FAQ

What services does CFO Idaho offer?

We bring high quality financial and strategic advice to early and mid-stage Idaho businesses.  Most companies in this size range do not require a full-time Chief Financial Officer (CFO).  However, without the right financial guidance in these early, critical years, a company can suffer or even fail.

The individuals at CFO Idaho function as long-term part-time Chief Financial Officers for your company.  Before beginning any work, we meet with you to uncover the objectives you want to accomplish.  This process includes a discussion about your business strategy, tactics, financial management, goals, challenges, and immediate and long-term needs.

With over 70 years combined experience in financial and strategic management, the CFO Idaho team helps drive growth, improve profitability and cash flow, access capital (debt and equity), and evaluate the strategic needs of your business.

Our services are “sized” to fit your business:

  • A few hours per week or a fulltime or interim CFO
  • Flat monthly fees are structured to fit your budget

 

What exactly does a CFO do?

A Chief Financial Officer (CFO) is a key member of your company’s management team, reporting to you as the CEO (Chief Executive Officer) or President. A CFO’s responsibilities include working with you to:

  •  Develop and evaluate short and long-term strategic financial objectives.
  •  Provide timely and accurate analysis of budgets, financial trends and forecasts.
  •  Develop, implement, and maintaining a comprehensive job cost system.
  •  Direct the Finance & Accounting functions to assure that effective internal controls are in place.
  •  Evaluate and advise on long range planning, new programs/ strategies and regulatory action.
  •  Provide advice and recommendations to enhance financial performance and business opportunities.
  •  Manage processes for financial forecasting, budgets and consolidation and reporting.
  •  Motivate and energize your staff to do the right things to make your business operate successfully.

 

What doesn’t a CFO do?

While a CFO typically has a background in accounting or finance and may even be a CPA, the CFO does not function as an accountant or bookkeeper.  The CFO will request access to your accounting system and reports in order to determine the financial health of your company.  The CFO may also make recommendations regarding certain financial or accounting reports but will not make journal entries into your accounting system.  The CFO will direct your bookkeeper, controller or CPA to make those changes.

 

What are the requirements to be a CFO?

Typically, a CFO will have a Bachelor’s Degree in Accounting or Finance.  An MBA or CPA is highly desirable.  A well-qualified CFO generally has more than 10 years of progressively responsible financial leadership roles.  Additionally, a CFO possesses strong communication skills including the ability to ask questions, listen for meaning and assess the situation.  The CFO is an adept problem-solver using critical thinking and creativity after completion of accurate and timely analyses.

Because a CFO deals with the most confidential aspects of your business, unquestionable integrity and dependability are cornerstones of this position.  Finally, a CFO has a strong sense of urgency to achieve the results you need.  Typically, a CFO has strong personal computer skills using Excel spreadsheets, QuickBooks accounting and other financial software.

 

What are the costs to hire CFO Idaho?

Together, we jointly determine the amount of time and level of resources needed to complete your company’s objectives.   Once we understand this, a flat monthly fee is quoted for your approval.  This allows you to budget your time and dollars giving you peace of mind knowing that your important financial objectives will be achieved.  We guarantee that your cost will not exceed the original quoted amount.  The only way your monthly fee will change is if we jointly decide that a new plan is required.

 

How do we evaluate progress?

Each month, the CFO will prepare a status update report for you and your management team.  This report will detail the agreed-upon objectives and level of completion.

Am I committed to a long-term contract?

There is no long-term contract with CFO Idaho.  Each month, you decide if our services are providing a benefit to you and your company.  You can exit any time.

 

Can you provide me with long-term accounting support?

No.  We utilize accountants and analysts to do work for us but we do not place accountants on a long-term basis.