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All Hands 2021 Award Winners

2021 Award Winners

Congratulations to these Associates for their recent award at the FocusCFO All Hands meeting.

Client for Life Award

Gold Level

Don Cain

CFO, Central Ohio

Tom Flynn

Area President, Central Ohio

Dan Bloom

CFO, Central Ohio

Client for Life Award

Silver Level

Pat Lang

CFO, Central Ohio

Jeff Lacy

Area President, Central Ohio

Jim McKinney

CFO, Central Ohio

Client for Life Award

Bronze Level

Ric Butler

CFO, Central Ohio

Don Cain

CFO, Central Ohio

Darren Cherry

Area President, Central Ohio

Jim Collins

Area President, Southwest Ohio

Scott Davis

CFO, Southwest Ohio

Mike Derringer

Area President, Central Ohio

Jon Doerer

CFO, Michigan

Jeff Farrington

Area President, Michigan

Tom Flynn

Area President, Central Ohio

Peter Geise

CFO, Central Ohio

Greg Gens

Area President, Northern Ohio

Jim Gilbride

Area President, Northern Ohio

Jeff Lacy

Area President, Central Ohio

Pat Lang

CFO, Central Ohio

Jim McKinney

CFO, Central Ohio

Bob Palmerton

CFO, Michigan

Todd Peter

CFO, Northern Ohio

Kyle Rhodebeck

CFO, Central Ohio

Jeff Semple

Area President, Northern Ohio

Skip Vermilya

CFO, Northern Ohio

Mark Vernallis

Area President, Pennsylvania

Todd Whetstone

CFO, Northern Ohio

Lynette Zody

CFO, Central Ohio

CFO Hall of Fame

Gold Level

CURRENT MEMBERS

David Bourke

Director, CFO Services

Bruce Collen

CFO, Central Ohio

Pat Lang

CFO, Central Ohio

Lynnette Zody

CFO, Central Ohio

CFO Hall of Fame

Silver Level

NEW MEMBERS

Sherif Matar

CFO, Central Ohio

CURRENT MEMBERS

Dan Bloom

CFO, Central Ohio

Don Cain

CFO, Central Ohio

Jim McKinney

CFO, Central Ohio

Jim Zins

CFO, Central Ohio

Joe Dougherty

CFO, Central Ohio

CFO Hall of Fame

Bronze Level

NEW MEMBERS

Ed Chong

CFO, Central Ohio

Bob Palmerton

CFO, Michigan

CURRENT MEMBERS

Wendy Brugmann

CFO, Northern Ohio

Will Cooper

CFO, Central Ohio

Dean Cole

CFO, Central Ohio

Kathleen Ferry

CFO, Northern Ohio

David Gouttiere

CFO, Northern Ohio

David Green

CFO, Central Ohio

Todd Peter

CFO, Northern Ohio

Jim Rowlands

CFO, Northern Ohio

Bob Stecki

CFO, Central Ohio

Skip Vermilya

CFO, Northern Ohio

Scott Lee

CFO, Central Ohio

Walter Himmelman

CFO, Northern Ohio

Scott Davis

CFO, Southwest Ohio

Richard Murch

CFO, Central Ohio

Ric Butler

CFO, Central Ohio

Area President Awards

Rookie of the Year

Michael Stier

Area President, Carolinas

Area President Awards

Rising Star

Lesli Matukaitis

Area President, Michigan 

Mitch Willis

Area President, Pennsylvania

Area President Hall of Fame

Gold Level

NEW MEMBERS

Forest Bookman

Area President, Northern Ohio

CURRENT MEMBERS

Mike Derringer

Area President,
Central Ohio

Tom Flynn

Area President,
Central Ohio

Jeff Lacy

Area President,
Central Ohio

Jeff Semple

Area President,
Northern Ohio

Jim Gilbride

Area President, Central Ohio

Area President Hall of Fame

Silver Level

NEW MEMBERS

Jim Collins

Area President, Southwest Ohio

Bob McAdams

Area President, Central Ohio

CURRENT MEMBERS

Darren Cherry

Area President,
Central Ohio

Fred Dannhauser

Area President,
Northern Ohio

Peter Geise

Area President,
Northern Ohio

Bob Miller

Area President,
Central Ohio

Area President Hall of Fame

Bronze Level

NEW MEMBERS

Mark Vernallis

Area President, Pennsylvania

David Tramontana

Area President, Pennsylvania

CURRENT MEMBERS

Jeff Farrington

Area President,
Michigan

Bob Miller

Area President,
Central Ohio

Greg Gens

Area President,
Northern Ohio

2020 Continuous Learning Award

Exit Planning Institute – CEPA

NEW MEMBERS

Kim Cooper

CFO, Carolinas

Mark Clower

Area President, Southwest Ohio

Michael Stier

Area President, Carolinas

Randy Feger

CFO, Pennsylvania

Mike Derringer

Area President, Central Ohio

Greg Gens

Area President, Northern Ohio

David Green

CFO, Central Ohio

Lesli Matukaitis

Area President, Michigan

Jeff Farrington

Area President, Michigan

Tom Bartos

Area President, Pennsylvania

Forest Bookman

Area President, Northern Ohio

Bob Palmerton

CFO, Michigan

Mark Rust

CFO, Pennsylvania

Peter Geise

Area President, Northern Ohio

Rex Bevis

CFO, Southwest Ohio

Lynette Zody

CFO, Central Ohio

VETERANS

David Bourke

Director,
CFO Services

Darren Cherry

Area President,
Central Ohio

Mark Clower

Area President,
Southwest Ohio

Kathleen Ferry

Area President,
Northern Ohio

Tom Flynn

Area President,
Central Ohio

Jim Gilbride

Area President,
Northern Ohio

Brad Martyn

Visionary and Founder
FocusCFO

Jeff Semple

Area President,
Northern Ohio

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All Hands 2020 Award Winners

2020 Award Winners

Congratulations to these Associates for their recent award at the FocusCFO All Hands meeting.

