What is an Outsourced CFO Service?

Have you ever asked yourself the following questions?

• “The numbers look good to me, but how do I know if I’m profitable?”
• “Should I take on extra staff?”
• “Is my business scalable and efficient?”
• “The numbers don’t seem to be stacking up. Is my finance team performing?” 

If any of these questions sound familiar to you, you might be in the market for CFO services. Small-to-medium-sized businesses can always benefit from the direction and guidance of a CFO, but most of these smaller organisations just can’t afford to pay another executive. 

That’s where outsourced CFO services come into play. So what are they, and how can they help?

CFO Services Are Like Renting a CFO 

Newer and smaller businesses don’t always have enough work for a full-time CFO, but that doesn’t mean they don’t need access to a CFO’s skills and talents. In fact, when you’re first growing your business, you need CFO services more than ever.

CFO services allow you to leverage the services of your accounting firm. You get access to all that a CFO can do, but only to the extent you need it.

So What Exactly Could a CFO Do For You?

A CFO is responsible for the financial measurement systems that drive your business. But what exactly could your business gain from outsourcing this function? 

A CFO can:

• measure what matters to your business and analyses the numbers and trends;
• let you know when preventative actions are required and helps your management to create thorough processes, forecasts, and plans;
• ensure that your cash flow is managed so well that you never run out of cash or need to hastily borrow;
• report on profitability compared with targets and makes sure you operate with compliance to relevant laws; and
• liaises with you and the key decision makers and can become a key strategic adviser. 

When you don’t have to trouble yourself with reporting, compliance, budget forecasts, taxes, and cash flow, you can focus on what you do best. You can be the kind of leader you feel comfortable being, knowing that the financial direction of your business is clear and focused.

Get in touch with us at Altus Financial to learn more about outsourced CFO services and what they can do for you. We look forward to talking with you.