Frequently Asked Questions

Typically, CPAs are focused on taxes – particularly, on minimizing the taxes you have to pay.

However, this can be a short-sighted approach. Minimizing taxes means minimizing revenue, which discourages optimizing your balance sheet. Both an optimized balance sheet and consistently healthy profits are critical to attracting funding and capital for your business growth.

As discussed in our free guide, The 7 Costliest Business Financial Mistakes Women Entrepreneurs Make, women business owners often dismiss the need to attract funding, instead preferring to bootstrap. But in a rapidly growing business, cash gets eaten quickly. Relying only on credit cards, personal investments, and reinvested profits will limit your company’s growth. A far better approach is to secure funding or investment.

The very nature of the CPA’s focus (in general) inhibits your company’s ability to grow. A CFO will help you confidently grow your business.

Want to explore what working with Evolve CFO Services could look like for your business? Book a complimentary Strategy Session here.

Adding a CFO to your team offers two primary benefits:

1. A fresh set of eyes. Your employees have been working with your financial information for as long as they have been with the business. They don’t know what they don’t know. A Virtual CFO will bring a fresh set of eyes to your business and enhance the expertise of your team. We’ll view things from a different perspective, spotting opportunities, diagnosing problems, and helping you to avoid pitfalls.
2. Accounting staff typically are focused on recording past transactions and reporting past results. Their focus is tactical. The CFO is focused on the future — on creating strategies, systems and processes that move the business forward based on the business owner’s goals.

Want to chat about how our virtual CFOs can support your team? Schedule your complimentary Strategy Session here.

The primary role of bookkeepers and accountants is to properly record the day-to-day transactions of the business.

Accounting Managers and Controllers verify the accuracy of the transactions recorded and issue monthly reports summarizing that information.

CPA’s are typically focused on minimizing taxes and “blessing” internally prepared financial reports.

All three functions are focused on the past.

CFOs are strategic professionals. We manage the entire finance and accounting function AND focus on developing and implementing strategies to assure that your business has all the resources (funding, systems, processes, personnel) necessary to move the business forward profitably.

CFOs are focused on the future and use past data to inform their strategy development.  They monitor results based on the plan and recommend/make appropriate adjustments.

Evolve CFO Services specializes in helping women business owners confidently lead their businesses forward by better understanding and managing their numbers. Want to explore how we can best support you? Let’s talk.

It is time to consult a CFO when you:

• Determine that you want to move the business forward, but do not have the appropriate expertise on your team
• Want a fresh set of eyes on your 10 key numbers
• Are ready to raise capital
• Wish to create financial forecasts or develop and analyze strategic options
• Think you don’t have enough cash in your business … but you aren’t sure why

Depending on your company size, you may benefit from regular consultation with a CFO.

• A periodic consultation with a CFO is appropriate for any business with annual revenues greater than $500,000 that is looking to making some change in strategy.
• Typically, businesses with revenues of $1,000,000 or more might want to consult a CFO quarterly or for a specific strategic project.
• Businesses with revenues greater than $3,000,000 may greatly benefit from the ongoing services of a virtual CFO.

Are you ready to consult with a CFO? Schedule a complimentary, no-obligation Strategy Session here to explore which of our programs can best support you.

You should consult with a CFO if you are experiencing one or more of the following issues:

• You’re struggling with profitability, cash flow, and/or working capital.
• You are not confident in the accuracy of your financial reports.
• You are not receiving financial reports regularly and timely (within 10 days of the close of the month).
• You have no management information systems in place.
• You are considering selling your business.
• You are acquiring another business.
• You are opening a new location.
• You’re starting another business.
• You want to create a budget or a financial forecast covering several years.
• You are considering a new product or service – or discontinuing a current product or service.
• You don’t understand, monitor or know how to manage using your 10 key numbers.

As you can see, there are many reasons to consult a CFO.  Typically, an initial consultation is offered at no fee.  Better to ask then to move forward without the benefit of guidance, support, and expertise.

Ready to consult with a CFO? Book a Strategy Session with one of our highly trained CFOs here. It’s our gift to you and does not obligate you to work with us.

We work with businesses with revenues upward of $750,000 annually, depending on the program:

• Clients for specific projects, such as business plan development, could be startups. Typically, however, they’ve been in business for 2 or more years and are now looking to grow.
• Our Virtual CFO clients typically range in revenues between $3 million and $10 million annually.
• Our Performance Management clients range in revenue between $5 million and $35 million annually.

Want to explore which of our programs is right for you? Book a complimentary Strategy Session here.

The process begins with a complimentary, no-obligation Strategy Session to determine if there is a basis for moving forward.

The next step is an assessment of your business in which we review the financial reports for the current and prior year.

A report of the findings is prepared and discussed with the CEO, together with a discussion of the short and long-term goals for the business.

The CFO and the CEO work together to develop a long-term vision and financial forecast for the business

The CFO then develops strategic options for moving from the current situation to the desired long-term goal. There are several meetings during this stage – typically 4 to 6 meetings before a specific strategic plan is decided upon.

Once the plan is decided upon, it is implemented, monitored, and tweaked to get the desired results.

This process, excluding implementation, can take from 3 to 4 weeks and then is followed by ongoing monthly Virtual CFO services on a flat monthly retainer basis.

Want to start the process? Book your strategy session here.

We work directly with women business owners to create clarity, peace of mind, and confidence around their business financials. As part of helping you know and understand your numbers, we often work with accounting staff directly, as well.

Our team of virtual CFOs is headed up by Evolve CFO Services CEO and Founder Marilyn J. Magett.

Evolve CFO Services also includes a rock star support team. Our virtual CFOs, however, are the professionals interacting with the business owner or CEO.

Our Financial Breakthrough Road Map and Strategic Plan and Financial Forecast programs are project-based fees.

Our Virtual CFO, Performance Management, and Preparing for Sale programs are all retainer-based.  These programs include the implementation, monitoring, and tweaking for results portion of the process. 

Want to explore which solution will achieve the results you’re after? Book a complimentary, no-obligation Strategy Session so we can start the conversation.

Our Financial Breakthrough Road Map and Strategic Plan and Financial Forecast programs typically last from 1 to 8 weeks.

The Virtual CFO, Performance Management, and Preparing for Sale programs all extend for a minimum of 6 months up to a maximum of 18 months.  The length is discussed at the time of enrollment and is based on the amount of work to be done.

To discuss which level of support will best support you in creating clarity, peace of mind, and confidence from knowing and understanding your numbers, schedule your complimentary, no-obligation Strategy Session now.