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CLIENT SERVICE OPPORTUNITIES

Client Trust Begins with Onboarding

Smiling businesswoman offering a handshake

How do you want this new relationship to begin?

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

Onboarding is critical when it comes to bringing on new virtual CFO clients. It’s also important to have a smooth onboarding process for clients receiving any other types of services. I want to dive into onboarding in each of our service areas a little bit more.

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I don’t mean to beat a dead horse here, but I simply cannot express enough how important the onboarding process is for establishing extremely solid client relationships. When it comes down to it, relationships are the backbone of our business.
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AUDIT & ASSURANCE

The Six Stages of 401(k) Audits

green marker checking boxes

Keep the process from dragging on.

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

As with any service area, it’s important to have a solid process in place. Without one, it can be a little bit like the Wild West! The 401(k) audit process involves six stages, which are typically completed within four to eight weeks.

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Once a prospective client confirms they want Summit to complete their audit, we send them the engagement letter and the questionnaires along with the governance planning memo that we’re required to give them.
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GROWTH STRATEGIES

Four Financial Metrics to See Your Firm’s True Picture

illustration of 4 key metrics

What you have now and what you have coming.

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

Having a solid understanding of their finances can make a huge difference for business owners. Not only does it help business owners make decisions about when it’s time to hire a new employee or whether or not to invest in new equipment, but it also enables them to sleep better at night!

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As a business grows, there are a few metrics business owners need to understand and review on a regular basis. When we work with growing businesses through our virtual CFO service, we help them focus on the following key metrics:
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PRICING, FEES & BILLING RATES

Four Options for Billing Clients

two women shaking hands across desk

Of course we have a recommendation.

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

When I attend CPA conferences across the United States, I often hear from CPAs: “I don’t want to bill for my time.”

So, how do you bill your clients?

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Client billing can include hourly billing, but it can also include flat-fee, retainer-based and/or value-based billing. Most people use one of these four methods. Some use all of them or even a hybrid.
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MANAGEMENT

Three Ways to Measure Your Team’s Effectiveness

illustration with three thermometers

They have to work in harmony.

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

Once you’ve systemized the processes for your accounting team, it’s important to evaluate the effectiveness of your process on a regular basis. You want to be aware of what’s working well and what’s not. You also want to continually be improving upon your services over time

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There are three things you can specifically monitor when it comes to the effectiveness of your team, as shown in the illustration above.
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