Phil Mazur of The CFO Mission joins me today to dig into the topic of virtual CFO work for the property management industry. He’s our virtual CFO at RentWerx, so we personally use and endorse him! Pay attention to this episode to see if he and his services are right for you, too.
I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list atpropertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.
Throughout his career, Phil has worked in financial and accounting roles. Most of his jobs have been as a financial analyst, and he learned that he enjoys working as a CFO. As he’ll explain today, a CFO is very different from an accountant, and has several important roles within a company. He left his job with a Fortune 500 company once he reached a point of diminishing returns, and has been working as a virtual CFO since then.
Since Phil works with us personally, we can offer some great insight into how the process actually works. He’ll explain today what he’s done for our company (and of course, I’ll offer some insights from my perspective as well). This should give you some great insight into exactly what he’ll be able to do for you. For example, he started with the low-hanging fruit, like scanning checks, entering receipts, and doing bank deposits inAppFolio.
While lots of this is stuff that your team could do, they shouldn’t be doing it. Your team is jumping from task to task all day, so they’re more likely to make mistakes than people who are focused exclusively on these roles all day. You’re also probably paying your team more than you would be paying for this virtual service, so switching can save you money as well as time and effort. Getting these things off of your team members’ plates frees them up to add more value to your company!
Tune into this episode to learn all about the benefits and processes of hiring a virtual CFO. Phil will go into depth about what he’s done for our company and exactly what you can expect from him, both in the initial process and in an ongoing way.
Show Notes
[02:04] - Today’s guest is Phil Mazur, who joins Brad to chat about virtual CFO work for the property management industry.
[03:53] - Phil talks about who he is, what his professional background is, and what exactly a CFO actually is.
[07:18] - Brad steps in to share his experience with looking for a virtual CFO, and we learn more about what Phil has been doing as a CFO.
[09:49] - The salary for a CFO depends, but can be well over $200k, Phil explains.
[14:11] - We learn about how a virtual CFO can work out perfectly for a property management company with a low to mid-7-figure revenue.
[18:20] - Phil talks about what he’s done for Brad’s company.
[21:12] - We hear about the process of getting Brad’s software cleaned up, which Phil and his team did in a matter of weeks. Phil then talks about starting with low-hanging fruit.
[25:15] - Phil talks us through a couple specific examples of the low-hanging fruit he dealt with for Brad’s company.
[26:59] - We hear more about the initial assessment works, and what Phil looks for during that process.
[31:23] - Phil explains what someone could expect from him in terms of level of contact after the initial process.
[36:57] - Phil talks listeners through the NARPM Accounting Standard implementation.
[39:55] - We hear some background on what Phil has done with Brad and his company.
[41:55] - We learn about the specific costs involved in hiring Phil as a virtual CFO, which depend on the level of his involvement.
[46:05] - How can listeners get in touch with Phil to start working with him or learn more? Phil answers in depth, and talks about how to get a free discount!
[49:48] - What are Phil’s parting words for listeners?
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)