Generally, the frustrations CEOs and boards feel about their financial reporting fall into these general areas:
Month-end reporting – a CEO’s biggest bugbear! If you’re struggling with this area of your business then rest assured you’re not alone.
Most CEO’s or business owners I speak to have these common complaints about the financial reporting systems in their business or not for profit:
Reports are always late – “I get my reports the day before my board meeting (if at all) and I never have time to prepare or ask questions – I hate walking into board meetings unprepared!”
I don’t trust my reports – “When I do get my reports I never can be certain they are accurate….I’m not a CFO but my gut feel is they’re not quite right but I don’t know how to check them…”
I don’t fully understand – “I’m given these reports each month but to me, they’re just numbers on a page…there’s no interpretation of the numbers or guidance on how the business is performing, what areas I should focus on, where we’re leaking profit or cash and how we could do better next month.”
I’ve found these businesses or NFP’s are all suffering from the same underlying problem – they don’t have a qualified CFO working alongside them. Presenting them with reliable and easy-to-understand financial information and guiding and supporting them in their financial decisions. In fact, most of the time this critical financial reporting role is left to under-qualified finance or admin resource or an external tax accountant, and whilst they do their best, they just don’t have the strategic “CFO level” expertise to deliver what the business needs to thrive…
If thinking back over these issues, strikes a chord with you. Reach out and I’ll share with you 3 strategies you can implement now to turn your financial reporting nightmare into a financial reporting dream!