For many small business owners, the majority of their focus remains on one thing–growing their business. Although this is an important aspect of any business, there are many other characteristics that blend together to make the enterprise a success. Whether your business is big or small, one feature that should remain top priority is your business’s finances. According to the Small Business Report Accounting, 60% of the small business owners feel that they might not have enough knowledge about finance and accounting. Hiring a part-time CFO service can give you access to expert advice, and help your business strategy reach its maximum potential.
What is a CFO Service?
Most people are familiar with a CFO, and often associate it with larger businesses. The reality is, any business can and will benefit from the expert advice of a certified CFO. For smaller businesses, hiring a part-time CFO service may be more beneficial than hiring a full-time CFO. An outsourced CFO service is an outside person or persons who are hired to help you with your business’s finances. Most commonly, a part-time CFO service will oversee your businesses books, and ensure proper checks and balances to make sure that the business’s financial information is accurate. With their expert knowledge, the CFO service will be able to guide concise business decisions and provide you with the most up-to-date trends that will benefit your business the most.
How Will a Part-Time CFO Service Benefit My Business?
Hiring a part-time CFO service gives your business access to expert advice while avoiding negative financial outcomes. An outsourced CFO service can help your business reach its full potential through:
- Accuracy in Reporting: A CFO has a large amount of experience in many different industries. A part-time CFO service can recommend financial software tools that will maximize the benefits of your business. These tools can be used to create accurate reports, which can be used to make important business decisions.
- Optimized Cash Flow Management: One of the most common financial problems faced by any small business is unorganized cash flow management. This can cause open invoices to be forgotten about, and a decrease in overall cash coming into the business. An experienced part-time CFO service will be able to identify the problems causing these back-ups and can create a new system for improved cash-flow management. These subtle improvements will create a more organized system and can have the potential to increase the overall cash coming into your business.
- Reduce Security Risks: Using a part-time CFO service allows more eyes to be focused on your businesses finances. Not only does this allow for a decrease in the number of potential errors, but it also allows for increased monitoring of security threats to your business. As an experienced expert, an outsourced CFO will have the knowledge to make you aware of the secure software systems that can be used to benefit your business the most, keeping your financial information both accurate and safe.
- Greater Time Management: With their extensive experience in small business accounting, a part-time CFO service will be able to excel in financial tasks that will benefit your business, allowing you to focus your time on what only you can do–grow your business!
When Should I Consider Hiring a Part-Time CFO Service For My Business?
There is no magic profit margin or number of years in service that must be reached before a business can consider hiring an outsourced CFO service. If your business is struggling to maintain the transaction volume that your business is bringing in, it may be time to hire an outside service to lend a helping hand.
Some other signs that your business may benefit from a part-time CFO service include:
- Your company is experiencing rapid growth and your accounting team is struggling to keep up.
- Your financial statements are getting increasingly more complex.
- Your customers and or investors are asking for more detailed information that your business cannot provide.
- Your business is preparing for a merger or acquisition.
Final Thoughts
A part-time CFO service can help your business make decisions to continue to grow. It is essential to maintain accurate financial records, mistakes can create unwanted difficulties for your business. If you are struggling to keep up with proper financial tasks for your business, hiring a part-time CFO service might be the right choice for you.
Limitless Outsourced Bookkeeping Services in Gilbert, Arizona.
Looking for a part-time CFO service in Gilbert, Arizona? Limitless Investment and Capital offers a variety of skilled experts qualified to assist your business’s needs. Rather than struggling to manage your business’s books, focus your efforts on a piece of your business that only you can. Our goal is to provide you true accounting freedom. Interested in a free financial analysis? Contact us today to get started!