Tim McLellan

Providing CFO services and Business Transition Services in Georgia

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About Tim

Tim McLellan

Cumming, GA CFO

36 Years of Experience

Direct Contact

tmclellan@b2bcfo.com

404-915-5539

Universities:

Michigan State University

Certificates & Licenses:

Certified Public Accountant

Certified Construction Industry Financial Professional

Quickbooks Pro Advisor

Organizations:

Greater North Fulton Chamber of Commerce

Cumming - Forsyth Chamber of Commerce

Construction Financial Managment Association

ReSource Commerical Flooring Dealers Network

American Institute of CPA's

Georgia Society of CPA's

Michigan State University Alumni Association

Ernst & Young Alumni

Vistage Trusted Advisor

Contact Tim Mclellan and receive a free Discovery Analysis™

  • A confidential meeting with the business owner(s), then interview company staff.
  • Look at the company’s financial information and computer systems.
  • Benchmark financial information against industry averages.
  • Create a confidential report of our findings in The Strategy Gameplan™







Tim’s Bio

Tim has over 28 years of CFO and Controllership experience, at companies ranging in size from $10 million to large Fortune 500 companies. Tim has also established and managed internal audit departments, along with a Big 4 public accounting background. He is both a CPA (Certified Public Accountant) and a CCIFP (Certified Construction Industry Financial Professional).

He has been involved with companies in several industries including commercial construction, wholesale distribution and warehousing, and manufacturers of plastics, building materials, commercial flooring and industrial products. All of these positions involved the supervision of multiple company locations, ranging from 15 - 50 sites. Tim traveled to these remote locations extensively to implement controls and monitor procedures to insure that the locations could be remotely managed.

Tim served for seven years as the CFO of Interface Inc.'s Commercial Flooring Dealer Network. At its peak, the network included 58 company owned locations and 100 plus affiliated dealers. More than 50% of Tim's time was spent on site at dealers improving their operational and financial performance. He currently serves several of these dealers as a B2B CFO® and has also partnered with a software company that has developed a state of the art package for the commercial flooring industry.

Tim has worked with several cash constrained companies to improve accounts receivable collection and customer billing, implement strict controls over inventory and purchasing, optimize accounts payable, monitor all discretionary spending, and train employees regarding the financial consequences of their day to day decisions. He has also developed detail budgets along with multi year financial projections.

He has merger and acquisition experience at both acquired and divested companies. Tim has integrated the accounting function of several acquisitions into multi million dollar companies. This involved the training and upgrading of acquired personnel along with making the existing financial systems both internal and external audit compliant.

He has also set up all accounting functions as part of a divestiture from Fortune 500 companies, including hiring additional staff, establishing new banking relationships, installing new software, and the creation of all employee benefit programs.

Tim's first priority in accounting is to publish user friendly financial data, so that all executive, sales and operations management have a clear picture of the financial performance of the company, along with a strong sense of where the company is headed in the future. Reams and reams of unreadable and inaccurate accounting reports are just a waste of time and trees.

He earned his Bachelor's Degree in Accounting from Michigan State University in 1981 and has been a CPA since passing his exam on the first sitting in 1983. He is a member of the American Institute of CPA's, the Georgia Society of CPA's and the Construction Financial Management Association. Tim has two boys in elementary school that he chauffeurs back and forth to ball games on a regular basis. He has been an Atlanta resident since 1997.

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Monthly Services for Flooring Dealers

 

Monthly Service Offering to Flooring Dealers

Work in Process (WIP) Analysis and Review –Review all open jobs on a monthly basis to indentify unusual items in WIP.  Discuss identified items with management and make necessary corrections for accurate financial and operational reporting.Assistance and Review with Monthly Sales Commission Calculation.  Assure that payments to salespeople are correct, as well as Commission Expense and Commission Accrual.  Assistance with designing Commissions Plans and what if analysis.Review all Income Statement accounts each month for unusual transactions.  Discuss with management and make corrections where necessary.Review and / or prepare account reconciliations for all Balance Sheet accounts.   Make adjustments to General Ledger if required.Review Monthly Sales Tax Calculations and Payments.

