You opened your business doors for the first time three years ago, and your life has never been the same. The amount of “right decisions” you have made in this time frame is unreal. All your decisions have made your company successful, and your business is growing like a weed. With growth comes more responsibilities, employees, new buildings, and protocols. As an owner, you have your hands full, and you will need a couple more co-workers to carry your load. This scenario is an example of the time companies truly need a Chief Financial Officer. Hiring CFO services will take a considerable amount of weight off your shoulders, so you can focus more on owning and growing your rising business.
A CFO Will Take Care of Your Money
A Chief Financial Officer will take care of your business budget, accounting, and financial analysis. CFOs will take account receivables as well as oversee banking. By doing all of that, they can do any financial planning your business needs. They can watch your accounts for any fraud and see your daily register amount. If there is something that they believe you could do to better your business, they can provide that data for you. One of their duties is proposing corrective actions which could save you from any future legal actions.
Hiring CFO Services Can Save You from Legal Dispute
The Chief Financial Officer will be responsible for any legal issues you may run into. Lawsuits can happen to even the best and safest business. Unfortunately, thieves find many ways to rob a company by faking an injury or situation causing you to go to court. Your Chief Financial Officer will provide data to help prove the truth. If something wrong happens with purchasing or with your accounts, he or she is there to guide you through the process to get back any money lost. If a disgruntled customer issues a lawsuit against you, a CFO will provide you with all the information and documents you need to try to win that legal contest.
A CFO Knows How to Take Care of Your Employees
If one of your employees gets injured on the job, you are responsible for worker’s compensation. Dealing with worker’s compensation is more than just filing legal documents. As the owner of the business, you are responsible for issuing a certain amount of money to the employee for the time lost from work. You also must pay any hospital bills, but with the insurance, this will keep your business safe. On top of all those payouts, you still must find someone to fill the position until your injured employee is capable of coming back to work. The CFO is responsible for the entire process and will not allow any burden on the business. Any situations that get into insurance relations or anything to do with insurance is a lengthy process that is something you do not need to waste your time on as the business owner.
Your CFO Will Be An Insurance Gurus
A CFO’s responsibilities can continue with overseeing insurances for the business and health insurance for your employees. Business insurance is important for all the legal issues that any business is vulnerable to. Also, just like your home, the office building needs to be covered under a policy. Anything that can happen to your house can happen here, too. The CFO will handle all of this because that is what they are experienced in and have been trained to do.
Additionally, without employees, you would not have a business. A CFO can find the best health insurance for your employee that benefits everyone. A CFO will also handle any reason you may need to use it and will get with your employees about providing them with the right plan.
Your CFO Masters in Real Estate
If you are looking to expand, CFOs are even helpful with real estate. Finding a new building or property to build on will take hours out of every day, and that is just the beginning of the process. The CFO will sit down with you, collect all the information he or she needs, and find a few perfect places that fit your criteria. Since the CFO has access and is familiar with all your finances, he or she can see what you can and cannot afford. The CFO is also available for any help setting budgets for new builds or expanding. The CFO is there to assist with the entire process all the way to closing, and financial maintenance of the new building with all the people that walk through it.
A Chief Financial Officer is there to help make business growth smoother and help prevent any unnecessary issues. The CFO will help take extra stress from you, understanding that starting a business is not always pretty. As a business owner, hiring a CFO is another “right decision” to keep your business growing.