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WHAT IS LEASE A CFO / LEASE A COMPTROLLER?

For those of you asking, Comptroller is spelled correctly.  I would rather COMPT for you (n. - Account; reckoning; computation; v. t. - To compute; to count.) than CON you (v. – swindle; manipulate; persuade, cajole).  

How do you know when you need to Lease a COMPTROLLER or CFO (CHIEF FINANCIAL OFFICER) and what kind of results should you expect? 

Each situation will be a little different and might be best explained with a few examples.  Solutions can be customized to meet your specific needs and goals.

Example 1:

You started off part-time and are now working full-time so you can be your own boss.  Or, you lost your regular 9 to 5 position and decided to become your own boss providing a service.  You are getting more customers and think things are going well.  But, you only know if you are doing okay when you have money left in the bank after paying your bills to keep the business running.  Just looking at the computer thinking about trying to do a set of books gives you a headache.  Your tax preparer charges you so much more than you think they are worth but you are not sure you can do them yourself. You need to Lease a Comptroller.

Example 1 Possible Solution:

A Leased Comptroller can set up your books for you, complete bank and account reconciliations, and teach you what you need to know to prepare your own simple financials.  To lower your tax bill, a Leased Comptroller can show you what information your tax preparer needs and how to prepare.  

Example 2:

You have been running your farm as a business and your significant other has been keeping the books.  When unwanted financial expenses or unplanned charges occur, such as when a piece of machinery dies or a prize piece of livestock becomes ill or is injured, you don’t have funds available to pay for them.  You need to Lease a Comptroller.  To get a loan, you need to provide the bank with a set of financials but neither of you are certain how to create them or what you need to include.  Also, your tax preparer just does not understand your ability to pay taxes seldom occurs anytime in the spring.  And, you almost had a coronary when you found out how much you would be charged for an extension to file on your income taxes.  You need to Lease a CFO.  

Example 2 Possible Solution:

A Leased Comptroller can review your accounting software and books and properly train your significant other.  To ensure there are no surprises at year end, your Leased Comptroller could review these books once each month or each quarter.  A Leased CFO can train your significant other to prepare you income tax extensions.  In addition, a Leased CFO can teach your significant other how to prepare your own taxes using IRS free tax soft ware if you meet the income requirements.  

Example 3:

You own a small retail or manufacturing business.  An employee is paying your bills and keeping a set of books but you don’t know how much profit you are really making.  You sit back waiting for orders and sales and are unsure when or if you should order more supplies because you do not have specific sales goals.  You need to Lease a Controller.  Your employees number just over 50.  It seems like they always have time to talk to each other but the work never seems to get done and they want you to hire more people because they are so overworked.  Your tax preparer tells you that, because you have more than 50 employees, you don’t qualify for the Affordable Health Care Credit. And, the price to prepare an amended return for prior years took your breath away.  You need to Lease a CFO.  

Example 3 Possible Solution:

A Leased Comptroller can set up your books for you and come in a few hours or a few days per month to record your bookkeeping, prepare your bank and account reconciliations, and prepare your monthly and annual financials.  Both a Leased Comptroller and a Leased CFO can provide you with budgeting recommendations, staffing analysis and assessments.  Depending on how much profit you are realizing, a Leased CFO can teach you how to prepare you own taxes using IRS free tax soft ware.  

Example 4:

You run a small medical service practice with an entire complimentary staff, including a person dedicated for insurance reimbursements and one for billings and collections.  The business seems to be doing so well, you need to turn clients away. But, your checkbook isn’t reflecting much more profit than five years ago.  You have a gut feeling something is not quite right but you can’t put your finger on it. Because you are doing well, your tax preparer fees have tripled over the last five years and it is raising your blood pressure.  You need to Lease a CFO. 

