Outsourced CFO & Controller Services in Orlando, FL

Worth Knowing

What CFO and Controller Work Usually Covers

CFO and controller work starts where the monthly books stop: it uses the reconciled numbers to plan. What it includes for your business is set out in a proposal after the free consultation, based on the services you need.

The four parts of the job

This kind of work usually covers four things. Budgeting sets a plan for revenue and spending, and monitoring compares each month’s actual results with that plan. Performance reporting tracks a short list of key performance indicators (KPIs) on a regular schedule. Profitability analysis splits results by service or product line, so you can see which parts of the business make money. Cost review goes through recurring costs line by line.

Why CPA-led advisory is regulated in Florida

Section 473.302 of the Florida Statutes counts tax, management advisory and consulting services performed by an actively licensed CPA as the practice of public accounting. So when a licensed CPA gives management advice in Florida, the state treats it as part of public accounting. Drew Green is a Certified Public Accountant and is listed in the IRS Directory of Federal Tax Return Preparers with Credentials.

Choosing a business structure

The IRS names the sole proprietorship, partnership, corporation and S corporation as the most common business structures, and the limited liability company (LLC) as a structure allowed by state law. The structure decides which federal income tax return the business files. A corporation, or another entity eligible to be treated as one, that wants S corporation status makes that election on Form 2553.

Owner pay in an S corporation

The IRS says an S corporation must pay a shareholder-employee reasonable compensation for the services they provide before it makes non-wage distributions to them. Where the owner works in the business, the salary figure affects both the cash plan and the S corporation’s return.

The tax dates a cash calendar has to hold

Federal estimated tax falls on the 15th day of the 4th, 6th and 9th months of the tax year and on the 15th day of the 1st month after year end. Employers file Form 941 every quarter and Form 940, for federal unemployment tax (FUTA), once a year. Florida employers also file Form RT-6 each quarter for reemployment tax, which applies only to the first $7,000 of wages paid to each employee in a calendar year.