OUTSOURCING OF THE FINANCIAL DEPARTMENT
The organization of the finance department: EXCO US Atrium acts as CFO and relies on a team / assistant within the company. The scope of action of the part-time CFO Train the people in the finance department, define and control their work. Produce reports, summary performance indicators and financial analyzes for management. Ensure, if necessary, the financial management of the company during a preliminary mission of 1 or 2 months.
The organization of the finance department:
The approach proposed by EXCO US Atrium is a work in pairs Finance Director EXCO US Atrium – Assistant to the company.
This choice of organization has the following advantages for the company:
Autonomy in the day-to-day management of the finance department.
Transfer of skills to the financial assistant.
Optimizing the Chief Financial Officer’s Intervention
EXCO US Atrium – intervention only on tasks with high added value.
Management of the finance department
The management of the finance department is carried out in tandem with the management (or executive assistant) or the operational manager and EXCO US Atrium who acts as functional head. This dual management – and its inclusion in the organization chart – is important to ensure the legitimacy of the finance department in the finance department. In the first interventions, sufficient time must be given to the team to train them and to accustom them to the new organization. Since the presence of the external financial director is rare, it is essential to create a relationship of trust between the team and the external financial director from the outset.
The role of Chief Financial Officer EXCO US Atrium as Chief Operating Officer:
- Definition of the scope/ procedures of each member of the finance department
- Training on concepts/ tables used for the financial management of the company
- Control of tasks performed/ corrections
- Trimester maintenance
- If the finance department is composed of several people, the financial director EXCO US Atrium will rely on an internal assistant to the company. For technical questions, employees can direct questions to EXCO US Atrium (email or phone)
GENERATING REPORTING AND PERFORMANCE INDICATORS, PERFORMING FINANCIAL ANALYSIS
The second role of financial director EXCO US Atrium is to produce reports for the management giving an overview of the company’s health and performance indicators allowing the evaluation of the possible development axes.
The summary tables are made by the EXCO US Atrium Chief Financial Officer for the following reasons:
- Verification, consolidation, and corrections of the tables managed by the finance department
- Management of confidential information: integration of wage costs, calculation of margins,…
- Comouter and financial skills: the production of summary tables requires both a mastery of the computer tool and a clear vision of the objectives of the synthesis
- The objectives of the performance indicators – illustrated by means of graphs – is to produce to the manager the only relevant information before his or her decision-making: overall company health, cash flow, project margin, variable costs and fixed by the enterprise
- These documents associated with the financial analysis of EXCO US Atrium – your priviledged interlocutor – are the external view on the health and the evolution of your company.
Developing an appropriate financial management
The setting up of an external financial department often involves rethinking the financial management of the company and developing a solution adapted to its needs. This work of setting up the bases is carried out at the beginning of collaboration via a mission of one or two months – phase of discovery and knowledge of the functioning of the company and its players, development of customized tools and integration Of EXCO US Atrium. The preferred software is Excel because it adapts to the needs of a large number of SMEs. The implementation of an integrated management software package can also be studied.