Client for Life Award

Gold Level

David Bourke

Leadership and Support Team
Director, CFO Services

Tom Flynn

Central and Eastern Ohio
Area President

Client for Life Award

Silver Level

Don Cain

Central and Eastern Ohio
CFO

Pat Lang

Central and Eastern Ohio
CFO

Tom Flynn

Central and Eastern Ohio
Area President

Jim Zins

Central and Eastern Ohio
CFO

Jeff Lacy

Central and Eastern Ohio
CFO

Lynnette Zody

Central and Eastern Ohio
CFO

Client for Life Award

Bronze Level

Dan Bloom

Central and Eastern Ohio
CFO

Forest Bookman

Northern Ohio
Area President

Darren Cherry

Central and Eastern Ohio
Area President

Mike Derringer

Central and Eastern Ohio
Area President

Kathleen Ferry

Northern Ohio
CFO

Tom Flynn

Central and Eastern Ohio
Area President

David Green

Central and Eastern Ohio
CFO

Jeff Lacy

Central and Eastern Ohio
Area President

Pat Lang

Central and Eastern Ohio
CFO

Jim McKinney

Central and Eastern Ohio
CFO

Lyle Rhodebeck

Central and Eastern Ohio
CFO

Jim Rowlands

Northern Ohio
CFO

Jeff Semple

Northern Ohio
Area President

Bob Stecki

Central and Eastern Ohio
CFO

Jim Zins

Central and Eastern Ohio
CFO

CFO Hall of Fame

Gold Level

CURRENT MEMBERS

Lynnette Zody

Central and Eastern Ohio
CFO

Bruce Collen

Central and Eastern Ohio
CFO

NEW MEMBERS

Pat Lang

Central and Eastern Ohio
CFO

David Bourke

Leadership and Support Team
Director, CFO Services

CFO Hall of Fame

Silver Level

CURRENT MEMBERS

Jim Zins

Central and Eastern Ohio
CFO

Dan Bloom

Central and Eastern Ohio
CFO

NEW MEMBERS

Jim McKinney

Central and Eastern Ohio
CFO

Don Cain

Central and Eastern Ohio
CFO

CFO Hall of Fame

Bronze Level

CURRENT MEMBERS

Wendy Brugmann

Northern Ohio
CFO

Joe Dougherty

Central and Eastern Ohio
CFO

Skip Vermilya

Northern Ohio
CFO

Sherif Matar

Central and Eastern Ohio
CFO

Jim Rowlands

Northern Ohio
CFO

Kathleen Ferry

Northern Ohio
CFO

NEW MEMBERS

David Gouttiere

Northern Ohio
CFO

Will Cooper

Central and Eastern Ohio
CFO

Dean Cole

Central and Eastern Ohio
CFO

Todd Peter

Northern Ohio
CFO

David Green

Central and Eastern Ohio
CFO

Bob Stecki

Central and Eastern Ohio
CFO

Area President Awards

Rookie of the Year

David Tramontana

Southwest Ohio
Area President

Area President Awards

Rising Star

Darren Cherry

Central and Eastern Ohio
Area President

Bob Miller

Central and Eastern Ohio
Area President

Area President Hall of Fame

Gold Level

CURRENT MEMBERS

Tom Flynn

Central and Eastern Ohio
Area President

Mike Derringer

Central and Eastern Ohio
Area President

Jeff Lacy

Central and Eastern Ohio
CFO

NEW MEMBERS

Jeff Semple

Northern Ohio
Area President

Area President Hall of Fame

Silver Level

CURRENT MEMBERS

Jim Gilbride

Northern Ohio
Area President

NEW MEMBERS

Forest Bookman

Northern Ohio
Area President


Fred Dannhauser

Northern Ohio
CFO


Peter Geise

Northern Ohio
CFO

Area President Hall of Fame

Bronze Level

CURRENT MEMBERS

NEW MEMBERS

Bob Miller

Central and Eastern Ohio
Area President

Darren Cherry

Central and Eastern Ohio
Area President

Jim Collins

Southwest Ohio
Area President

Greg Gens

Northern Ohio
Area President

2020 Continuous Learning Award Exit Planning Institute – CEPA

VETERANS

Kathleen Ferry

Northern Ohio
Area President

Tom Flynn

Central and Eastern Ohio
Area President

Darren Cherry

Central and Eastern Ohio
Area President

NEW MEMBERS

David Bourke

Leadership and Support Team
