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Columbus Business First’s Fastest Growing Companies

Columbus Business First’s Fastest Growing Companies

2020 List Includes Seven FocusCFO Clients

Congratulations to FocusCFO clients Adept Marketing, Butcher & Grocer, Environmental Pest Management, JT Bates Insurance, Luke’s Automotive Service, Ohio Power Tool and Steward Construction for making the Columbus Business First’s Fast 50 List. We’re honored to ride the ride with you! Congrats to all of Columbus’ fastest-growing companies.

Acoustic Ceiling & Partition Co of Ohio
Adept Marketing
Associated Graphic
Air Force One
Amanda Manufacturing ARCOS LLC
Link Real Estate Group LSP Technologies Inc. Luke’s Automotive Service Mac Murray & Shuster MCR Medical
Mixt Solutions LLC
BBCO Design LLC
Bold Penguin Inc.
Butcher & Grocer LLC
Cats Only Veterinary Clinic
Champion Trading Group
COhatch
Donaldson Plastic Surgery & Aesthetic Solutions
Ease Logistics Services LLC
EasyIT
Environmental Pest Management
Environmental Remediation Contractor LLC
Everhart Advisors
Modern Alternative Mama, LLC (DBA Earthley Wellness)
Ohio Power Tool Inc


Pat Scales Remodeling

PRIME AE Group Inc.
RevLocal LLC
Richardson Marketing Group
Right Way Medical
Signature Closers LLC
Steward Construction Services LLC
Stratosphere Aviation LLC
Tailored Management
Facilities Management eXpress LLC
Feazel
The Gilbert Group
Hamilton Capital LLC
Homeside Financial
JT Bates Insurance Group
Test Double
Updox
Vision Communities
Williams Interior Designs Inc.
Wolfrum Roofing & Exteriors
WSA
Lehman Daman Construction Services Inc.
Lifetime Quality Roofing and Storm Restoration
Yard Solutions
Zipline Logistics LLC

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Michael Windisch Welcome

Welcome Michael Windisch

Welcome to the Team!

 

Michael Windisch is a passionate and versatile professional with over 23 years of varied finance, accounting, and operations experience. He has proven success in driving operational improvements, business growth, profit maximization, and exit strategy. Michael also has a history with manufacturing, the Energy, and Medical industries, including start-ups and family-owned businesses. He also has strong executive management experience and significant involvement with entrepreneurs and mergers and acquisitions.

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Roles of the CFO, Controller and CPA Firm

Roles of the CFO, Controller and CPA Firm

By Mike Derringer

Roles of the CFO, Controller and CPA Firm

I was asked recently to give a presentation on the differences between a CFO and a Controller, and how both are different from your Certified Public Accounting (CPA) firm. This topic seems to fit my background, as I began my career in public accounting as a C.P.A. I later transitioned into private industry, working in various accounting positions including a Controller of a public company. I eventually moved more to the finance side of the company, which led to a CFO role. Since I’ve performed all three functions, hopefully I can shed some light on the differences.

Internal – Bookkeeper

To start with, it might make sense to look at a typical bookkeeper’s duties:

• Enter vendor invoices into QuickBooks
• Run checks for owner signature
• Send invoices to customers
• Post payments

Sometimes all of the above is performed by compiling bank transactions at month end and categorizing the activities into proper buckets into QuickBooks. This can easily be accomplished by downloading your bank files. Regardless of how it is done, it is essential that every company have a bookkeeper. A lot of times you’ll see the owner performing this function, or the owner’s spouse.

Internal – Controller

As companies get larger, more complex, or advanced, they may need to up their accounting firepower and add a controller.

Typical controller duties:

• Prepare/review Journal entries for monthly activity (cash to accrual accounting)
• Prepare month end financial statements
• Develop financial controls/processes
• Prepare financial metrics/monthly reporting
• Review or prepare:

      o A/R
           ▪ Set credit terms
      o A/P
           ▪ Negotiate terms with vendors
     o Payroll
           ▪ Oversee TPA for payroll and compliant tax reporting

Typically, this person is degreed, usually with a Bachelors in Accounting. Sometimes they are a CPA, and occasionally they also perform HR duties, so they also might have a background in HR.

External – Certified Public Accounting

All companies should have a CPA/CPA firm.  CPA’s perform:

  • Audit/Review/Compilation services
  • Tax returns

    o State
    o Local
    o Federal

  • Tax planning
  • Forensic accounting
  • Other services by CPA firms may include:
    o Valuations
    o Financial and wealth advisory services
    o Consulting type projects

CPA firms have employees that are just about always certified, obtaining their certified public accountant status (C.P.A.).

Internal – CFO

Back to the internal roles – again, as the company evolves and becomes more advanced, they benefit from having on their staff a Chief Financial Officer. CFO duties have evolved greatly over the years to be more operational and strategically focused, away from the accounting and even the finance circle. Typical CFO’s spend their time on:

  • Cash flow
  • Information Intelligence
           o Profitability (margin analysis)
                      ▪ By customer
                      ▪ By product

             o Drive healthy sales
             o Proper cost control/effective ROI

Operations connected to finance

             o Connecting the finance to the business strategy

  • KPI’s
  • Strategic planning
  • Forecasting/budgets

             o Cash flow forecasting

External partnerships and relationships

            o With bank
            o With CPA firm
            o With investors

Internal department relationships

         o
Sales
         o Engineering/ manufacturing/operations

  • Financial leadership and planning
  • SWOT analysis and strategic planning
  • Financial strengths and weaknesses

 

Most CFO’s have a degree, several an advanced degree, and most have significant experience in operations, as well as finance and occasionally accounting.

Your business needs will depend on where you are in the life cycle of your company. Early stage companies require both a bookkeeper and a CPA firm. As companies grow, they should have discussions with their trusted advisors as to when they need a Controller and a CFO. All companies can benefit from having both, as both will provide a return on their human capital investment. Obviously, fractional positions and fractional firms can bridge the gap until a full-time person is needed, thus providing an even greater ROI.

Mike is an Area President with FocusCFO based out of Columbus, OH.

855-236-0600

Martin Rissman Welcome

Welcome Martin Rissman

Welcome to the Team!

 

Martin has more than 20 years of progressive experience in business administration, finance / accounting as well as operations management within startups and medium size companies in the Software / Technology and Healthcare sector. He has a track record to streamline business operations that drive growth, increase efficiency and bottom line profit. Martin possesses solid leadership, and communication skills to establish rapport with all levels of management, staff and customers.

855-236-0600