CFO-for-Hire Monthly Close Package
This use case describes how an outsourced CFO or advisory team can use Model Reef to deliver a monthly close and reporting package to clients.
The idea is to turn what is often an ad hoc combination of spreadsheets and slides into a repeatable, model driven workflow that covers:
Month end close and reconciled actuals.
Updated forecasts and cash projections.
Board or management level reporting pack.
When to use this pattern
Use this pattern when:
You provide CFO or finance leadership services to clients on a retainer basis.
You are responsible for monthly reporting, cash visibility and forward planning.
You want a consistent way to deliver this service across multiple clients.
This builds on the Live Actuals and Client Forecasting Pack patterns.
Architecture overview
For each CFO-for-hire client you will maintain:
Live Actuals model
Connected to the clients ledger (for example Xero or QuickBooks).
Responsibility: accurate, refreshed historical results.
Planning model
Cloned from a standard advisory template.
Responsibility: forward forecast, scenarios and valuation where relevant.
Reporting pack
Dashboards and reports exported from the planning model (and, where needed, live actuals).
Responsibility: monthly management or board reporting.
You may choose to merge live actuals and planning into a single model once the structure is stable, or keep them separate for clarity.
Step 1: Set up the live actuals backbone
Start by creating a live actuals model as described in Build a Live Actuals Model Using Xero:
Connect to the clients ledger.
Map the Chart of Accounts into your standard categories.
Import at least 12 to 24 months of historical data.
Check that P&L and Balance Sheet reconcile to the ledger within materiality.
This model gives you a reliable actuals base for monthly reporting.
Step 2: Create the planning model
Next, create a planning model either by:
Cloning your 3-Statement Advisory Template, or
Cloning the live actuals model and simplifying as needed.
In the planning model:
Bring in historicals via import from the live actuals model, PDF or CSV if necessary.
Build drivers for revenue, margin, Opex, staff, capex and funding.
Configure the valuation engine if your engagement includes valuation work.
This model will host the forward looking view that underpins your monthly advice.
Step 3: Define the monthly close workflow
For each month end, your workflow should include:
Ledger close
Client closes the books in Xero or QuickBooks.
Actuals refresh
Update the live actuals model from the ledger.
Forecast refresh
Update key drivers in the planning model based on latest information.
Optionally adjust scenarios (Base, Downside, Upside).
Pack preparation
Generate P&L, Cashflow, Cash Waterfall and key dashboards.
Extract or screenshot charts for use in documents or slides.
Review session
Walk the client through results, drivers and updated outlook.
Document this cadence with the client so expectations are clear.
Step 4: Design a standard monthly reporting pack
For each client, design a reporting pack structure that can be reused every month, for example:
Executive summary.
P&L vs last month and vs plan.
Cash position, runway and funding outlook.
Key KPIs and operational metrics.
Variances and discussion points.
Actions and decisions.
Most of the quantitative content will come straight out of Model Reef:
P&L and Cashflow from system reports.
Cash Waterfall for explanation of cash movements.
Dashboards for KPI charts.
Use the same structure each month so clients can quickly orient themselves.
Step 5: Integrate scenario and downside views
As CFO-for-hire, you are often expected to provide forward looking risk perspectives.
Implement this by:
Creating separate scenario models for Base, Downside and, if helpful, Upside.
At each month end, updating scenarios based on the latest actuals and drivers.
Including a short section in the pack that compares Base vs Downside on:
EBITDA.
Cash and runway.
Debt and covenants where relevant.
Highlighting triggers that could move the business from Base toward Downside.
You do not need to show full scenario model detail in the pack; focus on decision relevant summary views.
Step 6: Handle multi entity or group clients
If the client operates multiple entities:
Maintain one live actuals model per entity as described in the consolidation use case.
Use a consolidation model to create group level reporting.
Anchor the CFO-for-hire pack on group metrics, with entity detail in appendices where useful.
Link back to your firm standard mapping and consolidation patterns so you do not reinvent the structure per client.
Step 7: Systematise across your client base
To scale the CFO-for-hire service:
Use the same advisory template for planning models where possible.
Standardise section headings and chart layouts across client packs.
Train team members on a shared checklist for the monthly close and reporting cycle.
Maintain documentation in GitBook so that new staff can quickly understand the workflow.
Over time this turns the service into a well defined product rather than a purely bespoke engagement.
Check your work
Live actuals models remain accurate and in sync with ledgers.
Planning models are clear, documented and use consistent drivers.
Monthly packs are delivered on time with minimal manual rework.
Clients can see a clear link between reported results and the forward view.
Troubleshooting
Related guides
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