Why teamCFO?
Does Your Business Need a CFO?
The simple reality of running a successful business is that all companies need senior financial expertise at some point, especially when facing a precarious present or a foggy future. Such guidance and support is essential for ongoing success.
CEOs have told teamCFO: “I can do every job in my business, but NOT accounting.” When a CEO has a gut feeling that something is not right, teamCFO comes in and figures out through detailed financial analysis what is going on behind the numbers.
There are many situations where a CFO can help, and often can save, a business. Here are just a few ways teamCFO can make a major difference in your business:
- You lose a key accounting person and need someone to step in while you find a permanent replacement.
- You’re not really confident in the reliability of the financial and management reports you’re getting.
- Your business is facing problems with investors, bankers or auditors that need a senior financial executive to address.
- You’ve outgrown your initial accounting staff’s capabilities and need more professional expertise to help your business grow.
Does Your Nonprofit Need Financial Expertise?
Over the years, teamCFO has seen nonprofits faced with the same fiscal and management problems as other businesses. Focusing with passion on the mission and the desire to do good, nonprofits management often makes the mistake of ignoring internal financial systems. What nonprofits need to understand is the crucial need to have sound financial processes to support the organization.
When it comes to the tough job of raising funds, maintaining programs, serving clients’ needs, the pressure is on nonprofits. teamCFO understands the ongoing challenge of nonprofits to make sure hard earned grants and donations are put into programs and adequately cover the administrative burden.
Experienced in nonprofit operations, nonprofit accounting including 2 CFR Part 230 (OMB A-122), Form 990, the financial experts at teamCFO can guide your nonprofit through the maze of government accounting and compliance as well as monitoring restricted funds and contributions.
Instead of confusing accounting practices and difficulty in managing required reporting for various parties, your nonprofit can experience the financial management stability that leads to higher donations and better mission execution. To ensure ongoing success, we educate your management team as to ‘warning signs’ and ‘questions to ask’ to ensure the future financial health of your organization.
All of us at teamCFO understand the complex rules and hurdles that nonprofits face and we have experience handling them, including:
- Financial and grant audits
- Financial reporting for internal and outside parties
- Development support-grant budgets that make sense
- Board reporting-key elements
- Grant management-supporting program operations
- Cost allocation strategies
- Government grant compliance
We have a proven track record of replacing non-performing accounting department with a solid operation. As ex-auditors, we understand what is required and how to balance controls and efficiency. We know how critical it is for fiscal to support program managers and development.
Our goal is to fortify your nonprofit, build a strong tomorrow by managing program costs and making funds raised go farther. We create a comprehensive, easy-to-understand financial package for your Board of Directors and managers.
As an external temporary service, teamCFO gives you the senior level professional guidance you need without burdening your payroll with senior level salaries and benefits. As expressed in the nonprofit testimonial section, we also remain an ongoing valuable resource for many of our clients. They value having teamCFO as a resource to be accessed whenever we are needed.
In a challenging economic climate, the pressure is on all nonprofits to succeed. By bringing in the financial experience and strategic expertise of teamCFO, you can relieve that pressure and focus on doing what you do best — helping others and turning the mission of your nonprofit into a successful reality.