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Better Financial Reporting Practices For The Small Business CEO (Part 1)

Financial Reporting Series Blog #1 by Gregory Leiser, Pro Back Office Consulting CFOThis blog is the first in a series on financial reporting practices that have greatly improved Pro Back Office’s (PBO) clients' financial and operational results.

As a PBO Consulting CFO, I have found that whatever area the management team/CEO focuses on is the area in the company that sees the most results. For example, if the CEO focuses on customer service the  company will tend to be strongest in that area and receive high marks from customers. This is good and bad because other areas of the company can suffer when not provided the attention. Financial health is about balance. When starting an engagement, one of the first things we do is to help the management team focus on the plan to achieve strong financial targets.  

Early on in a new engagement, I work closely with my clients to put into practice a reporting and review process that will consistently improve the company’s financial performance and perspective of their business. 

The process includes the following:

  • Set up a recurring monthly meeting to review and discuss:
  • the results of the prior month compared to the financial plan    
  • review the plan for the rest of the year to make any updates and extend the plan forward 
  • operational process improvement initiatives. 
  • Create or enhance the existing the monthly financial reporting package in the form of an Excel Financial Statement Workbook that includes all the key information for the entire business that should be measured and monitored.  This includes both financial and non-financial information.
  • Prepare a Financial Plan spreadsheet that closely mirrors the information in the Financial Workbook.
  • Create an Operational Process Improvement Initiatives document where we list and monitor initiatives that are tied to the financial plan.

When clients follow this process, the company is in a better position to see sales, profits and its valuation increase.

Until next time, Greg Leiser, Pro Back Office Consulting CFO

The next blogs in this series will cover the Financial Statement Workbook, the Financial Plan and the Operational Process Improvement Initiatives document. 

To contact Gregory Leiser you can reach him at gleiser@probackoffice.com.  For more information on PBO services please go to http://www.probackoffice.com/contact/ 

Greg Leiser, Pro Back Office Consulting CFO Greg is a Seasoned financial manager and wingman for the CEO with over 20 years of experience. Specialization in enhancing enterprise value by implementing operating process improvement initiatives, developing business plans based on financial metrics, utilizing performance measurement reporting systems and providing guidance through business transformation and transactions.  Certified Public Accountant. Key competencies include: Management of accounting and finance teams – Business plan development and forecasting - Monitoring results against plan – Leadership to identify and implement business process improvements, improved customer retention and other business growth initiatives – Software revenue recognition – Sales tax nexus analysis – Financial analysis - Exit transaction deal structure, analysis, coordination of due diligence, purchase agreement components – Post sale transition planning and execution

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Author

Gregory Leiser
Pro Back Office Consulting CFO
Greg is a seasoned financial manager and wingman for the CEO with over 20 years of experience, with much of that in manufacturing companies. Specialization in enhancing enterprise value by implementing operating process improvement initiatives, developing business plans based on financial metrics, utilizing performance measurement reporting systems and providing guidance through business transformation and transactions. Certified Public Accountant. Greg is a member of Howard's Team, a large group of cyclists that raise funds for the National MS Society primarily with an annual 150 mile two-day cycling event each October.

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