In my last post I detailed which small businesses might benefit from expert financial advice. Every single one. In this blog, I will provide concrete, recent examples.

It is the rare Worldwide Local Connect (WWLC) client who comes to us seeking a part-time Chief Financial Officer, per se. Only those so mandated by investors or Boards of Directors. The remainder are less concerned with titles, focusing on our experience and proven expertise instead. These clients seek specific financial advice, such as how to deal with:

A Taxable Income Surprise
The tax season can be an eye opener for small businesses. Some learn that they owe more taxes than expected. With insufficient money to pay the government, Client-A came to WWLC for assistance. We outlined a three-point plan of action:

Overdue Receivables Collection
Client-A has nearly $100,000 of uncollected receivables, with three customers accounting for most of the outstanding invoices. WWLC helped Client-A document its collection efforts and review possible alternative strategies, like offering payment plans/discounts, or limiting account services/access. We also introduced Client-A to one of our many WWLC partners, a leading firm engaged in collection law and judgement enforcement. This partner works on a success fee basis, with up-front costs limited to court charges and filing fees.

Line of Credit Application
Client A earned more money than expected last year. Its three-year history showed a promising trend of sales growth and increasing profitability. WWLC is helping Client-A prepare and apply for a suitable working capital line of credit with its bank.

Better Financial Oversight
Getting surprised at tax time is not unusual, but it is an indication that financial oversight has been lax or lacking. WWLC is working with Client-A and its CPA to avoid a reoccurrence of this problem.

No Integrated Budget/Reporting
Most annual budgets have been “put to bed” by late January. But what if a company has no annual budget?  It’s not unusual. That was the case of Client-B, who came to us quite recently.

In fairness, Client-B had a budget of sorts, but it was in Excel, in a spreadsheet accessible only to the financial manager. Updates were infrequent and senior management had no ready comparisons of actual results versus budget. No metrics, no KPIs. WWLC is working with Client-B to update its Chart of Accounts such that the Excel budget can be properly input into its accounting program. Once uploaded, we will create customized (QuickBooks) reports/filters and help the client integrate a better forecasting and reporting program, like Fathom or Jirav.


These are just some recent examples of the financial services that WWLC offers. Read my upcoming blogs to learn about our other small business services.  

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