Martin E.

I've been asked about a rapidly growing segment of the fractional CFO market - people or firms providing CFO Services, or a subset of what a full or part-time CFO would do. "Why would I want to work with one of those firms instead of with someone like you who is an experienced CFO?" It depends. If you are a small business and outsource your bookkeeping to a firm who can now provide you reports, dashboards, and high-level financial advice, it is well worth the extra expense. If you are a small business with just a bookkeeper and a CFO Services firm offers to import your Quickbooks data and create meaningful financial reports and meet with you on a regular basis to understand what they're telling you, that is also a good thing and most likely worth the expense. If you work with a CFO firm that has multiple clients the same type as your business, having them interpret your financials and KPIs is invaluable. If you've never used cash flow projections in your business, there's someone out there to do it for you. It doesn't always have to be someone with a CFO background. By contrast, if you are a large enough business to have an actually accounting staff with a controller, or have an ERP system, or have 7 figures of debt, or are rapidly growing, or have venture capital debt or outside investors, you probably need someone with a CFO background. Working on a fractional basis with someone experienced as a CFO is not always necessary. But it is important to match the person's skill set and background to each company's size and priorities. Any other thoughts on this?

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When your CFO leaves: relying on an interim CFO for financial stability The departure of a CFO can cause turbulence in a company, and until a new one is hired, it might make sense to bring in an interim CFO. Here is a brief article that discusses this topic. https://lnkd.in/gnpbHrfH

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Looking forward to a great discussion! Join us in conversation! - https://lnkd.in/gnKAD475 #CFO #Atlanta #Finance #FinanceLeadership #CorporateFinance #FinancialStrategy #RiskManagement #FinancialPlanning #FinancialReporting #FinanceTransformation #FinTech #Accounting #Economy #Leadership #Budgeting #FuturistCFO #CFOMeet

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What other questions do you have about private equity, interim CFOs, or executive search? Drop in the comments below or message me directly.

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Fractional CFOs will continue to play a critical role in our economy. We utilize financial insights to identify the constraints in your business so you can focus on the highest value activity. This makes your business more efficient, and the economy as a whole. >80% of businessss fail due to cash flow issues. And it’s a significantly personal topic. 38% of divorcing couples cite financial problems as a reason for their divorce. My team at Capital Clarity CFO Services is geared up and ready to change lives! #FractionalCFO #VirtualCFO #Finances #Clarity #SmallBusiness #tcalive

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📊 Approaching Financial Reporting: A CFO's Perspective 📈 As a CFO entrusted with the critical task of managing financial reporting since 2012, I've come to appreciate the multifaceted approach required to ensure accuracy, transparency, and strategic insight into our company's financial performance. Here's how I navigate the intricate landscape of financial reporting: 1.Clear Communication Channels: Effective financial reporting begins with clear communication channels. I prioritize regular meetings with department heads to understand operational nuances and ensure alignment between financial data and business activities. 2.Data Integrity and Accuracy: Upholding the integrity and accuracy of financial data is non-negotiable. I oversee robust internal controls to safeguard against errors and discrepancies, fostering trust among stakeholders and ensuring compliance with regulatory standards. 3.Harnessing Technology: Embracing technology is essential for optimizing financial reporting processes. Leveraging advanced reporting systems and analytics tools enables us to streamline workflows, extract actionable insights, and adapt swiftly to evolving market dynamics. 4.Strategic Analysis: Beyond mere numbers, financial reporting serves as a strategic compass guiding organizational decision-making. I delve deep into financial statements, identifying trends, risks, and opportunities to inform strategic initiatives and drive sustainable growth. 5.Transparency and Accountability: Transparency breeds trust, both internally and externally. I advocate for transparent reporting practices, fostering a culture of accountability and empowering stakeholders with timely, relevant financial information. 6.Continuous Improvement: The pursuit of excellence is a perpetual journey. I encourage a culture of continuous improvement, soliciting feedback, and embracing innovation to refine our financial reporting processes and elevate performance benchmarks. 7.Collaborative Leadership: Financial reporting is a team effort that transcends departmental boundaries. I foster a collaborative environment where cross-functional teams work synergistically to optimize reporting methodologies and deliver value-added insights. In today's dynamic business landscape, adeptly managing financial reporting is paramount to organizational success. By embracing innovation, fostering transparency, and prioritizing strategic analysis, we empower our company to navigate uncertainty with confidence and chart a course towards sustained prosperity. I invite fellow finance professionals to share their insights and experiences in managing financial reporting effectively. Together, let's elevate the standards of financial stewardship and drive transformative impact within our organizations. #Finance #FinancialReporting #Leadership #BusinessStrategy #CFOInsights

