Poor financial management is a common issue that impairs the roadmap to sustainable business growth and development. Often, decision-makers fail to pull the numbers together, limiting their ability to recognise opportunities and risks they should watch out for.
While the accounting staff might be doing an exceptional job with compliance and tax issues, they generally lack the knowledge and experience to generate numbers and reports that could accelerate business growth.
The Need for a CFO
A Chief Financial Officer or CFO with industry experience is what you need to have access to that valuable information that could take your business to the next level. However, experienced full-time CFOs don’t come cheap. For small to medium-sized businesses, hiring one might not be very economical.
A smarter alternative to having financial experts backing your business decisions without hiring a full-time CFO is to contract CFO services. But what are CFO services? Does your business require such professional services? Let’s take a look-
What are CFO Services?
Contracting CFO services means outsourcing the CFO function of your organisation. It provides you with access to an experienced finance leader and a team of professionals who could help your organisation with their finance, accounting, operational, and business guidance.
The CFO services are often available on a flexible engagement model. It means that you can increase or decrease the involvement of the contracted CFO as per the needs of your organisation. With CFO services, you can get expert assistance for-
Financial Planning & Analysis
Financial Statements & Audit Closure
ERP Evaluation & Implementation
Controls & Compliance
Funding & Valuation Activities
Does Your Organisation Need CFO Services?
If you can relate to these signs, your business could immensely benefit from CFO services-
Your Organisation Lacks a Finance Expert
You need someone with extensive knowledge, experience, and interest to handle accounting, bookkeeping, budgeting, and compliance effectively. If you mostly rely on your accounting staff for these critical duties, maybe it’s time to consider professional CFO services.
The Financial Data to Make Important Business Decisions is Missing
You need accurate and timely information regarding your organisation’s budgets, cash flow, forecasts, and payroll to make effective business decisions. If staying on top of the books is something you’re struggling with, CFO services can help.
You’re Growing Faster Than Expected
Rapid growth has a quick and dramatic effect on business needs. If you feel like the current growth is beyond your expectations and things might spiral out of control, it can be a good time to bring in the expertise of a CFO.
You’re Growing Slower Than Expected
If business growth is not in line with your expectations, it is another reason to contract CFO services. You might need an improved growth plan built around your current capital, competition, market conditions, and projections. CFOs can offer their expert insights to create an actionable plan.
IPO or Merger on the Horizon
The financial function becomes more complex as the business evolves and expands. For instance, your books should be in order for critical business events like IPOs and mergers. Hiring CFO services can be a solution if you don’t have enough time to search for and hire a CFO before such events.
Streamline Business Finances with CFO Services
While the services of a CFO are critical to business growth, you don’t need a full-time employee for the position. Outsourced CFO services are a more cost-effective alternative to ensure your organisation has access to the professional services of the best CFO talent and a pool of finance experts who can help you make informed business decisions.
Look for a reputed business advisory and consulting firm that offers CFO services to learn more about how the services can transform your finance function and support sustainable growth.