Frequently Asked Questions
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What is a Part-time CFO?
Most small and mid-sized businesses don’t need or can’t afford a full-time executive. A Part-time Chief Financial Officer is a natural solution. We allow our clients to “hire” a dedicated financial executive to handle all accounting and finance department needs without the investment of a full-time salary and benefits
Why do I need a Part-time CFO?
Part-time CFO services have been proven to reduce stress, improve cash management, increase understanding of company performance and give business owners more free time.
Doesn’t my tax accountant do this for me?
NO! Your tax accountant is a highly specialized professional focused in minimizing your tax. Think of your favorite sport- the CPA is the commentator telling you about the game after it’s over. Lucrum Consulting, Inc is the half-time analysis, helping you adapt in the middle of the game to guarantee the win.
What can I expect in 3 months, six months, one year?
Every client situation is unique but as a general rule you can expect the following milestones:
3 months- increased management/owner understanding of performance from accurate financial statements and useful cash flow information. Less accounting “emergencies”
6 months- increased staff efficiency due to training & supervision, management/owner allocates less time to financial & accounting function, forecasts and projections provide a plan for the future
> 1 year- reduced costs for legal, accounting, and insurance services; accurate risk assessments of new ventures/opportunities, increased profitability and reduced stress for owner/management.
How do I justify the cost?
OK, you caught us-we do charge for our services. And we’ll spare you the “investment in your business” line. But in all seriousness, Lucrum Consulting, Inc improves efficiency and operational effectiveness. We train your financial and accounting staff so they get more done in less time. Owners or management can focus on increased sales, creating new products, or finding new customers. Between the increased free time, additional sales, and cost reductions, our services pay for themselves.
I have a bookkeeper who does what you do.
Bookkeepers typically handle the day-to-day “money” operations of your company: A/R, A/P, deposits, check writing and preparing reports. Look at our services and you’ll see Lucrum is more of a trusted financial advisor and a key part of your management team.
What do you mean by custom reports?
Lucrum develops an understanding of each client’s business which enables us to create reports specific to their operations and industry. For one client, this was a Commissioned Sales Report so each member of his sales team understood his/her performance. For another, it was a set of Key Performance Indicators comparing them to the industry. Finally, a third client asked for a report listing some metrics he had created to share with his labor crews. Each solution is custom designed to address that client’s needs.