CFO Services

The Chief Financial Officer (CFO) sets short term and long term goals. Short term goals include the key business functions. The key business function is a type of control using analytical review. The major issues of analytical review are used to ensure that all sales are recorded. This is especially important with cash sales. Once the sales are recorded, it is crucial to control the expenses with ratios (i.e. the number of shots per bottle of liquor expected), and then on a daily basis begin checking to see if we are on target with our ratios. Any variation in our ratios will bring our attention to problems so that they can be easily corrected.

CFO's assist in creating Employee Manuals including a code of conduct and policies & procedures to be followed including, but not limited to, inventory control policy, sanitary issues, drug policy, dress codes, and setting the standards of conduct for all personnel from upper management to the lowest level employees and the consequences for failing to follow those standards. This manual will also set the standards for the company, thereby, ensuring that when a customer or employee visits one location or another, there will be uniformity and consistency in the operation.

In addition, we will assist in establishing banking relationships and work with suppliers to minimize costs and maximize profits. Our long term goals will include tax planning and exploring financing options for future expansion. We can also be available to consult with management on a wide range of topics. These include, but are not limited to:

Identifying and securing financing or equity capital

• Developing strong internal controls
• Building a solid accounting and administrative staff
• Selecting industry leading software and systems
• Implementing strategic planning and budgeting plans
• Developing a sophisticated reporting system for monthly financial reports and customized operating reports
• Identifying and utilizing low cost service and product vendors
• Establishing location appropriate regulatory policies, reporting, and oversight
• Overseeing or performing the controllership function
• Development of cash flow tracking and forecasting systems

• Set up systems and spreadsheets for inventory and payroll;
• Set up transfer system;
• Review sales tax procedures;
• Review/evaluate employee file system;
• Observe and evaluate an inventory;
• Observe and evaluate a store management shift, opening and closing;
• Evaluate banking system;
• Review leases and prepare overviews;
• Set up credit card receivables.

• Management of cash (cash transfers)
• repare / review cash worksheet)

• Prepare weekly cash flow;
• Review A/P with recommendations on what to pay;
• Interface with vendors;
• Supervision of inventories
• Oversee production of weekly P&L statements.

• Receive and review bank statements;
• Review each bank reconciliation;
• Production of financial statements;
• Interpret and review financial statements with senior management;
• Review all first-of-the-month payments;
• Prepare monthly reports.

• Set-up and monitor systems;
• Oversee employee benefits programs,
• including insurance and 401(K);
• Oversee preparation of tax returns;
• Oversee audits;
• Review of licenses;
• Oversee legal issues;
• Review credit card rates and contracts