VIRTUAL CFO

Client Trust Begins with Onboarding

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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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The Six Stages of 401(k) Audits

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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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Four Financial Metrics to See Your Firm’s True Picture

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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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Four Options for Billing Clients

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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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Three Ways to Measure Your Team’s Effectiveness

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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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How Workflow Helps Transfer Clients to New Employees

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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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Best Practices for Choosing Workflow Management Software

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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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Use Workflow Apps to Pump Up Profits

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You’ve been reinventing the wheel. Why?

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

As a business grows, it becomes necessary to systemize the processes in order to increase the team’s efficiency and deliver a consistent experience for clients.

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One of the challenges that comes with creating systems can be getting every team member on board with the process you want to put in place. For example, Joe may have one way of doing things, while Karen does them another way and Susie yet another.

Creating a system will likely require all of them to make some changes in their own day-to-day workflows.
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Process Is Key to Remote Work

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Woman leading meeting, flipchart in background

Your team and your clients both win.

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

With the right people in place, empowered to work independently, and proper access to the tools that are necessary to get the work done, process comes next.

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Creating process is important in any business if you want to scale, but it is imperative when it comes to remote work. Process helps streamline things, reduces confusion and makes your team more efficient and productive.
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True Story: When the Feds Came Knocking

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Three tech solutions for protecting client data.

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

Have you ever been contacted by the IRS with the FBI involved? I can tell you from firsthand experience that it’s a bit alarming when that happens!

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We were once contacted by the IRS because they thought our server had been compromised. When the field officer who came to our office asked to see our server, we explained that we didn’t have a server.
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