Prepare Monthly Financial Statements for Bank, Bonding Company and other 3rd parties as requested.  Statements will be prepared by the 15th of the following month. 

Provide monthly analytical comments on Operating Results.

Prepare annual budget and quarterly projections.

Income Taxes – Provide tax planning advice to minimized taxes due.  Assistance in calculation of quarterly estimated tax payments to the IRS and State.

Assistance with the selection, procurement, and implementation of the following items on an as needed basis:

 

   Computer Hardware                                      Computer Software

   Payroll Systems                                              Health Insurance and  Benefits

   General Insurance                                         Bonding

   Banking Relationships                                  Business Financing

   Exit Planning – Meeting both Short Term and Long Term Objectives


Recent Articles

Sep 18Tim McLellan

IRS Announces 2013 Small Business Audit Focus Areas

Sep 18Tim McLellan

The IRS has announced eight significant audit areas for small businesses that it will focus on in the coming year. The IRS is increasingly targeting small business underreporting, which they say is responsible for 84% of the $450 billion tax gap. 1. Fringe benefits. The IRS is completing its final year of research on employment tax compliance. Early findings from these audits indicate that employers are not reporting employees’ personal use of company vehicles on Forms 1099 or W-2. Look

Aug 7Tim McLellan

Who is Your "Accountant"?

Aug 7Tim McLellan

When you ask most small business owners this question, they usually always give you the name of the CPA Firm that prepares their taxes.  While this is certainly not a wrong answer, it makes you wonder who is in charge of the Company’s accounting on a day to day basis.   And how much does the business owner value the information provided by his accounting system and / or his accountants? In May of 2012, I started working with two new

Jul 9Tim McLellan

Who Is Your Next Draft Pick?

Jul 9Tim McLellan

How companies (or sports teams) evaluate talent is an interesting and varying process. Of course there are major differences between the two, but the parallels are relevant. There is always a pipeline of talent for scouts and coaches to evaluate and they constantly monitor it.  But how many companies have a pipeline for new talent?  Sure, there is always a coveted top level salesperson or engineer that you are trying to woo from a competitor, but do you really have

Apr 17Tim McLellan

How Is Your Company's GPS Functioning?

Apr 17Tim McLellan

Do you have a marketing and sales plan that helps you know which customers to target? With that information, have you created a budget? Do you have clear goals for the year and do you have a way of measuring your success in achieving those goals? The best companies that I’ve encountered have tremendous focus on their customers and know whom they want as new customers. In turn, their sales plan creates incentives for the sales force to work to

Mar 6Tim McLellan

Warning – Small Business Tsunami Ahead!

Mar 6Tim McLellan

In 2012, the first wave of more that 66 million baby boomers become 65 years old and will begin to draw Social Security.  By the end of 2012 10,000 people a day will be turning 65 years old.   Many of these baby boomers own their own Company.  What will happen to these businesses as the owners continue to age?  Recently, Jerry Mills, the founder of B2B CFO®, was interviewed by Morningstar on this upcoming Small Business Tsunami      See video here

Feb 10Tim McLellan

10 Reasons Businesses Fail

Feb 10Tim McLellan

Most business owners and executives I know are passionate and hard working, and failure is not in their genes.  Unfortunately, many businesses do fail, more so in today’s tough economic climate.  You should be alert to these warning signs below and understand they may be fatal if not properly addressed.   1.  Low Sales– You will be in big trouble quickly if there are not enough sales at a price high enough to cover your expenses and produce a profit.  Spend

Feb 10Tim McLellan

B2B CFO® Announces the "Smart 25" Awards

Feb 10Tim McLellan

B2B CFO Announces the Call for Nominations and Event Sponsors for the Inaugural “Smart 25 Awards”   Nominations for the Inaugural “Smart 25 Awards” are being accepted through March 20, 2012   B2B CFO, the nation’s largest CFO services firm, is accepting nominations for the first annual “Smart 25 Awards” through March 20, 2012. The award program recognizes outstanding companies and individuals for driving smart business growth in one of the toughest economies.   Honorees and finalists will be celebrated during

