About ACS SYNERGY
ACS SYNERGY is a global business enablement firm. Transcending borders through technology, it maintains a virtual global presence and serves clients that are based around the world.
With a corporate headquarter in Singapore, the firm operates several online service businesses which are supported by delivery and support centers located at various locations globally.
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ACS is truly global. Wherever in the world your business is located, through effective use of enabling technologies and a healthy network of our global professional consultants, we are able to serve you anywhere and almost everywhere.

Global enquiries email: contact@acssynergy.com

 
 

The term CFO stands for Chief Financial Officer, and this management function is an absolute essential for the effective functioning of any mid-size or larger business.

Of the many functions provided to management, the CFO’s role includes at least the basics of:

  • ​​Providing strategic leadership to the accounting & finance team and enabling strategic financial planning & control.

  • Taking responsibility for the timely and accurate reporting of financial performance, condition, and cash flows of the business.

 

  • Making sure that all federal, provincial, and local governing regulations, laws, and taxes due are in compliance.

 

  • Assisting management in the development of operating strategies for improving the present, and planning for the future.

 

  • Designing and monitoring controls for business performance and internal operations.

 

The concept of Part-Time or Consultant CFO has been designed to assist you with running your business more effectively, improving your financial operations, aligning your accounting & reporting system and providing you with a clear insight into your business performance that you always thought was missing. Most importantly, it is designed to cut your business cost.

A Consultant CFO essentially replaces the need (typically for mid-sized to larger mid-sized companies) for hiring an expensive full-time Chief Financial Officer.

Not only it cuts slack time and business cost (payroll, space cost, capital expenditure etc.) for the client but also enables a higher-grade finance human resource which the business could possibly not afford to hire on full time basis i.e. as an employee.

 

Compromising on the quality of your financial operations, reporting, and performance management systems to save cost can never be a smart business choice.

However, if your in-house accountants have capability constraints i.e., they lack skills, academic knowledge & professional expertise, you would need to engage a suitably qualified CFO to bridge this gap. Given the budgetary constraints of a mid-sized business, this could not always be a feasible option.

Hiring a full-time CFO is an expansive proposition. Besides most mid-size businesses do not have enough scope of work to justify a full-time CFO.

As a result, they either do not hire one, or settle for a lower quality resource which in-turn fails to deliver.

A part-time or consultant CFO is a smart alternative to hiring full-time.

Such an individual is usually a management consultant possessing world-class skills and works on contractual basis for multiple clients.

Engaging and working with a qualified consultant CFO, you can get higher quality financial advice, business planning support, and effective performance reporting by an expert whom your business could not possibly afford to hire full-time.

 

A Consultant CFO, provided by ACS Consulting, would be a world-class finance professional having an ‘A’ rated professional qualification and minimum of 15 years of post-qualification experience of working in industry, including significant experience as a CFO for a sizable business organization.

The Consultant CFO would fill-in the resource/expertise gap by performing the following functions for the client organization:

  • Optimize the systems of financial & business controls.

 

  • Evaluate & streamline key finance & business processes.

 

  • Develop and manage training programs for the client’s in-house accounting & related staff.

 

  • Implement/optimize the accounting software and other finance related ICT tools.

 

  • Build and optimize business planning & budgeting processes.

 

  • Develop a finance strategy in line with the overall business strategy.

 

  • Ensure tax and other regulatory compliance.

 

  • Develop an efficient reporting system which produces timely and accurate financial and operational information.

 

  • Perform in-depth & continuous business analysis.

 

  • Appraise projects & investments.

 

  • Build and manage an effective performance management system.

 

  • Prepare information & presentations for stakeholder groups including banks and providers of finance.

 

  • Create and manage cash flow management systems.

 

Should you pursue the outsourced CFO service model, the continuous achievement of the above-mentioned objectives will be demonstrated through following tangible & measurable deliverables:

  • Clearly defined, accurate, relevant & timely reporting available in a few days after closing the month’s business activities.

 

  • Development of a relevant set of KPIs and inclusion & availability of information on all the suggested KPIs in monthly reporting.

 

  • Real-time, anytime access to financial and performance reports.

 

  • Insights extracted from performance reports that highlight areas of concern, variances from plans, and indicating follow up needed for improvement.

 

  • An ability of the client management to regularly discuss in person or virtually through video/conference call with the consultant to seek recommendations on the steps needed for improvement.

