FINANCIAL CAPACITY PROGRAM

The finance function is a cornerstone of enterprise business operations. The program is driven by a CFO (Chief Financial Officer) Finance Capacity Agenda. The Finance capacity agenda is a list of essential items on accounting and finance executives’ docket in pursuit of practical and compliant financial infrastructure.

The agenda is executed as a comprehensive full-service finance and accounting implementation strategy led by a CFO with an experienced staff dedicated to helping organizations build a solid financial foundation through implementing rigorous financial controls, creating accurate financial statements, and designing and maintaining detailed financial projection models while providing overall prudent financial management. As the third-party finance and accounting firm for our members, we will leverage the experience of finance and accounting professionals to oversee the Organization’s finances, assist in ensuring its financial well-being, and provide economic scalability as the Organization expands.

APPROACH

Assessments are necessary as each company is different regarding the current state of finance, and not all items on the change agenda may be applicable. Similarly, the strategies are also influenced by the type of industry, the geography, the structural issues, the regulatory burdens, and potential internal capacity. Finally, step-by-step navigation to get businesses from the point of departure to the point of arrival by taking a set of actions, implementing some activities, and achieving some outcomes, in a planned sequential manner.

DELIVERABLES

For 10-15 Utah Black Chamber businesses for 6 Months. Financial Capacity will identify, structure, and build an accounting system to include activities related to finance within a web-based financial accounting system to ensure the company accounts for all finances and makes well-informed decisions. The infrastructure design aims to keep a track record of all financial transactions for future reference.

APPLICATION DEADLINE

December 31, 2024

PROGRAM TIME FRAME

January 2025 -July 2025

Today, the need for black businesses to manage finances better and foster an ability to be nimble in business models and regulatory burdens are driving the market for transforming the stodgy and old finance function into agile, transparent, responsive, and employee-centric service and a prudent strategy and sound planning critical to success.

Implementing and transforming accounting and finance functions are often an in-depth and invasive exercise, particularly as it impacts one of the company’s most valuable resources – its finances and cash flow. Furthermore, the scope and the extent of implementation or transformation – operating model, processes, systems – could exponentially increase opportunities for revenue, expansion, and growth. This program is designed to leverage an integrated Finance framework to mitigate risk and improve the odds of success.

GOALS

  • Reduce the amount of risk and failures that afflict black businesses disproportionately.

  • Map finance capabilities to identify the desired state of the finance area and align them to business capabilities

  • Transform the finance function from keeping historical accounting records to becoming a strategic support function that enables scalability, new business models, providing decision support, and promoting corporate actions.

The infrastructure will allow for financial:

  1. Policies and Procedures

  2. Accounting

  3. Budgeting

  4. Internal Controls

  5. Organization

  6. Management

  7. Auditing

  8. Controlling and Distribution

  9. Planning, Projections, and Forecasting