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.
Generally, the frustrations CEOs and boards feel about the financial reporting of their companies fall into these general areas.
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 them – “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.”
Over the years 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 decision making…
In fact most of the time this critical financial reporting role is left to an 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, hiring a virtual CFO service offers you the best opportunity to achieve your growth goals, and to do so quickly and more economically.
Right now we have an offer of a free virtual CFO check.
Book a no obligation call with me (Managing Director, Rachael Turner), and I’ll share with you 3 strategies you can implement now to turn your financial reporting nightmare into a financial reporting dream!