Even if you’re great at bookkeeping and love doing your own taxes, Pax can still help you create a strategy that will keep your business growing strong in a sustainable way. Our team of dedicated consultants can oversee financial and accounting functions, train staff on accounting best practices, develop cash flow improvement programs, minimize tax liability, evaluate internal controls, and boost your financial strategy.
Most companies do not need a full-time Chief Financial Officer but do need the expertise that a CFO provides in times of financial change or growth. By partnering with us in an advisory role, we can give you all of the strategic financial expertise you need and save you money in terms of salary, benefits and additional overhead of hiring a CFO. We use the data generated by your business as the basis of insight and direction. Based on the data we collect and your business’s specific needs, we create a system of reporting to show you how you how to reach your goals. Pax can come alongside your business on a part-time basis and give you the advice you need to make sure you are growing in peace.
- The first step in our process is to talk with the business owners and define their goals as specifically as possible. There may be multiple goals, so we will want to discuss the prioritization of each goal and how they are related.
- After goals have been established, there may or may not be a discovery period where Pax learns about the business’s accounts and the data flow. This depends on how familiar we are with the business.
- When Pax has sufficient knowledge of the business, we work with the business owners to determine which reporting tools would provide the most insight.
- We then can create a roadmap for the completion of tool development using a GANTT chart.
- Throughout this process, there should be a regular meeting with the stakeholders in this process. This allows us to keep business owners apprised of progress on the roadmap and keep Pax informed of changes in business or goals.
- Once the tools are live, Pax and business owners should continue to meet on a regular basis (preferably monthly) to discuss the contents of the reporting, progress toward business goals, and any changes that might make the reporting more useful/actionable.
examples of business-related goals and related tools
business goal: revenue/donation growth This goal requires knowledge of the drivers of revenue as well as discussion with business owners about their business plans. There are two ways to increase revenue: increase volume or increase margin. Also useful would be a budget to plan when revenue increases are expected and measure progress towards that goal.
- Weekly/Monthly Revenue Dashboard w/ Revenue drivers (likely non-financial data)
- Comparisons with previous period financials
- Cost of Sales Analysis
- Budget/Forecast development
business goal: improve cash position This goal requires the development of a budget/forecast. It may also be a goal in conjunction with other goals (we would like to improve our cash position by reducing expenses or increasing revenue, etc). This goal could also be achieved through improved receivables management.
- Budget/Forecast development
- Cash Forecast reporting
- Other reporting depending on the method to achieve this goal
business goal: increase profit This goal also may be in conjunction with other goals (increase profit by reducing expenses or increasing revenue, or both). For non-profits, this goal may mean targeting a low admin fee percentage.
- Budget development
- Budget v Actual reporting
- Expense analysis
- Weekly Receivables Dashboard
- Expense alerts from futrli