When it comes to managing a business, entrepreneurs and business owners are often juggling a million tasks at any given moment. Strategically reviewing and assessing finances is typically top-of-mind but often gets pushed to the back of the to-do list. This is where CFO accounts & services come in, the powerful service offering that handles the strategic, analytical and tactile aspects of a company’s financial department.
Unlike accounting, which encompasses activities around AR, AP and maintaining financial records, chief financial officers (CFOs) have a broader skill set that includes financial modeling, forecasting, planning future growth and business strategies and risk management. A CFO is also a leader, providing strategic guidance and recommendations to the CEO gst filing – CFO Accounts & Services and other executives on organizational direction.
A CFO’s role is to manage a company’s cash flow, which means balancing outgoing payments with incoming revenues. They are also responsible for creating projections based on internal and external data inputs such as sales trends, labor and HR costs, raw material pricing, supply chain disruptions and shifts in market demand.
CFOs work with many stakeholders outside of the company, including bankers, investors and insurance agents. As a result, they must be great communicators with the ability to clearly convey complex financial data insights in ways that non-financial professionals can understand and easily digest.
As a company grows, it becomes more important for key stakeholder to have easy access to accurate and organized financial information. This is where a CFO’s leadership comes in, helping to create a well-oiled financial process that allows for easy reporting. CFOs will also create dashboards for all departments to monitor business performance and forecasting, ensuring that a company is always in control of its finances.
Ultimately, CFOs are responsible for identifying potential risks to the organization, which include things like fraud, non-compliance, cash flow shortages and UBIT liability. They are highly trained to recognize these risks and to help a company avoid them.
The average cost of a full-time in-house finance and accounting team can be as much as $800,000 per year for a small to mid-sized business. This includes salaries, payroll taxes, health benefits, vacation time, IT costs and office space. An outsourced CFO and accounting firm can cost significantly less than that, providing the same level of service while saving a company money.
Outsourced CFO and Accounting services can transform your back office into a profit center, providing you with powerful financial insights and empowering you to make data-driven decisions that improve your bottom line. Contact Froehling Anderson to learn more about how we can provide you with a full-service, outsourced CFO and Accounting team that will save you time and money while delivering a better level of service to your key stakeholders. Click here to schedule a call with one of our team members. We’ll discuss your specific needs and see how we can help you take your business to the next level. The information you provide will remain confidential.