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How did I go from being a banker to building a Fractional CFO firm? Michael King was generous enough to host me on The CFO Report, where I share my professional journey. We share an insightful discussion on the importance of identifying a niche and leveraging other experts through collaboration when providing CFO advisory services. Watch our discussion here: *Where did your career start?* #fractionalcfo #fp&a #debtadvisory

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What can CFO's do about "talent wars"? I came across this gem in a podcast where Glenn Shiffman (CFO of Fanatics) was interviewed. Here is the context for the quote as well as the link to the podcast and transcript from Nth Round. "So I think there will increasingly be a war for talent. Look, I think you have to have a place where people can grow. I think you have to have a one on one connection with people. And you have to give people uncapped upside.... Always the topic of expense savings comes up in, in every CFO conversation. And I'm a big fan of that. And I'm a big fan of driving efficiencies. But, expense savings are finite. And revenue opportunities are infinite. So I'll apply that same theory to cultivating talent. That you want to unlock the infinite in people, and worry a little less about the finite. So you attract people who can really 10x themselves. " https://lnkd.in/eDbdy4uS

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Meme stocks are forcing companies to rethink investor relations. It's no longer just about the big players; retail investors & online communities are wielding real influence. CFOs need to adapt! Thanks for sharing, Secret CFO!

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🚨 Critical Oversight Alert: Our accounting firm missed critical tax filings for an entire country over the past few years! 🚨 Since 2019, a very large accounting firm has been managing my non-North American tax filings. Recently, we discovered that they had missed filings for one country for the past few years. Initially, they claimed there was no engagement for that country, but I provided records confirming our ongoing engagement, which had never been formally terminated. Upon further investigation, they also found they had forgotten to invoice me for two years during which they had actually completed the filings for that country. Facing potential government penalties for these missed filings, I am grateful that the firm is handling the situation professionally and has offered to cover any penalties and fees incurred due to this oversight. Here are some key points and lessons learned from this experience: 👉 Growth and Scaling: The firm has experienced significant growth and continues to scale. While growth is positive, it can introduce challenges in maintaining consistent service quality and client engagement. 👉 Account Manager Turnover: Frequent changes in account managers have impacted the continuity of service. While I appreciate the firm retaining their employees by moving them to different positions, it has led to gaps in account knowledge and oversight. 👉 System Updates: The firm continuously updates their software systems to enhance efficiency and automation. However, it's crucial to ensure these updates do not disrupt ongoing engagements or lead to data inconsistencies. 👉 Professional Handling: When I identified the issue, I immediately requested a manager. This proved to be a wise decision as the manager handled the situation with utmost professionalism. Suggestions for Improvement: ✅ System Checks and Client Communication: When updating systems, it’s essential to check for issues and communicate with clients to ensure everything is functioning correctly. ✅ Annual Reviews: Account managers should conduct a comprehensive review of the client’s account over the phone at least once a year. This practice can help catch and rectify mistakes before they carry over into subsequent years. ✅ Record Management: It’s concerning that the account manager did not have a clear record of engagement. This raises questions about record-keeping practices. Are they maintaining accurate records? Do account managers have full access to necessary information? Are files stored in multiple systems rather than a centralized repository? By addressing these areas, firms can improve their service quality and client satisfaction, even as they grow and scale. Communication, diligence, and thorough record-keeping are key to preventing such oversights.

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If you’re a finance or accounting professional generating less than 6 figures per year: I’m now sharing the blueprint I’ve used to expand my fractional CFO practice to 200K a year in my 5 Day Noble CFO Challenge. That includes The Noble CFO System, a program that shows you how to: → Explore what drives you to become a consulting CFO. → Dive deep into choosing the right industries and company sizes. → Identify and target profitable niches for focused success. → Learn to pinpoint what your clients truly need. → Implement pricing strategies that reflect your worth. This same program has helped me generate $1.45M in gross earnings since leaving the W2 world. All for $0. 4 days left to sign up. Interested in joining? Visit challenge.thenoblecfo.com to secure your place in "The Noble CFO Challenge."

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Being able to say “I’ll check with my CFO” is a helpful negotiating tactic and our number one reason of why every entrepreneur should have a fractional CFO. #TheATeamConsulting #FractionalAccountingServices #FractionalCFO

