Knowledge, Not Overhead: Outsourcing Your Chief Financial Officer

Many businesses struggle with considering or affording a full-time Chief Financial Officer. However, the benefits of insight and guidance that a true CFO provides to a business to help in laying the foundation for growth, profitability, and internal systems can far exceed the cost, especially if that role is outsourced.

Many growth-oriented businesses explore using outsourced CFO services from a firm like Price CPAs. Outsourced services from a professional provide objective perspective, training, and valuable management insight for a myriad of issues and all without the full-time cost, recruiting risks, or training expenses. Professional experience and knowledge are available without the full-time overhead.

Technology has made the availability and use of CFO services an even more attractive option for many businesses. It is a quick, easy, efficient, and cost-effective approach. Certainly in-person meetings are always necessary for management discussions and planning, but much can be accomplished through access to company information online.

So, what exactly would be included in outsourced CFO services? There are significant contributions to be made, including the following:

• Serving as a trusted source of expertise for financial and strategic matters
• Support and oversight for your accounting staff of one or more
• Oversight of all financial aspects from receivables, payables, and payroll through the production of timely financial statements
• Development of internal controls to safeguard assets and deter fraud
• Planning, budgeting, and staffing for the future
• Negotiation of leases, financial. and employment opportunities

A CFO in an outsourced role provides business owners with the financial acumen necessary to be successful. Business owners can better focus on running and growing the business with confidence in the financial statements and advice from their CFO. Additionally, the provided statements and reports can create a clear picture of the company’s financial standing and some related trends.

Price CPAs currently offers outsourced CFO services to several clients. Brett Henry, CPA, MBA, has extensive accounting experience and would like to talk with you about providing CFO services for your company.  Email Brett (brett@pricecpas.com) or call him directly (615-577-6643) to see how Price CPAs can add value to your management team.

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