 

  • Availability of an ongoing business improvement plan that outlines the current strategic position of the business with clear identification of new opportunities and threats in the market.

 

  • Availability of strategic as well as detailed operational business plans.

 

  • Significant reduction in the cost of financial operations.

 

It is simple, it is easy and it is fast

 

A client engages an ACS Consultant CFO or a whole team comprising of layers of expertise, on a contractual basis. The assigned consultant visits and works at client’s premises at an agreed frequency (typically, once or twice a week). On all other days, the consultant coordinates and works with his team (client’s in-house staff) remotely i.e. sitting in his own office.

 

Essentially, the consultant becomes an integral part of the client’s team and feels like just another senior employee who also sits in some other office.

Additionally, engage a whole team of outsourced accountants & finance professionals.

You can expand the scope and get rid of daunting recruitment challenges, expensive training programs and frustratingly long fruition periods. You will get a high-performing & lower cost financial team, a CFO, and the best financial management software on the market, all packaged into one integrated solution.

 

A Consultant CFO is considerably more cost effective and more efficient option than hiring a full-time professional of similar caliber.

 

Given below are some of the reasons why this option reduces business cost and enhances the efficiency of your accounting and finance function:

  • It eliminates slack time cost i.e. most mid-sized businesses do not have the need (scope of work) for a full-time CFO.

 

  • The client does not have to pay any employee related taxes or pension contributions.

 

  • The Consultant CFO would not need to be provided with any work tools (computer, mobile phones etc.) or a motor vehicle.

  • He/She would also not need a dedicated fancy office (which a full-time CFO would normally demand), happily operating out of client’s meeting room or a similar facility.

  • Gaining strategic focus would mean that your accounts & finance staff will focus on the value adding activities which will cut waste, improve productivity and reduce cost.

 

  • Well directed training of your accounts & finance team will result in enhanced innovation capacity and will drastically reduce internal and external failure costs.

 

  • Increased value adding capabilities within the team will have a positive image impact which will inevitably reduce internal friction.

 

The combined effect of above factors means nothing less than BIG SAVINGS and MUCH ENHANCED efficiency.

 

Leverage the Flexibility!

With flexible service plans, you can try-out a service frequency and level of engagement which you feel comfortable with and then decide what works for you. At ACS, we can accommodate most needs. Given below are some generic plans which could be customized for the individual needs of any client.

 

 

The consultant is engaged with an understanding that all CFO functions will be performed remotely i.e. where the consultant works with the client through technology based communication tools.

 

A virtual CFO provides massive cost advantage and feels just like a normal team player who sits in some other office. In a typical week, a virtual CFO will have a comprehensive video meeting with key members of client management and will constantly coordinate with his/her team to effectively manage financial operations. The virtual CFO will enable and maintain a robust reporting function which is kept perpetually up-to-date in a cloud environment and is accessible by management from anywhere and at any time.  

 

This plan results in massive savings and much enhanced efficiency & effectiveness.

 

 

The consultant typically visits client’s office once or twice a week and coordinates with client’s accounting/finance team remotely on all other days. This plan is the closest thing to hiring a full-time CFO that a business can have. The consultant acts, feels and behaves like a full-time employee and is thus able to provide a long-term focus.

 

This plan results in massive savings and much enhanced efficiency & effectiveness.

 

 

The consultant typically visits client’s office once or twice a week or once or twice a month (depending upon the need). On all other days, the client’s accounting/finance team works under the guidance provided during the visits.

 

The consultant ensures quality through a continuous process of training and systems implementation. This plan normally results in an even lower cost than the other options.

The consultant is engaged for a limited time (ranging between one to six months). The consultant works to develop processes, implement systems and train teams with an objective to build in-house capacity.

 

At the conclusion of the Systems Development Assignment, the consultant is relieved, and client’s team begin to perform independently.

 

The consultant is engaged for a specific project. Examples would include managing the financial aspects of a large-scale project or handling an acquisition/merger transaction.

 

Upon completion of the project, the consultant is relieved.

 

To ensure that the client’s confidential information is never compromised or passed on to competitors or any un-authorized third parties, ACS deploys water-tight employment contracts (between ACS and its lead CFO Consultants) and enters into contracts with its clients which contain comprehensive confidentiality indemnity clauses.

We take client’s confidentiality as serious as the success of our own business model and have extensive processes in place to ensure that it is never compromised.

 

Optimize your financial operations, enable effective business planning & analysis, implement sound financial controls and get clear insight into your business performance