Founded in early 2003, Innovative CFO Solutions provides financial management services for a wide variety of emerging growth and middle-market businesses. These clients span a broad range of business types including service, manufacturing, consulting, and others. In addition, our clients operate in a wide range of industries. The scope of our services covers the full complement of work typically done by the Chief Financial Officer. In addition, we also assist many clients in the development and implementation of their strategic operating plan.
Following are case histories representing a sampling of the CFO duties performed for clients.
Geological Services Company
Challenge - The Company identified a major opportunity for growth, but lacked sufficient capital to pursue that growth. Our Work - Prepared all financial documentation and represented client before lending institution, resulting in a successful $250,000 SBA loan for expansion of operations. In addition to this work, reorganized and upgraded financial reporting system. Trained newly created position on accounting staff.
Specialty Produce Company
Challenge - In the midst of the conversion to a complex accounting software package and a multiple-entity corporate reorganization, the CFO position was suddenly and unexpectedly vacant.
Our Work - Stepping into the CFO role, current year financial statements were brought current, while concurrently improving the management reporting included in monthly financial reports. Deadline for "go live" date of the new accounting software package was met. Controls and procedures for implementing the multi-unit corporate reorganization were put in place.
Challenge - CFO position was suddenly and unexpectedly vacant. Agency needed to stay on track during time of senior management transition and challenging economic environment.
Our Work - Stabilized accounting and finance function within Agency. Oversight of daily operations provided uninterrupted daily accounting activities. Initiated by-program budgeting process to provide management with the tools to allow for measurement of Agency's progress to goals at a unit operating level.
Patented Athletic Training Equipment Manufacturer
Challenge - Company needed to ensure that financial statements were properly and accurately stated in compliance with Generally Accepted Accounting Principles for presentation to prospective investors.
Our Work - Worked with existing accounting staff to bring financial statements in compliance with GAAP. Significantly upgraded management information reporting package to provide management with key metrics for measuring progress to plan. Trained accounting staff in procedures and technical reporting issues to ensure ongoing compliance with GAAP and management reporting standards.
Automotive Industry Company
Challenge - A sudden decrease in profitability created significant stress on cash flow. Loan and vendor payments were being made late, threatening the existence of the business.
Our Work - Performed in-depth analysis of sudden negative change in cash flow. Established monthly management reporting package including product line analysis to monitor progress. Prepared annual budget and monthly variance analysis. Instituted regular management reviews of monthly operating results. Established first in-house accounting function.
Medical Technology Company
Challenge - A start-up company needed to establish a financial/accounting function and needed to raise capital.
Our Work - Performed all financial duties for start-up company. Accomplishments included establishment of accounting system and preparation of all financial documents including cash flow projections used for meeting with investors and other funding sources.
Metals Fabrication Company
Challenge - New ownership needed to re-structure pricing of all product lines and determine profitability of product lines and business segments. Also needed to implement an inventory tracking and reporting system.
Our Work - Established significantly expanded management reporting package to assist new ownership in understanding dynamics of business. Re-worked pricing for all major product lines. Initiated and guided implementation of new inventory reporting system. Prepared budget and financial forecast models for business.
Challenge - Raise capital for rapid early stage growth. Organize business to conduct business operations.
Our Work - Performed all financial duties for start-up company, including preparation of all financial documents used in seeking initial capital for operations. represented company before lending institutions. Established initial financial/accounting function.