Establish Internal Controls – Part II

How a part-time CFO can create internal controls for you 

The CFO Centre will provide you with a highly experienced senior CFO with ‘big business experience’ for a fraction of the cost of a full-time CFO. This means you will have:

  • One of Canada’s leading CFOs, working with you on a part-time basis
  • A local support team of the highest calibre CFOs
  • A national and international collaborative team of the top CFOs sharing best practice (the power of hundreds)
  • Access to our national and international network of clients and partners

Which financial ratios should you track?

Running head here xxx In particular, your part-time CFO will help you to create the necessary controls framework in your business. He or she will:

  • Explain what ‘internal controls’ are and how they will benefit the business going forward.
  • Share proposals about the delegation of duties and responsibilities to employees.
  • Build a plan which creates more time for you to devote to your strengths.
  • Work closely with you to suggest the most appropriate role/responsibilities for you to take on.
  • Create systems across the business for managing various procedures.
  • Install systems for monthly control accounts.
  • Establish monthly KPIs (Key Performance Indicators).
  • Establish processes for creating monthly management accounts.
  • Review computer systems and software to ensure that they are robust and will allow for growth in line with the plan.
  • Establish a system for expenditure and associated authorization/sign-off.
  • Design systems for investment approval.
  • Design systems for new customer approval.
  • Implement control procedures to ensure customers are paying you correctly and on time.
  • Design systems for meetings, including board meetings.
  • Create reports for customer and product profitability analysis.
  • Create a system for cash flow forecasting and monitoring, including early warning system for peaks and valleys.
  • Establish and review budgeting forecasts.
  • Review government grants and incentives regularly.
  • Design a system for receiving quality advice from third parties regarding tax, Human Resources, IT, and Health and Safety on a regular basis.
  • Review insurances to ensure the best possible coverage to limit risk.
  • Establish Human Resource systems.
  • Design and implement relevant Shareholders Agreement.
  • Design and implement credit control procedures.
  • Translate all figures and data in a way which makes sense to you.
  • Ensure brands and IP are protected.
  • Oversee the installation of new systems.


Putting the right systems in place allows you to see the business from a much clearer vantage point. Decisions to grow the business can be made in the knowledge that the underlying model is scalable and robust.

A part-time CFO from The CFO Centre will work with you to redesign your company’s architecture and give you some space to move in. That will allow you to go from working in a job to managing a stable, healthy business.


Establish internal controls to protect your company now!

Without internal controls, your company is vulnerable. A part-time CFO can help you to create a strong internal control environment. Book your free one-to-one call with one of our part-time CFOs now:
tel. : 514 906-8839
email : [email protected]

Hire a superstar part-time CFO

To help you increase cash, profit and valuation and free you up from the burden of day-to-day operations.