Jan 5Tim McLellan

Getting Fired Up For 2012

Jan 5Tim McLellan

Is your business one of the many that has gotten flabby from lack of exercise during this down turn? Have you and your business been on the sidelines the last couple of years? Sitting on the couch waiting for things to get better? Are you still waiting to see? We need to change that.  Many economists and business experts believe that things will never be the same as they were before the financial crisis. I happen to believe they are

Nov 25Tim McLellan

Announcing the B2B CFO® GamePlan™

Nov 25Tim McLellan

B2B CFO® recently introduced The GamePlan®, our unique system to help business owners thrive while reducing their overall stress level.   Businesses that have adopted The Gameplan® have experienced increased company value, greater personal wealth, and more free time, among other significant benefits. The first step of the process is The Discovery Analysis™.   The Discovery Analysis™ is a complementary first step offered free to Business Owners.   This process includes a confidential meeting with the business owner and company staff, a review

Nov 25Tim McLellan

The 5 C's of Credit

Nov 25Tim McLellan

One of the most common questions among small business owners seeking financing: “What will the bank look for from me and my business?” While every bank has its own unique criteria, many use some variation of “the five C’s of credit” when making credit decisions. Broadly speaking, they are: Character Cash Flow Collateral Capitalization, and Conditions Let’s take a look at each of these ingredients and review how they may impact your funding request. Review each category and see how

Nov 7Tim McLellan

When Should you Hire a CFO?

Nov 7Tim McLellan

On October 26, The New York Times published an article titled, “When Should a Small Business Hire a Finance Chief?” This piece deals primarily with growing businesses and some of the major issues they confront. I recommend this article as a good summary of the complex range of issues that all small businesses face.  The article defines a number of tipping points that confront companies as they grow. But the primary issue was summarized by one business owner, who said:

Oct 21Tim McLellan

2012 Is Coming…It's Budget Time

Oct 21Tim McLellan

I remember those days preparing the annual budget at some of the large corporations that I used to work for.   The majority of the budget process consisted of taking current year amounts and multiplying them by a factor for inflation.  I would take current year numbers and assume 3 – 5 % inflation for the next year, and I was 90% done with the budget.   But is that really any way to prepare a budget?   The budget should represent a

Sep 21Tim McLellan

Is Your Customer Too Big to Fail?

Sep 21Tim McLellan

All businesses have large key customers.   Business owners spend a lot of time managing the relationship with these customers because they provide significant amounts of revenue and profit to the business.  But a customer can get too big, and cause significant problems for your business when the relationship sours, either financially or operationally. Here are some examples of what can happen when a company becomes too reliant on one customer: Company XYZ performed specialized building wiring services for a Fortune

Aug 25Tim McLellan

B2B CFO's Founder Named Top 100 Small Business Influencer

Aug 25Tim McLellan

Phoenix, Ariz.,  August 23, 2011  —   Jerry L. Mills, founder and chief executive officer of B2B CFO was named  among the “Top 100 Small Business Influencers” in North America in an inaugural awards program created jointly by Small Business Trends and Small Business Technology.   Small Business Influencer recognition was established to honor companies, organizations and people who have made a significant impact on the North American small business market. Over 125,000 votes were cast, on behalf of 520 nominees.  

Aug 4Tim McLellan

Do You have a Coach or a Scorekeeper?

Aug 4Tim McLellan

It’s finally getting to my favorite time of year – football season!   At the College and NFL level, there are teams that are consistently good every year, despite the turning over of 5 – 10 key players each year.   So how do these teams stay consistently good?   It’s the coaching!   Well, and maybe the front office in the NFL.  In business, there are also a lot of companies that are consistently good.  Business is no different than sports; its good

Jun 21Tim McLellan

Combating Check Fraud

Jun 21Tim McLellan

I always say that you can make mistakes 100 times faster with a computer that you could in the BC (before computer) age.  You can also commit fraud 100 times faster.  I hate to say it, but most of my clients experience some type of check fraud at least once a year.  So if you think there is no check fraud against your company, you probably aren’t looking hard enough!  All of the information needed to create a fraudulent check

May 24Tim McLellan

Do You Need a CPA or a CFO?