Director, CFO Services

Jim Gilbride

Northern Ohio
Area President

Jeff Semple

Northern Ohio
Area President

Brad Martyn

Leadership and Support Team
Visionary and Founder

Mark Clower

Southwest Ohio
Area President

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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.

FocusCFO Logo 2021

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Just when you thought it was safe to go back in the water…

Just when you thought it was safe to go back in the water…

By Mike Derringer

Ever hear that expression? Kind of reminds me of our current situation. We’re open. No, we’re closed. What? Well let’s skip over that part and just say it reminds me of a story.

Many of you know that I run for fun, fitness, and for my ‘clarity break’ a few times per week. Sometimes it takes me several miles to obtain clarity, so a few years back I started running half marathons, then full marathons. Just when I thought those days were over, my wife convinced me to run one more, so we compromised on a deal to run the San Diego Marathon. My side of the deal, in exchange for running it, was that I could catch a game at Dodger Stadium, the Big A in Anaheim, and Petco Park, thus checking three stadiums off my bucket list (list completed July 4, 2018 in Seattle but that’s another story). What’s the big deal, I thought? I had run the Rock-n-Roll Marathon in San Diego a few years before (with the Leukemia and Lymphoma Society – www.lls.org) and I was training well, so I could handle it.

Or so I thought.

They had slightly changed the course and for a city at sea level, that is one city full of hills! The last four miles were uphill on the wrong way of a freeway heading back to downtown. Brutal. The sun had come out. It was humid: a total sweat fest. And you know how those people are standing there handing you water and power goo telling you ‘you’re almost there, keep going’. I’m thinking “I have 2 miles to go, just give me the dang water!”

We finally approached downtown when my wife’s watch tells her we’re at 26.0. Huh? Must’ve missed the mile marker sign. There’s another volunteer telling us ‘the finish line is right around the corner’, so we started looking hard for that finish line. But the reality was that that corner, and that finish line was still a mile away. We kept going, finally crossing the line. Exhausted. Spent. We were feeling awful, but we had made it.

Or so I thought.

My wife saw the camera – I did not, which resulted in this image. That’s my wife Natalie on the left. I learned a valuable lesson that day that I should have learned in 1973 from Yogi Berra – ‘It ain’t over til it’s over’, and that includes crossing the finish line and snapping the pic.

I did have the chance for a mulligan….
…but let’s face it, you’ll only remember one of these.

The point is this: we’re not through this yet. The finish line may feel like it’s around the corner, but it sure seems like our watch is off and we still have a-ways to go. Think long term; do your planning, take a deep breath and be ready for the long haul. This will have an end and you and your company will be stronger by your actions today.

If you haven’t planted the tree yet, stop waiting and plant it! Just be on the lookout for the photographer!

Stay safe and healthy.

Mike Derringer is an Area President with FocusCFO based in Columbus, OH.

FocusCFO Logo 2021

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