The key is to understand the corporate management’s vision and support changes in the business by anticipating both opportunities and pitfalls.

When a company grows, gets listed, makes acquisitions or internationalizes, any outside party may require an objective interpretation of the company’s finances. To support decision-making, the corporate management may also need information that is not normally produced in the organization.

Depending on the role, Your Own CFO works inside the organization, or takes a few steps back to see the big picture. If the company’s management so wishes, Your Own CFO can take part in the executive team work and strategic planning, bringing financial management perspectives and calculations to the table.

In the Helsinki Metropolitan Area, the service is normally provided at the customer’s premises, together with the team. During covid-19 restrictions and in other parts of Finland, the work is done as a Virtual CFO service, using remote meetings and cloud services.

For companies that are reforming or outsourcing their financial management, or need their first, part-time CFO.

Your Own CFO takes responsibility for the company’s financial planning, reporting and risk management for a jointly agreed period of time. The company can be a growing domestic or foreign group.

Reforming

The company’s financial management is reformed for a future acquisition or exit, or the venture capitalist requires quality reporting. Accounting systems are selected, a tender for accounting firms is issued, financial management processes and reporting models are created. Your Own CFO can serve as a bridge until the acquisition is finalized, or to manage the period of transition.

Outsourcing

To free up the CEO’s time for strategic management and growth, the company wants to outsource financial management. The current systems in the organization need to be developed and monthly reporting brought forward. Your Own CFO can serve as acting financial officer until the growing company needs a full-time, in-house CFO.

First CFO

The company size requires professional financial management, but not yet a full-time CFO. Your Own CFO takes responsibility for the company’s finances in cooperation with the accounting firm or the company’s own accountant. In addition to finances, Your Own CFO can be in charge of procurement, contract management and HR tasks as needed.

For companies that are listing, changing their ERP system, outsourcing their financial management or need sparring or a substitute.

For an agreed time, Your Own CFO takes over the tasks for which the finance department has insufficient resources. The company can be a growing domestic or foreign group.

Listing

The organization has its own professional finance department, but during the listing process, additional resources are needed for internal data collection and decision support.

Changing ERP system

There is IT and financial expertise in the organization, but during the ERP system design and implementation project, additional resources are needed to report with the old system. This allows the staff to focus and train on the new system.

Outsourcing or changing financial management

The company is outsourcing or changing its financial administration service provider and wants a turnkey solution for the process. As the company’s representative, Your Own CFO tenders, negotiates the contract, speeds up monthly reporting to close the period, and is responsible for the commissioning project.

Substitute for a key position

For a company that temporarily needs a substitute for a key position (e.g., Group Financial Controller, CFO). The organization has well-functioning accounting systems, reporting models and processes, but these can also be evaluated, if necessary.

Sparring partner or advisor

When a company becomes a group, the financial manager may need to update his or her group accounting skills and need advice on calculating acquisition costs and goodwill amortization, or preparing a group consolidation sheet in Excel.