May 24Tim McLellan

I have a friend whose wife graduated from Chiropractic College in 2008.  Soon after graduation, she opened her own practice.  Alot of time in 2008 was spent marketing the business and equipping the office.  At the end of 2008, my friend took his taxes to a local CPA firm.  The CPA concluded that the business didn’t make any money in 2008, so no taxes were due. In 2009, the business did a little better, but still lost money for the year. 

May 18Tim McLellan

Competitive Advantage or Not?

May 18Tim McLellan

I work with a software company that designs state of the art software for the retail and commercial flooring industries.  The software handles all aspects of a flooring business including estimates and proposals, sales order and invoicing, inventory and accounts payable, installation crew scheduling, and of course accounting.  All of this software also works seamlessly on your iPad or iPhone.  So any business owner who invests in this software will be light years ahead of his competition who is struggling

May 9Tim McLellan

What is the Real Unemployment Rate?

May 9Tim McLellan

This question comes up all the time when I have a client trying to hire someone.  They all state that it is very difficult to find quality employees despite the unemployment rate being near 10%.  I have a manufacturing client that has a starting wage of about twice minimum wage, along with very good fringe benefits.  Business has picked up, and they are looking to hire three people.  Word hit the street and there were about 6 inches of job

May 2Tim McLellan

No Bills Over $20 Accepted

May 2Tim McLellan

How many times have you seen this sign posted in a store or restaurant?  Do you ever wonder what the real reason is for this sign?   You quickly say, of course I do.  The business wants to keep minimal amounts of cash in the till in case the place is robbed.  Or you might say that someone may come in with a counterfeit $50 or $100 bill.   I say you are all wrong. The business has the sign posted because

Apr 14Tim McLellan

Growing Your Business in 2011

Apr 14Tim McLellan

Last week I was having a discussion with the Owner’s son of a family owned business.  The son recently joined the business after receiving his MBA.  The business runs quite well on a day to day basis, so at this point the son is charged with strategic planning and growing the business for the future.  He proudly tells me that the business has made a decent profit and generated some excess cash the last few years, in spite of the

Mar 15Tim McLellan

Do You Get Along With Your CFO?

Mar 15Tim McLellan

I was having lunch a couple weeks ago with a banker named James.  James asked me if I got along with the Owner at all of my clients.  My quick response was, “of course I do!”  James then replied that the best CFO’s / Controllers don’t always see eye to eye with the business owner.  James tells his customers to make sure that they don’t have a “Yes Man” as their CFO. I thought about that conversation for a while,

Feb 14Tim McLellan

Turning Sales to Cash: Accounts Receivable Management

Feb 14Tim McLellan

Small business owners work hard to grow their businesses.  They focus on important facets of their business such as product/service quality, customer satisfaction, business development, etc.  If they aren’t also keeping an eye on the cash flow, however, they could be on a path to troubled times ahead.  I’d like to offer up a few tips on managing accounts receivable to maximize cash flow into the business. First, take a look at your customer contracts and payment terms.  Understand the

Jan 11Tim McLellan

A Business Lesson from Van Halen

Jan 11Tim McLellan

I recently read a very good article by Dan Heath and Chip Heath, published at www.fastcompany.com [see the full article here].  And to give credit where credit is due, I also used the title of their article as the title for this posting.  The entire article is worth reading and I encourage you to read it.  But let me give you the highlights here. If you grew up during the 80’s, you probably heard of the notorious “Van Halen M&Ms

Dec 13Tim McLellan

Profit is Just an Opinion

Dec 13Tim McLellan

I attended a seminar a couple weeks ago titled “Cash Flow Enhancement.”  The instructor kept repeating the phrase “Profit is just an opinion, Cash Flow is a fact!”   My first reaction was very defensive.  After all, I’ve been doing accounting for 30 years, and I know that I can measure a company’s profitability pretty darn accurately on a monthly basis.  Heck, I’ve even had auditors come in and review my work and say that the company’s reported profit for the

Oct 29Tim McLellan

Henry Ford said

Oct 29Tim McLellan

If I had asked people what they wanted, they all would have said faster horses.

