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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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PRO Member Exclusive

How Workflow Helps Transfer Clients to New Employees

three businessmen sharing handshake

Use your software to guide the training.

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

When it comes to onboarding new employees, workflow management software can be extremely helpful in streamlining the process. In most cases, as we grow, new employees take over existing clients from other team members. They still need to meet with the other team members to discuss what’s needed for each client, but the workflow management software serves as their roadmap during that time.

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Although much of the process may be very similar from one client to the next, each client has its own individual needs. The roadmap is an important tool that guides new employees through the day-to-day workflow for each individual client.
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PRO Member Exclusive

Best Practices for Choosing Workflow Management Software

woman looking at computer screen

You get a trial period. Use it!

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

When evaluating workflow management software, it is important to evaluate your priorities and know what you want out of the system. It is also important to understand that there isn’t going to be an exact fit.

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After comparing options, make sure that the system you go with meets the priorities at the top of your list. Once the system is picked, it is important to spend time inside the system to figure out how your company is going to use it.
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