Outsourced CFOs: When Does Your Business Need One?
Profits aren’t the only thing that changes as your business grows. There comes a point when simple spreadsheets or software may no longer be enough to handle your finances. If your company is outgrowing its current structure, an outsourced chief financial officer (CFO) can help you make the transition to a robust system that keeps up with your company’s finances. Learn more about what these professionals do and why more business owners are choosing this option.
What Is an Outsourced CFO?
Outsourced CFOs give you advanced insight into how to manage your finances. They help with all types of financial tasks, such as forecasting, budgeting, cash flow management, or major decision support.
Unlike traditional CFOs, these professionals won’t be on your company’s payroll full-time. You can hire them on a part-time or contractual basis to get the financial expertise you need at a fraction of the cost. They’re perfect for small to medium businesses undergoing rapid growth, change, or restructuring.
Signs Your Business Might Need One
If you’re experiencing the following scenarios, it may be time to let an expert step in:
Tight Cash Flow
Even if your business is growing fast, it may not always translate into more profits. Overspending or mismanaging funds could still land you in a difficult position. An outsourced CFO helps you regain control of your finances. They’ll build proper forecasts, manage profits, and ensure steady growth.
No Clear Financial Visibility
A healthy business has the latest insights into its performance. If you don’t, you’ll have a much harder time making long-term decisions that help your bottom line. Outsourced CFOs conduct regular financial reviews and give you the clarity you need to plan with more confidence.
You’re Preparing For Major Financial Changes
Whether you’re merging companies, looking for investors, or expanding, having someone who can walk you through this transition helps. A CFO has the knowledge and experience to give you an informed perspective on these situations. They’ll assess risks and develop a plan to keep your business financially secure.
You’re Spending Too Much Time on Financial Tasks
If you have a small business, you’ve probably gotten by with simple accounting services or even handled the financials on your own. But as your company gets larger, the paperwork associated with finances grows alongside it and it might become too much to manage. Outsourced CFOs take over these tasks while you focus on running your business.
Build A Stronger Business With Outsourced CFO Services
You don’t need to manage every aspect of your business on your own. It’s time to transition into a more streamlined way to handle your finances and focus on what matters most. A skilled CFO could give you the insight you need to make better long-term decisions that enable growth.
At JTS Associates, our outsourced CFO services offer everything you need to strengthen your operations. Contact us today at 516-877-5900 to schedule a consultation and learn more about how our team can help.
