Your Outsourced CFO

BACKGROUND

Introduce your business and what you do there.

We’re a fee-based financial planning company. I’m the founder and CEO.

OPPORTUNITY / CHALLENGE

What challenges were you trying to address with Your Outsourced CFO?

We hired them to help us with cash flow management and understanding our expenses and how we make money. They also helped us create a plan to pay down the debt that we accumulated from taxes.

SOLUTION

What was the scope of their involvement?

They created a large, complex spreadsheet of all kinds of data points and trigger points to help us plan better. I think they also used QuickBooks. We’re still working with them on cash flow management and financial planning.  

What is the team composition?

We work with Jeff and Andrea. We also worked with another teammate, but they’re no longer at the company. 

How did you come to work with Your Outsourced CFO?

I met Jeff through my old business partner. 

How much have you invested in them? 

I spend about $500 per month. 

What is the status of this engagement?

I started working with them seven years ago, but I’m not sure exactly when we began our ongoing relationship. 

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

They’ve given me peace of mind knowing that my team has support and we have someone we can bounce ideas off of. They help us make sound business decisions. 

How did Your Outsourced CFO perform from a project management standpoint? 

They perform well. 

What did you find most impressive about them?

They do what we expect them to do. They’re always innovating and coming up with new ways to track things. Without them, I wouldn’t be where I was today.

Are there any areas they could improve?

Initially, it was hard for us to understand exactly where our money was coming from. However, we worked through it together. There were many moving parts, but they’ve helped us a lot. 

Jeff is not the most punctual person, he’s usually about five minutes late to our meetings, however, that’s fine with me. It hasn’t negatively affected the project. 

Do you have any advice for potential customers? 

Listen to what they’re asking for and give them the information they need in a timely manner. 

BACKGROUND

Please describe your company and your position there.

CEO of Simplex Health - We integrate with health systems to provide medical nutrition therapy services to patients.

OPPORTUNITY / CHALLENGE

For what projects/services did your company hire Your Outsourced CFO?

We had no high level intelligence regarding financials prior. Only bookkeeping services. No forecasting ability, budgeting and planning.

What were your goals for this project?

Solve for the above.

SOLUTION

How did you select Your Outsourced CFO?

had a great conversation with Jeff following me posting on social I was looking for a CFO.

Describe the project in detail.

Met with Jeff a few times. Eventually, when it was time to put our pitch deck in place, we needed the expertise and credibility that came with higher level financial intelligence. We worked with Julian weekly and monthly to establish budgets, forecasts and review performance. They also assisted with fundraising efforts.

What was the team composition?

Initially one CFO, then an analyst was added, then removed.

RESULTS & FEEDBACK

Can you share any outcomes from the project that demonstrate progress or success?

we kept costs down significantly with this solution which was a plus for a start up. Julian was very accessible throughout and while he didn't have heathcare expertise per se, he was was able to contribute to big picture thinking and forecasts and was instrumental in us securing a series A.

How effective was the workflow between your team and theirs?

Communication was solid.

What did you find most impressive about this company?

Julian and Jeff were both very accessible and supportive. Brought great ideas. Tons of value for the contract fee.

Are there any areas for improvement?

Took a while for Julian to become effective to get into a rhythm to learn out business and model. Felt we spent a lot of time educating but not sure of a pathway around that.

BACKGROUND

Introduce your business and what you do there.

I’m the principal and co-founder of a digital marketing firm based in Philadelphia. We work across the US to support partners. This includes serving artists as an entertainment booking agency for private events nationwide. We provide entertainment services, including sales incentive trips to conferences, nonprofit galas, and high-end weddings.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Your Outsourced CFO?

We’re using them as strategic financial consultants.

SOLUTION

What was the scope of their involvement?

They’ve had an outsized and transformative impact on our business in terms of how we run, sell, and scope out new projects. With their team, we got a personalized, high-touch service. From building us a proprietary financial model for our company to assisting us in assessing when we have the capability of bringing on new teammates. 

What is the team composition?

We’re engaged directly with Jeff (CEO & Founder). Additionally, we’re working with the rest of their team.

How did you come to work with Your Outsourced CFO?

I met Jeff through a business advisor who introduced me to him at a conference. We connected soon after.

How much have you invested with them?

We’re spending roughly $30,000 annually with them. 

What is the status of this engagement?

We started working with them in October 2019, and our collaboration is ongoing.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

They’ve put us in a great position to scale our business. With them, we’re able to plan big, focusing on specific functions of the business and how they impact our financial health. They have seen it all when it comes to scaling businesses and CFOs. It would take us hiring a six-figure employee to get the same level of financial advice. They’ve been instrumental in digging deeper into our business and thinking three steps ahead.   

How did Your Outsourced CFO perform from a project management standpoint?

Jeff is the perfect combination of enthusiasm, detail-oriented thinking, and passion for the process. He always provides the clarity that’s needed to scale a business. It’s been a pleasure working with them, and we’re lucky to have them as a partner.  

What did you find most impressive about them?

Their process and strategic insight are their biggest strengths. They’re able to take best practices in finance and accounting to the next level. They have the ability to project accurately to get our team ahead of the game. It’s so important for us to be able to predict bandwidth and resources. It’s been a breath of fresh air to have them on our team.