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.
| ‘As your Chief Financial Officer (CFO) we should encourage your vision, passion, and rewards of a business well run. |
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.
Today small business has more challenges than ever before. In addition
to: daily operations, sales, and production, company resources are
stretched to their limit to keep up with financing, technology,
specialization, and competencies. Yet, the management of these service
adds 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.
Shirley A. Vaughn, CPA
@ Vaughncpa we offer a free 30 minute consultation. If you would like to speak to a CFO or one of our business planning / advisory specialists contact us today to get scheduled for your complimentary meeting.
To learn more about strategic business planning or to speak with a CFO Click the link above.
Call Shirley Vaughn, (former comptroller at a national hotel chain).
505-828-0900 or 970-667-2123.