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According to one report, more than one-third of U.S. companies outsource at least one core business function. From payroll and accounting to HR and customer service, there are many processes you can trust to an outside expert.
Have you ever considered outsourcing your financial operations?
Outsourced CFO companies give you access to professionals who can guide your company's finances successfully, using insider knowledge and industry expertise to help you make sound investments and decisions.
Today, we're taking a closer look at how these services work and what to expect.
Why Outsource Your CFO Function?
Whether you're at the helm of a small tech startup or a Fortune 500 enterprise, there are many reasons why you may want to trust proven financial experts to manage your CFO function. Some of the top ones include:
- Your business is in its growth stage and you don't have the time or bandwidth to oversee these efforts
- You run an established business but don't have a CFO or only have a small internal accounting/finance team
- You're preparing to close a big deal (e.g. selling a portion or all of your company) and you need support
- You're not meeting your financial goals and you need help understanding why and implementing changes
These are only a few of the reasons you might be thinking about bringing an outsourced CFO on board. If you don't need these services on a full-time basis, you can also consider hiring a fractional CFO. Also known as part-time CFOs, these experts normally lend their expertise to a company or startup temporarily.
Services Outsourced CFO Companies Can Offer
There are many benefits to hiring outsourced CFO services. When you trust this part of your business to an outside team, some of the services they can provide include:
- Financial planning and analysis (e.g. budgeting and forecasting)
- Preparing for audits
- Optimizing pricing and cost structures to increase margins
- Analyzing current financial data capture and reporting systems
- Supporting and advising on capital-raising efforts
- Advising on risk mitigation techniques to ensure financial stability
- Evaluating the overall financial strengths and weaknesses of your company
- Assessing the financial viability of new business development ideas
- Negotiating with banks and lenders on behalf of your company
- Developing financial reports and presentations for the C-Suite or Board
- Creating quarterly and annual financial reports
- Advising on merger and acquisition (M&A) opportunities
Not all outsourced CFOs will provide every service listed above. It's important to share your needs with each prospective company and learn what they can offer before entering into a contract.
Learn More About Our CFO Services
Managing every aspect of your company's accounting and finances can get exhausting, especially if your team is still small and growing. With so many other tasks tugging at your attention, it can be challenging to give this function the time it requires.
However, financial stability is the backbone of your organization, and it requires a careful, considerate approach. Outsourced CFO companies allow you to focus on mission-critical tasks, confident that your accounts are in competent hands.
If you need help overcoming an accounting challenge, Adventum can help. Our fractional CFO services have helped Tampa and Orlando-based organizations just like yours get back on their financial feet. To learn more about our services, contact us today.
