Hiring an outsourced Chief Financial Officer (CFO) can help save your business time. As a result, you can focus on other aspects of your business and less on finances. There are several services available that provide outsourcing. By outsourcing these vital services, your company gains access to a skilled outsider’s perspective and a fresh set of tools. An outsourced CFO can provide valuable insights to help your company grow in strength and financial security without incurring the same expense as hiring a full-time CFO. It is also less costly than recruiting a full-time employee with similar experience. Read on to learn about just a handful of the services an outsourced CFO can provide your business.
What Types of Services Can an Outsourced CFO Provide?
Outsourcing services will provide you with a highly qualified CFO. A CFO can be provided to help with any aspect you need for your business. Some common tasks an outsourced CFO would work on include:
- Forecasting and Budgeting
- Accounting Reviews
- Reviewing and Improving Cash Flow
- Maximizing Profits
- Improving Growth and Developing a Scalable Model
- Raising Capital
Cost-Effective Services
Hiring a part-time CFO allows you to save money while still benefiting from the same expertise you would gain from a full-time CFO. As they help your company grow, you can scale up their involvement with your business as needed. It’s a great option if you are trying to scale and grow your business. Not to mention the services can help you with growth capital. The CFO can also allow you to save time by providing the financial oversight of processes you were handling internally:
- Budgeting
- Paying your bills
- Processing your payroll
- Handling financial paperwork
Quick Results
Outsourced CFO services can provide fast results because they can get started on your objectives immediately. They are unaffected by your company’s success and capable of making strategic decisions faster. With their experience and skills, they are less likely to struggle with challenging, cost-cutting choices. You will be able to work with your CFO to ensure that your business goals are being achieved at a fast pace. Developing a clear outline of goals and services helps the CFO achieve goals faster. In addition, CFOs will help your business meet your financial goals quickly so you can focus on other plans for your business.
Tackle Financial Challenges
It can be helpful to bring in a CFO when you are struggling financially and need help righting the ship. The earlier you bring in expert advice, the easier it will be to get back on the path to financial health.
Issues a CFO can help remedy include:
- Poor cash flow and profitability
- High business overhead
- High client churn
- Inability to raise capital
- Debt management and loan repayment
Provide Objective Insights
The role of an outsourced CFO is to provide your business with the best financial picture. They have no personal agenda in your business and can offer advice with no bias. On the other hand, an in-house CFO may have personal attachments that limit their view. An outsourced CFO is an excellent option if you need an honest opinion on finances. They can research the business finances and offer valid information. It’s a great way to get a fair and transparent picture of your finances.
Raise Capital
Raising capital is one of the most common reasons for hiring an outsourced CFO. It is a time-consuming and challenging process, but a CFO who is outsourced has prior experience in the field. In addition, they have connections with financial backers and may be able to introduce you to funding possibilities that you would not have discovered on your own. From researching and analyzing your financial situation, creating business strategies, and assisting with negotiations, an outsourced CFO will ensure that you are prepared to raise funds and help you do so.
Are Outsourced CFO Services Right for My Business?
The benefits of having outsourced CFO services are valuable to a business. Every business should consider these services in the future. Free yourself to focus on the direction and performance of your business and let us help with all the complexities of the financial details. Contact Hayes & Associates today to learn more about how our CFO and Accounting Services team can help.