Oct 27Tim McLellan

Socialism…

Oct 27Tim McLellan

Seen on a bumber sticker this weekend: “The problem with socialism is that the haves eventually run out of money”

Oct 25Tim McLellan

Home Health Care Workers

Oct 25Tim McLellan

Did you know that 35% of home health care workers don’t have health insurance?

Oct 25Tim McLellan

CFO vs Controller vs Accountant

Oct 25Tim McLellan

Last month I published a newsletter titled “What Should a CEO Do?  After thinking a while, the same question can be asked about the CFO.  I run into business owners all the time that tell me they “have a CFO”  or they “have a Controller.”  Then I asked them what this person does. I find out that the CFO or Controller is keying in Accounts Payable Invoices, entering in Payroll hours each week, sending out invoices to customer, and if he /

Oct 25Tim McLellan

Where is Your Profit Hiding?

Oct 25Tim McLellan

Where is Your Profit Hiding?   I ‘ve been spending some time lately analyzing gross profit $’s and margin %’s.  It’s interesting, because even if gross margin is trending in a relatively flat line, you may not be seeing the whole picture from 30,000 feet.  Whether you see your gross margin increasing, decreasing, or holding steady, you may want to do a little research to determine if the results are truly what they should be.  The issue is that there could be hidden

Oct 18Tim McLellan

Know Any Companies That Ran Out of Cash?

Oct 18Tim McLellan

Know Any Companies That Ran Out of Cash?  AIG Insurance General Motors Citigroup Chrysler Bank of America XYZ Homebuilders ABC Industries Joe’s Restaurant BP Oil – pending What do all of the above companies have in common?  All of the above companies ran out of cash.  Whether you are a multi billion international company, or a Mom and Pop local company, you are still subject to a very simple business rule.  If you are out of cash, you are out

Oct 11Tim McLellan

Sample Benchmarking Report

Oct 11Tim McLellan

All businesses should have financial systems in place to measure performance on a monthly basis.  You can always compare your company’s  results to last year, last month, or the current year’s budget.   Now, through services provided by B2B CFO®, you can benchmark your company to other companies in the exact same industries.  Please see the below benchmarking report: Example Benchmarking Report

Oct 11Tim McLellan

Monthly Services for Flooring Dealers

Oct 11Tim McLellan

Monthly Service Offering to Flooring Dealers Work in Process (WIP) Analysis and Review –Review all open jobs on a monthly basis to indentify unusual items in WIP.  Discuss identified items with management and make necessary corrections for accurate financial and operational reporting. Assistance and Review with Monthly Sales Commission Calculation.  Assure that payments to salespeople are correct, as well as Commission Expense and Commission Accrual.  Assistance with designing Commissions Plans and what if analysis. Review all Income Statement accounts each

Oct 11Tim McLellan

What Should a CEO Do?

Oct 11Tim McLellan

What Should a CEO Do? I was recently asked by an investor for one of my clients, “What does the CEO do?”  Rather than answer the question about the current CEO, I began thinking about what the CEO should do.  I see it all the time. The everyday tasks end up consuming the CEO’s day, rather than long term, strategic activities. I see it with controllers, bookkeepers and possibly all workers. It is often easier, and more comfortable to do

Sep 16Tim McLellan

A Checklist for Increasing Profits

Sep 16Tim McLellan

  We’re wrapping up the Summer of 2010, and that means one thing.  You should now begin planning your 2011 budget.  While 2011 may be a better year for your business, you should not assume so without first carefully looking at your business, your competition, and your customers.  At a minimum, prepare a contingency plan . . . but more about that in a future article. The principal reason to budget is to help you focus on everything you do