Example 4 Possible Solution:

A Leased CFO can assist with assessing your current accounting needs and projecting future needs as well as evaluating the qualifications of your current staff.  Experts in internal audit controls, a Leased CFO can document processes and streamline procedures reducing waste to arrive at an optimum head count.  Providing your tax preparer with appropriate data in a timely manner should reduce your tax preparation charges.  The staff of My CFO is also capable of preparing your quarterly and annual returns.   

Example 5:

You have a full time job but have rental properties that you manage yourself.  It is part of your retirement plan and helps supplement your income for the merit increases your full time job no longer gives.  There have been a lot of changes in what you can or cannot do as a result of the Affordable Health Care Act (Obamacare).  While you have always used Turbo Tax to do your own taxes, the newspapers are reporting that Turbo Tax has a lot of errors that no one finds out about until they get a notice from the IRS.  Four states audit all returns being prepared by those using Turbo Tax (or any Intuit product).  You like H&R Block commercials that claim to only use Enrolled Agents or CPAs and figured you would use them for this one year.  But, now you read that, if you don’t actually get an EA or CPA, the regular preparers might not know which boxes to check or uncheck and you might end up paying more than you should.  You need to Lease a Comptroller.  

Example 5 Possible Solution:

There are a number of good software programs available for the DIY tax preparer.  A Leased Comptroller can make recommendations based on your individual needs and instruct you where to find information necessary to ensure the software is meeting all your needs.  If you are wary of new software, a Leased Controller has the knowledge and experience to complete your tax return this year and train you on what you will need to know and where to find changes for future years. 

What will a Leased COMPTROLLER or CFO (CHIEF FINANCIAL OFFICER) do for you?  

In all situations, a Leased Comptroller or CFO will work closely with you to identify clearly defined objectives that can be measured and evaluated.  You will provide them with just enough supervisory authority to implement your decisions to achieve your desired results.  A Leased Comptroller or CFO will be a hands-on supervisor creating outcomes and not just an advisers telling you what needs to be done and making suggestions on how to accomplish your goals.  These financial managers will help you to develop the information and the tools necessary to assist you in making more profitable decisions.  They will help you set up internal financial controls and, when necessary, teach you how to read and understand your financials so that you can make more accurate projections.  Having adequate financial expertise will allow you up to concentrate on growing your business.  

When should you definitely consider leasing a COMPTROLLER or CFO (CHIEF FINANCIAL OFFICER)?  

1. If you have just purchased a new business or are a new manager, you should consider leasing a Comptroller or Chief Financial Officer. 

2.  If your company is growing, you should consider leasing a Comptroller or CFO until a full-time financial manager is affordable.   

3.  If your accounting staff does not seem to be performing as you think it should, you should consider leasing a Comptroller or CFO.   

4.  If you suddenly find yourself without a key financial manager, you should consider leasing a Comptroller or CFO. 

5.  If you company is downsizing or you think you should be downsizing, you should consider leasing a Comptroller or Chief Financial Officer.

6.  If you are afraid you company will not be able to survive until next year, you should consider leasing a Comptroller or CFO. 

How long is the contract to lease a COMPTROLLER OR CFO (CHIEF FINANCIAL OFFICER)?  What if you think the contract is not within your budget?  

Each situation is unique and contracts can be customized to meet your needs, goals and financial situation.  You can lease a financial manager for numerous days per month, a few hours per year, or time periods in between. My CFO provides a flexible and cost effective way to add necessary financial expertise.  Most often, you will Lease a Comptroller or CFO for a specific project or goal or to provide interim financial management needed until a full-time Comptroller or CFO is secured.   

If you think the cost of adequate financial manager is not cost effective, you should consider the cost to your bottom line of:

(a)  Loss of business or lower profit margins

(b)  Inadequate cash flow resulting in an inability to determine who or what can be paid and/or how much can be paid

(c)  Additional or unwarranted expenses

(d)  Excessive accounts receivable write-offs

(e)  Unintentional default on notes, loans, and factoring obligations

(f)  Meager cash control

(g)  Higher than necessary tax bills