Could your business use an outsourced CFO?
When clients think of outsourced accounting services, oftentimes they think about bookkeeping. This isn’t incorrect. Chortek’s outsourced accounting services include day-to-day tasks such as general ledger management, monthly closing, financial reporting, and more. However, what you may not know is that our services extend beyond the everyday. The second layer of outsourced accounting includes serving as an outsourced CFO for your business and doing higher-level pieces of work as a result.
What can an outsourced CFO provide for your business?
Sometimes you just need a sounding board. While business owners are the ones who know their business better than anyone, an outsourced CFO can help with the financial and strategic intricacies involved in owning a business, offering valuable perspective. You could expect an outsourced CFO to provide the following, for example:
- Handling situations with your bank
- Coordinating or contributing to strategic planning
- Operational improvements
- Helping with financial issues
- Offering an objective perspective
Plus, an outsourced CFO can be a referral resource for your business. If we don’t know how to do something, chances are we can make connections and know someone else who can help. Adding an outside member to your team can mean opening the door to a whole network of new contacts.
The business benefit to working with an outsourced CFO
Depending on the size of your business, you may not need a full-time CFO. If you don’t have to have someone on staff full-time, outsourcing the service is an effective option where you only pay for the time you use. It can also be hard when you have a trusted resource in-house who leaves. Growing that relationship again can be hard. With outsourced CFO services, you don’t have a relationship with just one person. You are likely to have several people on your team who are privy to your strategic goals and needs. Even if staffing changes at the firm, you won’t have to start your relationship from scratch.
How can you start working with an outsourced CFO?
We’ve seen a lot of success stories coming out of our outsourced accounting services. Our management team has been able to help clients through difficult financial situations, serving as a go-between with lenders to develop a plan for improvements, all while monitoring along the way. If you just need that extra push in the right direction, we can also help keep your momentum going.