.
Contact us today to learn more about our wide range of CFO services and the many ways we can help your business.
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