F.A.Q.

Q:  How can a part-time CFO accomplish what I’ve seen takes 40 hours a week?
A:  The truth is that most small and medium-sized organizations do not require a full time CFO once they have good policies and procedures and strong financial reporting methodologies in place. This is especially true when the company already has an Accounting Manager or Controller and a good computerized accounting system. The CFO is then required to set up policy, provide guidance and leadership, ensure compliance, analyze performance, manage risk and collaborate with other managers in achieving the desired business objectives. These responsibilities can be handled very effectively in a number of hours per week when a capable CFO’s full and undivided attention is given to them.

Q:  What happens when the part-time CFO is not on site? How can we handle all finance-related matters only one day per week?
A:  Even part-time CFOs should commit to being on site a pre-defined number of hours per week or per month to ensure adequate interaction with peers, members of the accounting team and strategic partners. Delphis’ policy is to be available unlimitedly to its clients by e-mail or phone throughout normal business hours and guarantees a 90-minute response time to all client enquiries. The finance department of a Delphis client is organized in such a way that it continues to operate without the full-time presence of the CFO.

Q:  We could benefit from having an outsourced CFO to set things up. However, we will not need one on an ongoing basis. What should we do in this case?
A:  The best solution would be to retain Delphis as a consultant to build the organization’s finance department. This is a time-limited intervention that sets up the infrastructure for the organization to continue operating without the Delphis presence. Delphis can even assist in hiring and training qualified personnel for the client.

Q:  We’re missing out on opportunities to be a stronger company but can’t justify paying a fortune for a senior financial officer. What would you say are my best options?
A:  You should meet with Delphis to assess which consulting interventions could derive the most benefits to your organization. For example, working capital may be an immediate concern. Once this is tackled and solved, additional cash resources could be freed up to revamp financial reporting or undertake other projects, or even retain Delphis as an ongoing CFO resource if there’s a cost-benefit to your company in doing so.

Q:  How can your fixed-fee rates work if everybody else insists on hourly or daily rates and provide only an estimate of the time to complete a project?
A:  The core of our working philosophy is to establish collaborative relationships with our clients. Clients will seldom feel comfortable and collaborate openly and unlimitedly if they feel this will result in longer interactions with their consultants and a bigger bill at the end of the day. A collaborative relationship puts us and our clients in a great frame of mind where we communicate openly and collaborate to achieve the desired and agreed-upon objectives. The quality of this relationship allows us to work very effectively within the fixed-fee we provide to clients at the projects’ outset.

Q:  Can Delphis be my outsourced CFO resource and also audit the books at the end of the year?
A:  No, Delphis does not provide assurance (audit) services as its focus of practice is to put itself in the shoes of the client as part of their own team. Once this is done, the independence required to act as an auditor is lost. Delphis can recommend a number of excellent audit firms to its clients and work closely with external auditors to ensure an audit proceeds in a swift and effective manner.

Q:  What’s the benefit of engaging Delphis in terms of cost-savings to my company?
A:  In the case of part-time CFO services, you will be paying a fraction of what it would cost you to have a full-time CFO on board, while still having access to most of the benefits derived from having a senior financial person on your team.
In the case of Delphis’ consulting services, the cost benefits to your organization in terms of reduced expenses, reduced risk, freed-up working capital, access to capital, etc. will exceed both the cost of our services and the costs of allocating your existing internal resources to collaborate with Delphis in attaining an intervention’s desired outcomes.