Owners of small or medium businesses and even startups everywhere have been asking all-important questions lately regarding a chief financial officer (CFO). Especially in Orange County, Florida, you want to know how to manage your cash flow.
How much are you growing? Do you need a CFO? Is it too soon? Is it too expensive? Will it bring that much value to your business? Can you afford to bring one on full-time or part-time? Can you afford to move if a new location is more affordable?
Actually, there’s nobody quite as qualified as you to decide what landmark in your business or time limit actually signals the need for a CFO. Only you determine if your managers need help in turning a profit or knowing when to turn available revenue into assets. However, consider CFO consulting services in Orange County as your optimal guide to this issue.
The first rule of business is “know what you don’t know.” Acknowledging knowledge gaps can help you decide if you need an outside expert. Generally, companies have this motto when referring to I.T., but fields outside of technology can also prove complicated. This principle applies well to accounting, and DeepSky believes in providing specialty information.
When you run a business, you would rather focus on your expertise and outsource services such as finance management. We prioritize providing entrepreneurs the financial literacy and in the known of their business to have a peace of mind.
Managing Accounting For Your Small Florida Business
Orange County is a beautiful part of the Sunshine State. It also is one of the most profitable; corporations such as Disney and Universal Studios have successfully run theme parks. Orlando has become a business hub in some respects.
With great success, however, comes great responsibility. The Orange County jurisdiction covers the following cities: Apopka, Belle Isle, Eatonville, Edgewood, Maitland, Oakland, Ocoee, Orlando, Windermere, Winter Garden and Winter Park. When you operate in these cities, you need to operate based on local and county laws regarding manufacturing, marketing, and distribution.
Also, consider your location and the cost of operating in your designated city or town. Orlando or Winter Park may have higher rents than other cities, and acquiring assets can become easier or harder depending on regulations.
An accountant or CFO can look at the big picture and determine if these factors are affecting your operations, revenues or profits. We can decide if moving further from the theme parks and tourist areas would reduce your costs, or if moving closer would increase your revenue from prospects becoming customers.
What CFO Consulting Services In Orange County Are
Your next question will probably be “What does a CFO consulting service actually do?”
The answer’s pretty simple. At DeepSky, we want to streamline your accounting system and help contribute to making your business profitable. We provide alternatives to an in-house accountant by outsourcing the same services at a lower price. That way you can save money while earning more profit at the same time. As a consulting firm, thinking cost effective is our priority.
How do we do that? We view your processes and make suggestions on streamlining them for efficiency, to reduce redundancies and unnecessary costs. Our use of Xero allows us to organize your transactions and view them through an objective lens. That way your cash flow can become more viable and assist with all parts of the business.
Unlike with controllers, that focus on maintaining a consistent financial history and credibility, CFOs look forward to creating a better future. Controllers handle the grunt work of record-keeping and accountability, so that the company consistently has a paper trail. They preserve credibility for your office.
CFOs in contrast want to spot opportunities and implement them into your upcoming business policies. That means performing risk-benefit analysis for new ventures and to take the lead in managing finances. They want to help your business grow by combining financial history and innovation.
A CFO wants to help improve your cash flow and transactions, using mathematical models and established systems. DeepSky’s difference is that we don’t just compile statements and expect our clients to interpret them independently. Our CFO experts explain to clients which data will help them make decisions about transactions and cash flows. We only focus on the relevant information.
Effective communication is one important quality that CFOs must have. If they cannot explain their methods or the data, then they cannot assist companies. Our DeepSky CFOs are highly trained in communication so that you can understand the important data to inform the decision making.
CFOs conduct the following basic services including financial strategy:
A strategic CFO determines how much money a business can spend within a designated time frame or amount. This budget can cover fixed and variable costs, investments in new equipment, and more. Ideally, a CFO knows how to maximize the value of each dollar that a manager must spend, and to know when to project for overspending.
Cash Flow Analysis
Cash flow refers to the money that enters and exits a business in various forms. Analyzing cash flow means looking at the changes in a company’s overall balance of profit after expenses are accounted for, per designated period.
At DeepSky, we have a saying: “Revenue is vanity, profit is reality, and cash is king.” You cannot run out of “cash” or the means by which you pay your bills and receive revenue. Being able to project how much you need to spend against what you have can prevent any emergencies or predatory loans.
We believe that clients should know daily about their current total balance, versus the outlay over two weeks as well as inflow. Two weeks, which happens at the same time as payroll, gives you time to spot potential red flags or danger areas. You can decide with caution if you need to get a loan or a line of credit or if you can obtain sufficient funds.
Know your basic bills, personnel payroll, and repayment of debt. The last part is important because failing to pay credit card statements or loans can lead to bad credit or an unwanted accrual of interest. DeepSky will help you keep track of all three expenses so that you won’t ever suffer
When cost modeling, you use certain equations and algorithms to estimate the costs of running your business. CFOs can help you decide if a new venture is worthwhile by talking about tradeoffs and costs in a mathematical sense. While specialized cost engineers can perform the same tasks, they often cost more.
Forecasting is using historical data to estimate a business’s health for the future. In this case, you look at a company’s past performances to make informed decisions. How much cash inflow and outflow do you expect? What products or services will sell better than others?
Analyzing profitability means analyzing your business’s financial output. Usually, this refers to overall profit, which is determined by subtracting costs and losses. You can determine what products or services are not behaving well overall, and which deserve more attention.
How much are you charging for your products and services? Are your rates competitive? Do you sell yourself short? How will pricing affect your budget?
A CFO can answer all these questions, and figure out an appropriate pricing structure. What’s more, we can help you determine the value of your product.
Entrepreneurs need to understand that they are always creating value for customers and clients. Never apologize for wanting to make a profit or adding that cut for yourself. It is one thing if a customer refuses to pay the price that you have set, but quite another when they agree. If say you are selling business to business, then the product you sell has exponential value for your client in an ideal world.
When you set a price for products and services, you need to make sure the revenue will sufficiently cover your costs to make a break-even minimum. Costs can include rent, employee salaries, and necessary utilities for manufacturing or providing services.
When your business is in its critical growth stages, you need professional advice that is both solid and affordable. The fact is, however, that you probably can’t pay the high cost of a full-time CFO for your business.
Don’t worry though because our DeepSky team fully understands how much you need the financial expertise that we can provide for dealing with all of your financial data. That’s exactly why we’re offering CFO Consulting Services in Orange County at affordable rates.
Expertise and Guidance
We are involved on a daily basis with providing expertise and guidance to businesses that are growing but are not quite financially mature enough to hire a pricey in-house CFO. That guidance includes everything from financial document preparation to complete financial management and everything in-between, depending upon your needs.
We deliver CFO consulting services to small and medium-sized businesses who find themselves requiring specialized oversight. That can include everything from basic procedural advice to staff development, complete analysis, and reporting.
We can tell you that our team has extensive experience and specialized education necessary for helping you with making the best-informed business decisions. Your financial data helps guide our paths and strategies. We know all too well that profitability and cash flow are core business issues that are deeply related to each other. We address those issues firsthand and best of all, you’ll be profiting from our years of experience.
Just Give Us a Call Today
At DeepSky, we’re available for starting right away with assisting you with your financial growth as well as saving you money. If your business has gotten to the point where you need CFO consulting services, why not find out what our services can offer you.
The best way to get started is to contact us today. The future will look brighter for both you and your business.