The CFO, or chief financial officer, oversees a company’s financial activities. They are crucial to maintaining profitability and managing long-term economic success. Regrettably, running a business involves more than just generating sales. It also entails managing expenses, payrolls, loans, and other financial obligations as a business owner. These responsibilities can become overwhelming when trying to handle day-to-day activities and projects. We will explain what a CFO can do for you as a business owner and how outsourcing those services is a better way to reach your financial goals.
What Does a CFO Do?
A CFO does quite a bit regarding accounting and financials, so we’ve created an easy-to-read list of all roles and tasks a CFO might undertake.
- Monitoring company budget
- Building plans to save money on taxes
- Strategic advisor on financial management and planning
- Forecasting company performance
- Focusing on keeping asset liquidity
- Risk Assessment
- Managing equipment purchases
- Line of communication with banks, insurance agencies, and supply or service vendors
Why Should you Outsource CFO services?
Every business has different needs. Outsourcing CFO services can cater to those specific needs without hindering your finances.
Saving Money
Hiring a full-time CFO can be expensive for many businesses. Salaries can range from 150,000 to 200,000 annually, a luxury most companies cannot afford. Outsourcing, on the other hand, is a cheaper alternative. Not only is the base cost of outsourcing CFO services more affordable but so is the cost of your day-to-day business. CFO services being outsourced come in with a more objective point of view. An objective viewpoint is highly beneficial if you’ve created anything, whether a product, a creative piece, or a service. They provide a fresh perspective from while being an industry veteran. By entering from an external standpoint, outsourced CFO services will make challenging yet accurate cost-reduction choices because they lack bias but have industry experience. As a result, your business is consistently saving money.
Efficiency
The lack of bias also speeds up decision-making, efficiently achieving results and financial goals. When you are stretched thin as a business owner, the last thing you want to do is make tough decisions on how to cut costs so your business can become more profitable. Outsourcing CFO services alleviates that pressure.
Cost-effective, efficient, and effective. Outsourcing CFO services is an easy decision for most companies. However, many business owners do not know where to look. Luckily, Intentional Accounting offers CFO services that match whatever you need, so we can seamlessly work with your business to achieve your goals.
Consult Us for Part-Time CFO Services!
Intentional Accounting offers experienced CFO services at an affordable price so you can run your business however you want while feeling financially secure. We are experienced in the financial and accounting industry, so contact us today to start your part-time CFO services!
