Review systems, processes and controls
A fractional CFO can significantly benefit growing businesses by creating systems, processes, and reporting controls that maximise security (mitigating the risks of a cyber attack and GDPR breach) and are efficient and proportionate to your needs. They can do this in the following ways:
- Conduct a thorough review of the existing financial systems processes and controls. This is done by evaluating current practices, identifying bottlenecks or risks, and assessing the alignment of the systems with the company’s growth objectives.
- Leveraging their extensive experience, a Fractional CFO can introduce industry best practices and solutions that have been effective in similar businesses or industries.
- Implementing advanced financial technologies to improve data accuracy, enhance reporting capabilities, and provide financial insights.
- Strengthen the company risk management framework by identifying financial and operational risks and implementing appropriate controls to mitigate them, reducing the risk of fines or legal issues.
- Refine financial reporting processes to ensure accurate, comprehensive and timely financial reports and provide the specific insights management needs to make informed strategic decisions.
- Identifying opportunities for cost savings and efficiency improvements which may involve renegotiating supplier contracts, optimising inventory management or reducing wasteful spending.
Industry: Construction and development
Our fractional CFO and systems support using the ireport service enabled us to evaluate insufficient systems, issues around stock management and budgeting and forecasting and implement the necessary changes to rectify these issues.
Industry: Google Cloud Premier Partner
Credited with implementing innovative systems and processes. Converted the interim arrangement into a permanent part-time position. Identified inefficient and ineffective systems, processes and reporting controls and oversaw the seamless transition to an off-premises cloud-based solution.
Industry: IT infrastructure solutions
Appointed to review systems, processes and reporting controls in IT infrastructure and solutions providers. For example, we were deployed to turn the client’s finance function into a high performing, trusted and strategic business partner by working alongside and providing mentoring and support to the internally promoted CFO.
Industry: Manufacturing
Appointed to review the systems, processes and reporting controls in place at a subsidiary of an international company. Applied considerable rigour to the checks and balances procedure. Identified and successfully rectified accounting system issues to complete the audit process without incident.
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