As we pass the mid way point of 2008, I want to take a moment to touch base and thank you for your continued support. We have experienced rapid growth, largely as a result of your confidence, support and referrals. During the past several weeks I have been able to meet with many of you and introduce the newest members of our consulting team. I hope to meet with many more of you in the coming weeks. We are very proud of the team that we have assembled.

We are pleased that the Seattle/Eastside market has, over the last year and a half, embraced the vcfo model so enthusiastically. Our commitment is to continue to refine our processes, delivery and value to our clients and partners. You have continued to reinforce our belief that our ability to provide a seasoned CFO, and if needed, a controller and an office manager provides the best, most flexible solution for many companies. Thank you.

Read on for some great tips and advice from our team and partners across our different offices. We appreciate your business and our partnership and are committed to providing exceptional, experienced service.

I wish you a safe summer and look forward to talking with you soon.

Best Regards,
Jerry McGuire
Managing Director
(206) 328-8236
jmcguire@vcfo.com

When working with our clients, there are some finance issues that we come across fairly frequently. Read on for advice on avoiding these common pitfalls.

Keep your own transaction records. Financial institutions like banks, credit card processors and payroll service providers prefer to avoid the cost of providing check copies, check images, detailed transaction reports, or payroll reports. They will say, “your transactions and reports are available on-line – a click away!” What they don’t say is, “on-line usually for 90 days.” If you are going through an audit, due diligence or reconciling an account months or even years later, they often charge you a “research fee” that can add up quickly. Obtain your own hard or electronic copies at least monthly and store them on your own computers.

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Prevent unintended changes in published financial statements. Once a set of financial statements are prepared and distributed (to the board or investors) you don’t want to see them change again, but surprisingly, a previous month’s numbers can change unintentionally, and more often than you might think. One of the first steps our controllers and CFOs take when reviewing monthly financial statements is to compare the previous month in the accounting system to financial statements published and distributed. This will very often identify any differences, which can then be corrected right away. We work with our clients to strengthen the closing process in a way that prevents unintended transactions from being recorded in previously published periods.

What is the best business advice you ever received?

Bryan Menell, Founder & CEO, Fusion Learning Systems
The best business advice I ever heard is Wayne Huizenga’s mantra (Wayne grew Waste Management and Blockbuster into legendary companies). Never invest your money without investing your time. He’s obviously not fond of being a passive investor. Whenever I’m presented with an opportunity, I try to remember his advice. Only once has this advice ever cost me money, but it’s saved me a lot of time and trouble.

Steve Vandegrift, srv Holdings
By providing value to others, value will accrue to you. Taught to me by a mentor during my early business career when I was learning to sell, it has turned out to be applicable across all areas of business. Listen to what others are interested in, having problems with, have a need/want/desire for and then try to provide answers/solutions/contacts/information to them. They will remember this gesture and want to help you and others to reciprocate.

Accounting and Finance Permanent Placement

vcfo has had great response to the expansion of our Accounting and Finance Professional Placement group. We now have a dedicated team of seasoned Finance Recruiters to assist clients with their next permanent hire. The difference between vcfo’s recruiting model and many other firms is our true team approach. On each search we leverage the vcfo network and team of financial executives to identify the best candidate in the timeliest manner. Our fees are very competitive and we offer discounts for existing clients. In May, we placed five professionals into permanent positions in Austin and Dallas. Our focus is on professional level financial placements. If we can be of assistance to anyone in your network who is either a candidate or someone seeking to fill a position, please contact Shelia Thompson, Director of Financial Recruiting at sthompson@vcfo.com or 512.450.6578.