The chief financial officer (CFO) is an officer of a company who has the primary responsibility for managing the company’s finances in collaboration with the CEO and board of directors, including financial planning, management of financial risks, record-keeping, and financial reporting.
To assit in this new area, CMG has worked with several world-class financial experts to define a Smart Financial Framework and get it deployed via Virtual CFO Services. The Virtual CFO Services encompass a great deal of expertise and talent to help large, medium, small, and startup companies to truly become faster, leaner and more profitable in this 21st century.
Virtual Chief Financial Officer (CFO) Services
Accounting and Cash Flow –
Set up accounting regulations, policies and procedures for credit and collections, purchasing, payments, and other financial obligations. Oversee the proper tax accounting software systems and integration into corporate financial goals and objectives (KPI’s). Manage account receivables and payable, payroll, and file state and federal taxes. Implement lawful tax reduction strategies. Apply for appropriate tax credits and tax deductions. Create, maintain and monitor a system of checks and controls that helps keep the company safe from financial fraud. Control the cash flow position. Maintain the integrity of funds, securities and other valuable documents. Track and ensure cash flow is appropriate and sustainable.
Company Liabilities –
Analyze and manage the organization’s liabilities and investments: legal contracts, statutory & tax obligations, hidden liabilities in the form of contingencies, leases, or insurance summaries, and expectations from loan covenants and/or the board of directors. Provide insurance coverage, as required.
Company Performance –
Translate the operational metrics into measures for performance. Using tools like financial statement ratios, financial KPIs, analyze and communicate both the company’s budgeted and actual financial performance.
Supervision & Support –
Supervise accounting and finance personnel such as controller, financial advisors, financial consultants, treasurers and accountants. Support the company’s accounting and financial functions using job descriptions, policies, and procedures, and methods for automating document control.
Financial Relationships –
Establish and maintain lines of communication with investment bankers, financial analysts, and shareholders in conjunction with the CEO and board of Director. Administer banking arrangements and loan agreements and maintain adequate sources of capital for the company’s current borrowings from commercial banks and other lending institutions.
Financial Planning & Raising Capital –
Establish and execute programs for the provision of capital required by the company, including negotiating the procurement of debt and equity capital and maintaining the required financial arrangements. Manage the company’s financial planning. Coordinate the long-range plans of the company, evaluate the financial requirements implicit in these plans, and develop alternative ways in which financial requirements can be satisfied. Apply for loans.
Financial Risk Assessments –
Approve all agreements concerning financial obligations, such as contracts for raw materials, assets and services, and other actions requiring a commitment of financial resources. Evaluate corporate financial risk. It can involve operations, compliance or reputation. Analyze credit, liquidity, price risk and interest.
Financial Records, Reports, Regulations and Standards –
Be responsible for the financial aspects of all company transactions including real estate bids, contracts, and leases. Ensure the maintenance of appropriate financial records, prepare required financial statements, and forecasting reports, ensure audits are completed in time. Prepare an annual and long-term corporate budget. Assure company compliance with financial regulations and standards, the IRS Tax Code, and GAAP reporting.
Be responsible for overseeing the budget process, collecting the inputs, and comparing the company’s actual performance with budgeted.
Shareholder Relationships –
Analyze company shareholder relations policies, procedures, and information programs, including the annual and interim reports to shareholders and the Board of Directors, as well as recommend to the CEO new orrevised policies, procedures, or programs when needed. Assist CEO on mergers and acquisition, corporate partners, corporate leverage, strategic plan.