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The Fractional CFO Power Skills Mastermind course exceeded my expectations and is a Maven Top 100 Course.  Carl Seidman, CSP, CPA and Amy Vetter, CPA, CSP, CGMA, RYT provided a wealth of knowledge and insights that deeply enhanced my understanding of the Fractional CFO role. The course covered all aspects of starting or growing a Fractional CFO / Client Accounting and Advisory (CAS) business from personal branding and pricing to technology and client experience. Key Highlights: - Positioning and Specialization: Building expertise and strong personal brand. - Finance Technology: Leveraging the latest tools and technologies in finance. - Client Management: Handling client relationships and managing personalities. - Dynamic Data Management: Techniques for managing and presenting dynamic financial data. - Strategic Financial Mapping: Creating financial strategies and tracking key performance indicators. - Marketing and Pricing: Effective strategies for marketing and pricing your services. - Cherished Advisor Journey: Improve your communication skills and learn the journey to becoming a cherished advisor. The interactive and engaging format, with breakout sessions and active involvement, ensured practical knowledge and meaningful conversations. The experiences shared by Carl and Amy were invaluable. This course is perfect for aspiring Fractional CFOs, CAS professionals, CPAs, and FP&A advisors or those looking to improve their existing fractional advisory practice. I highly recommend it for its comprehensive and practical approach to building a successful business. As a Maven Top 100 Course, it is offering a 25% discount (ends Sunday June 9th). Use the code MAVEN100 at checkout. The next cohort kicks off on July 15th!  Don’t miss this incredible opportunity. Check out the course: The Fractional CFO Power Skills Mastermind by Carl Seidman, CSP, CPA and Amy Vetter, CPA, CSP, CGMA, RYT, at Maven #ProfessionalDevelopment #FractionalCFO #CAS #Consulting #Leadership #CPA #CFO #Maven

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To #CFO hopefuls: here's a great piece to guide you on your journey, straight from McKinsey & Company and several industry executives who have done it at some very prominent companies.

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Highly Capitalized Network-HCN interviewed Laurie Parfitt at the lively MJ Unpacked show held recently in Atlantic City. Here, chatting to 420 CPA managing partner, Rachel Wright, CPA, MST, Laurie is CEO of LKP Impact Consulting, LLC specializing in providing Fractional #CMO capabilities to companies in Cannabis. Fractional #resources are in demand at Cannabis companies who need #CPG marketing expertise but are wary of adding too much headcount costs. In their wide-ranging chat, Laurie and Rachel discuss topics such as branding and what #marketing means in Cannabis. Laurie speaks about the importance of having all marketing activity dialed in for seasonal #events such as the 420 holiday. They discuss the importance of growing the total amount of consumers in the market, and topics such as the #problem of how aggressive pricing strategies lead to a #pricing ''race to the bottom'' in Cannabis. Check out the #interview below for these & other insights on how Laurie sees marketing in Cannabis, and how doing things like creating #community helps Cannabis companies unlock their true potential & position themselves for #growth. For these and other interviews, follow Highly Capitalized Network-HCN here on LinkedIn, and subscribe to our newsletter at www.highlycapitalized.com, and never miss an #HCNInterview in #Cannabis

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My newest 2-minute YouTube video summarizes the top 5 things you must know when you report sales of stock acquired from equity comp and ESPPs on your federal tax return. I take an engaging, quirky approach to the topic. For more on tax return reporting, see the Tax Center on myStockOptions.com https://lnkd.in/eWbTtS4x #restrictedstock #stockoptions #stockcompensation #executivecompensation #financialplanning #financialplanner #financialadvisor #financialadvice #wealthmanagement #wealthplanning #equitycompensation  #financialeducation #financialliteracy #taxplanning #taxlaws #ESPP #ipo #startups #taxtips #taxlaws #taxes #taxplanning #taxes2024 #financialeducation #financialliteracy #ESPP #taxreturn #taxturns #taxrefund #CPA #accountant #enrolledagent

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Taxes will find you in many different ways. Sharing an interesting article on living in no income tax states. https://lnkd.in/ertcWy8E

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At Tanner LLC we work with a lot of technology companies and the subject software capitalization is always point of discussion. It is US GAAP, but we understand most investors just consider it a complication in the P&L and its hard to track and implement. The FASB board agreed this week to explore ways to simplify this GAAP, which would be welcomed. Below is a short summary of what they released. The Board decided to pursue targeted improvements to Subtopic 350-40, Intangibles—Goodwill and Other—Internal-Use Software. Specifically, the Board decided to: 1. Specify that the costs of software that has unresolved high-risk development issues would be accounted for as research and development (R&D) expenses in accordance with Subtopic 730-10, Research and Development—Overall 2. Clarify the starting capitalization threshold for nonlinear software development, including: a. Remove the requirement for an entity to evaluate the preliminary project stage and application development stage when determining the starting point for capitalization b. Require that an entity consider significant unresolved development uncertainties if it is unclear that it is probable that a project will be completed and the software will be used to perform the function intended. The Board decided not to further pursue a single model for recognition and measurement of software costs, which the Board had discussed previously, and decided not to make targeted improvements for recognition and measurement to Subtopic 985-20, Software—Costs of Software to Be Sold, Leased, or Marketed.

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