A Peek into The Corner Office
Updated: Oct 26, 2020
Bev Betteridge: President & CFO
I met with a number of my staff on a range of diverse projects they are working on recently. As the President and CFO of The Corner Office, part of my role is to weigh in on the most challenging projects, lend advice where training may be required, and coordinate and schedule the overall team of CFOs, Controllers, and Accounting staff. Today was a very full and tiring day, but as I reflect on it, I am proud of the diversity of projects my team is working on, and the impact The Corner Office has on the clients we serve.
First on the agenda was a meeting to discuss financial statements provided in relation to a grant application to be assessed and approved by our client. The values being assessed in this project are in the 10's of millions. We discussed the details of the financial statements, the requirements for a fair and equitable process and outcomes, and the ability to manage our clients' risks with our recommendations.
Next came Michelle with a discussion about a local restaurant. We discussed the ability to improve the client's cash flow by improving the restaurant cash out process, more timely invoicing on catering, and a more robust collection process. A quick call with the owner and all of the recommendations were accepted and execution plans were put in motion.
A call from a local not-for-profit was next with a request to assist with their budget and subsequent presentation to the Audit & Finance Committee and the Board. Megan and I considered the approach to budget the variable nature of the operations, and the best presentation method to ensure clear communication with the Board. Megan has been working with this client in leading a team to provide accounting, and also providing insights into the organization's forecasted profit as well as their cash flow. We discussed options for cash flow operations until a new round of funding.
A new client then gave me a call to accept a proposal we provided last week to provide Controller oversight over their accounting department. The client has had some turnover in the Finance group and has had a bad experience when turnover occurred in the past. Our new Data Analyst shows me the latest dashboard revisions for an Engineering firm we are working with. Our customized dashboard allows them to monitor the performance of labor and material costs against quoted costs that could not be easily reported upon in the past. The client is excited for this change as project managers will have consolidated information that they can access at project sites on mobile devices rather than working through a bunch of data in a spreadsheet.
Kyle was happy to report that he had completed a GST analysis for a client with a complex organizational structure and that the client was going to receive a $43,000 refund from the government. Needless to say, the client will be very happy to hear this good news.
I might be a total accounting geek, but I find each of these projects interesting in their own way. Each of them is providing real value to the client's financial health and reduces their organizational risks.
Bev Betteridge, The Corner Office | Regina SK If you’re thinking “what could The Corner Office do for my company?”, check out our website to learn more: www.cornerofficecfo.com Or if you’re a local Regina CPA looking for a new challenge, we’re currently hiring! See the job posting here: https://www.cornerofficecfo.com/careers