The people that work for you may be the biggest asset to your business.
Through the culture that you have built, loyalty over time, and the knowledge of your business, you have mutual investment in the success of your business.
As a business owner, it is imperative you understand payroll obligations clearly.
By understanding your business’s cash flow, you should be well educated on what incentives are currently available to help you meet your payroll needs.
Available incentive options may become instrumental in determining whether headcount or payroll needs to be reduced.
The CARES Act stimulus bill does include worthwhile options to assist businesses considering the right next steps.
As we are four months into this new reality, you may have been able to keep everyone at the same rate; however, now may be the time that requires difficult choices.
If the business is not eligible for relief, or if the business desires to avoid all forms of debt, it may serve the best interest of both the organization and the individuals to temporarily lay off or furlough employees.
A headcount reduction provides employees access to unemployment benefits while helping to preserve the financial health of the company.
Understanding Your Employee Obligations
Our B&V CFO Advisory solution provides experienced Controllers and support team members with experience in cash flow analysis and establishing best practices.
Whether supporting your accounting team or serving as your outsourced accounting and finance function, we assess the issues, choose the best solution option available, transition into solving the issue and engage in the process.
Our experience has shown us that our CFO Advisory services generally represent 60 to 75% of the cost of a fuller sourced, on-site accounting controller’s salary, benefits, and bonus.
We engage our clients with a highly experienced team at a fraction of the cost of an in-sourced team.
Our dedicated CFO / Controller, Accounting Manager and support staff is always there to answer questions, provide a structured control environment to protect your assets, and focus on helping you understand and mitigate your financial and operational risk.
If you are a service-based business:
- In need of financial expertise and guidance,
- Desiring a cost effective alternative to a full time Controller / CFO
Our B&V CFO solution may be the best option. Our aim is to take care of your strategic finance and accounting needs so that you can take care of your business.
About the Author
Kevin Stewart is an accounting executive within professional services, public and private growth companies.
He has 20 years of experience turning around and building accounting and finance teams to fix the sins of the past, stabilize the now and create organizations to support growth.
His deep finance, accounting and compliance expertise helps business owners focus on what they do best – run and grow the business.
As your Chief Profit Officer (CPO), he will help improve your profits by focusing and advising on the controllable financial aspects of your business.