Lynbrook - Cloud CFO Accounting and Financial Management Services FAQ

Frequently Asked Questions - FAQ

 

 

   Q: I have an accountant, why do I need financial help?

While a good accountant is critical in recording your financial transactions, it is equally important to have a financial set of eyes analyzing your data and developing forecasts to guide you to your financial goals. Accountants review historical data where the story has already played out. CFOs and financial analysts develop that story and tell you where you are going.

 

   Q: What is the cost and are you expensive?

No.  The size of our firm allows us to provide a very comprehensive range of services, but we are small enough to have a local focus and to know and care about our clients, who are fellow members of the local business and social community.

All of our fees are agreed up-front, and we offer various payment options – that may be an annual fee for specific services, or in some cases it might make more sense for us to charge you an hourly rate. In any case, our Price Promise guarantees value for you, and means that we will always use the most appropriate member of staff for your business.

 

   Q: I have a bookkeeper, why would I need additional financial guidance?

A good bookkeeper will help you input critical historical data, but as your business grows it is important to truly understand what the data is telling you, to plan forecasts and budgets and perform strategic analyses.

 

   Q: I am located outside of your state. Can you still help me with my financials?

Yes. As a matter of fact, Lynbrookfs has clients located in a number of states across the country. Technology plays an integral role in our ability to serve you no matter where you are located. And you still receive the personal touch for which we have become known.

 

   Q: What is the difference between Accounting and Finance?

Accounting focuses on the day-to-day flow of money in and out of a company or institution, whereas finance is a broader term for the management of assets and liabilities and the planning of future growth for your company.

 

   Q: How quickly can you help me?

We like to have a consultation to better understand your business strategy and then we get to work right away. You will be given a dedicated CFO and or controller/accountant that will help guide you through all your financial needs.

 

   Q: Why do I need a forecast and budget?

Companies use financial forecasting to determine how they should allocate their budgets for a future period. Unlike budgeting, financial forecasting does not analyze the variance between financial forecasts and actual performance.

 

   Q: What is your experience?

All our CFOs, Controllers, and accountants have experience working within companies with revenues from $1MM to $70MM. We have experience has been with multi-national companies, and all our team members have completed advanced degrees in finance and are CPA's.

 

   Q: Am I too small of a business to use the service?

The smallest company we help has $400,000 in revenue. The largest company has $70MM in revenue.

 

   Q: What industries have you worked with? How do I know you will understand my business?

Whilst every business is unique, and every CEO different, we have a large group of experienced finance and accounting experts that get to know your business and financials. We know that understanding the operations of a business is critical in delivering good, clean financials.

 

   Q: What is a CFO?

A Chief Financial Officer is a senior executive that has responsibility for the financial management of the company. The CFO's duties include tracking cash flow and financial planning as well as analyzing the company's financial strengths and weaknesses and proposing corrective actions.

 

   Q: What is accounting and why is it important?

Accounting interprets and communicates information about a company’s operations and finances. Accounting is extremely important to any company because the financial information, as interpreted by accountants, allows executives to make informed business decisions to achieve their goals and objectives and to drive success. Everyone works with and uses accounting ideas, whether they’re managing a business, investing money, or just deciding how to spend their paycheck. In business, accounting links the past with the future. It provides decision-makers information about recent financial activity, as well as information and recommendations useful for forecasting future events.

 

   Q: Is accounting just a cost?

Actually, no. If done correctly, accounting paves the way to make better business decisions. Timely, accurate financial information together with the right processes, infrastructure and strategic insights help you achieve increased profitability and peace of mind.

 

   Q: How can accounting help me make money?

Simply put, accounting tells you if you are making money. It helps you make better business decisions through accurate, timely information that includes such things as key metrics, forecasts, etc. A monthly income statement will quickly reveal your financial position. If you are losing money, you can make changes in your operations, such as increasing prices or reducing expenses, to correct the situation long before the year’s end and ensure that your overall year will still be profitable.

 

   Q: Can a bookkeeper do my accounting?

A good bookkeeper can give you the basics – data entry and history. In order to run a more profitable business and plan for the future, you need accurate, timely numbers from which to forecast, budget, plan and strategize. As your business grows, you need a deeper understanding of your complete financial picture. That is where highly trained accountants and business advisors play an integral role in your ultimate success. They provide strategic guidance and financial insight into your business through financial modeling, forecasting and benchmarking services. This information and guidance allow you to make the changes in your business that will keep it on track toward success and increased profitability.

 

   Q: Do I need to review my balance sheet?

Any size business needs a profit and loss statement and a balance sheet each month. A balance sheet shows you how your assets are being used. For instance, from a balance sheet you should be able to tell whether or not your inventories are too large, whether your receivables are growing, or whether your ratio of debt to equity is getting too high. If inventories or accounts receivable are important in your business, a balance sheet will clearly point out any significant fluctuations about which you should be aware.

 

   Q: Do you provide tax, audit and compliance services?

No. LynbrookFS provides accounting and finance services that include building the right infrastructure, processes and procedures to ensure you have better financial information from which your tax, audit and compliance vendors can perform their services. Lynbrookfs works closely with your tax/audit advisor for improved strategy and planning.

 

   Q: What is a business strategic plan?

A strategic plan defines goals, objectives, and targets for a company and outlines how its resources will be allocated in order to achieve them. When a strategic business plan is in place, it allows each generation an opportunity to chart a course for the firm. Setting business goals will ensure that everyone has a clear picture of the company’s future. A strategic plan is long-term in nature and focuses on where you want the business to be at some future date.

 

   Q: What steps can I take to avoid problems with cash flow?

A cash flow analysis forecasts whether your daily operations are generating sufficient cash to meet your obligations. A reduction in cash flow will require that your financial plans be altered to provide ample cash; a surplus of cash may mean you have engaged in excessive borrowing or there is idle money that could be invested. It is important to develop a plan that will provide a balanced cash flow situation.