Are you aware that companies can outsource many different functions? These include finance, human resources, and public relations. Besides the broad range of outsourced services, allow us to introduce a specific type of outsourcing service – CFO services. Having an experienced CFO is important in every company. With outsourced CFO services, your company will be able to involve a CFO whenever you need one.
Situations that Call for Outsourced CFO Services
While some companies thrive with an in-house CFO, others do better by using outsourced CFO services. Here are some situations in which you would want to outsource CFO duties:
- Your business is kicking off well and you are too busy to handle the CFO duties.
- Business decisions in your company are made based on intuition due to a lack of expertise in financial analytics, thus neglecting the importance of data-driven decisions.
- You have acquired capital from investors and need to provide financial data to various stakeholders. However, you do not have the skills to go about doing so.
- Your small business has been relying on a one-person finance team and they just resigned. You need someone who can quickly understand your company’s financial statements and provide financial planning and analysis services.
- You need an external consultant to objectively identify the weaknesses in your business and recommend strategies to improve.
Make Better Decisions with Your Financial Data
As a business owner, every decision you make will determine how well the business will survive. Hence, it is crucial to have access to accurate and useful financial information to make wise data-driven decisions.
Consider a scenario whereby you have to decide how to distribute funds to different projects. Having a strong finance team will allow you to understand the profitability of each business by analyzing financial data and make the best decision for your business. If the finance team in your company does not have adequate capabilities in doing so, acquiring outsourced CFO services is the way to go.
Outsourced CFO services include:
- Evaluation of business feasibility
- Business valuation
- Managerial accounting, such as planning and budgeting
- Preparing financial statement reports
- Advisory on equity and its respective debt to equity ratio for the business
Do You Require Outsourced CFO Services?
For many companies, having a capable CFO is important in deciphering complex financial data. However, hiring an experienced CFO can be expensive or redundant at times. If your business is backed by a small finance team and cannot afford to hire an in-house CFO, you should definitely look into outsourced CFO services.
Are you looking to acquire outsourced CFO services that are tailored to your business and industry? Fourlane provides expert CFO services to help businesses gain valuable financial insight. Contact us today to request a free consultation, price quote, or let us know how we can help you.