Outsourcing a company’s accounting and bookkeeping is not a new concept. In fact, outsourced CFO Services or hiring a virtual CFO has become very popular and seen significant growth for both consumers and providers in the last ten years. Improvements in internet connectivity and cloud based storage and applications and other technological changes have made this option a great one for small and medium-sized businesses. Some of the benefits in outsourcing a CFO for your company include:
1. Providing information to management that may not have been available before. Some of these are planning reports and meetings; formulating long term business plans; preparing budgets; Key Performance Indicator (KPI) analysis; benchmarking; and team development.
2. Interpreting financial information and aligning it with company and management goals.
3. Managing risk and conducting risk assessments.
4. Working with banks to obtain your financing @ the best rates.
5. Generating the basic financial information and statements.
6. Efficiently processing most or all of the mechanical parts of record keeping by assuming responsibility for the business accounting function. This may include accounts receivable and payable, payroll, and general ledger processing.
7. Keeping abreast of the new technologies that decrease the inefficiencies of your company.
Yet many small-to-medium sized business owners may not be aware or have not investigated the benefits of this cost effective method of enhancing their accounting and finance departments.
Small business has more challenges than ever before. In addition to daily operations, sales, and production, company resources are stretched to keep up with financing, technology, specialization, and competencies. Yet, the management of these services add nothing to the bottom line and may not be cost effective. Sending these types of services to outsourced providers lets your business concentrate on the things that are most important to the bottom line.
‘Our view of Outsourced Chief Financial Officer (CFO) includes encouraging the vision, passion, and rewards of a business well run. We offer these services to businesses of any size and have experienced CFO’s available to work with your business.’
Call Shirley Vaughn, formerly a comptroller at a national hotel chain, at 505-828-0900 or 970-667-2123 to work out the holes in your business.