FINANCIAL
Case Study: Success Stories from the Financial Sector
The client is a small-sized financial services company that offers investment management, financial planning, and retirement services to individuals and businesses. The company has a successful track record but has not been in business for many years and faces increasing competition and regulatory challenges.
Client
Background
Challenges
The client has an outsourced CPA (Certified Public Accountant), but the business owner could no longer manage the financials with a growing firm and limited resources. The CEO recognized the need for a CFO to guide the company's financial strategy and operations but did not want to commit to a full-time hire due to budget constraints. Additionally, the company faced increased regulatory scrutiny and needed to comply with industry regulations.
Waiting for the CPA to produce a P&L statement to review the performance (no real-time data)
No comparison of performance or variance analysis to plan
No communication around the balance sheet
Disparate systems between business functions
No roadmap to carry out organizational objectives
Limited costs and expense analysis caused leakage each period
Solution
The client has an outsourced CPA (Certified Public Accountant), but the business owner could no longer manage the financials with a growing firm and limited resources. The CEO recognized the need for a CFO to guide the company's financial strategy and operations but did not want to commit to a full-time hire due to budget constraints. Additionally, the company faced increased regulatory scrutiny and needed to comply with industry regulations.
Waiting for the CPA to produce a P&L statement to review the performance (no real-time data)
No comparison of performance or variance analysis to plan
No communication around the balance sheet
Disparate systems between business functions
No roadmap to carry out organizational objectives
Limited costs and expense analysis caused leakage each period
Results
With the help of Westport Business Management, the client was able to improve its financial operations and develop a solid financial strategy. The company achieved cost savings through process improvements and better financial management.
Our CFO was able to help the company navigate regulatory challenges, ensuring compliance with industry regulations and reducing enterprise risk. The CEO was pleased with the results and decided to continue working with Westport Business Management on an ongoing basis to provide part-time financial leadership and guidance.
Real-time financial updates and reports
Budget and forecast tracking with variance analysis
Reviewing prior period performance within 10-days
Less administrative burden on your staff
Executed a cash flow management plan that increased reserves by 300%
The CEO was able to run the financial services business from anywhere in the world
Cost savings: Fractional CFOs are less expensive than full-time CFOs, which can help clients save money while still receiving the benefits of a full-time position.
Strategic planning: Fractional CFOs can help clients develop and implement long-term financial strategies that align with their business goals.