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PROFITconsulting To Introduce CFO Outsourcing At Las Vegas Market

Furniture World Magazine
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Article Summary: Program fills a void for furniture retailers that can benefit from better planning, budgeting, and forecasting, but don't have a full-time CFO.

View all articles by David McMahon


PROFITconsulting announced the launch of a new professional service called CFO Outsourcing, to be introduced at the PROFITsystems/ PROFITconsulting space in Building C, 4th flloor, WHFA Retail Resource Center during the Las Vegas Market.

"The program," noted PROFITconsulting's Wayne McMahon, "will help small business owners get the high level of financial expertise that only big corporations can afford.
 
"In the past 15 years,"he continued, "after visiting hundreds of operations, we have seen that small businesses, for the most part, have questionable" financial information. In many cases, their financial statements are ignored all together. For those that do produce financials, very often they have materially misstated information. Businesses wait for their tax accountant to prepare their annual return. By that time – it’s far too late! The prior year is long gone."
 
The new program includes CFO services provided by Wayne and David McMahon. Wayne holds his Certification in Management Accounting (CMA) and has previously run his own accounting firm.  David holds degrees in Economics and Business Administration and is a member of the Institute of Management Accountants (IMA).  Combined, they have worked in the home furnishings industry for over 30 years and have helped thousands of operations.  In addition to running PROFITconsulting at PROFITsystems, they also facilitate PROFITgroups, PROFITsystems’ peer performance groups.  Their ongoing clients are among the most profitable in the industry.

Services:

  • Prepare monthly financial statements (Balance Sheet, Profit and Loss, Cash Flow).
  • Verify the integrity of balances with sub ledgers  and perform ledger adjustments.
  • Notify office manager or owner of any suspected inaccuracies that arise.
  • Produce and maintain the “profit plan” or budget.
  • Prepare monthly break even analysis.
  • Create a monthly summary and recommendations based on a top level analysis of financial data.
  • Verify that critical operational tasks are done: cash, sales, bank reconciliation, payables, payroll, and inventory processing.
  • Optional extra: maintain industry specific FMA (Financial Metrics Analysis).
     

Fees range from $500 per month for stores with under $5 million in annual sales, and increase on a sliding scale.

Retailers can schedule a complimentary discussion during the the Las Vegas Market to discuss CFO Outsourcing, but contacting Wayne at wayne@profitsystems.com or David at davidm@profitsystems.com. They can also be reached at 800.888.5565.
 


David McMahon is a Certified Management Accountant and Consultant with PROFITconsulting, a Division of PROFITsystems. Questions about this article, or to request a similar analysis on your financial statements contact him at Davidm@furninfo.com or call 8oo-888-5565.

View all articles by David McMahon

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