8 SIGNS YOUR SMALL BUSINESS SHOULD CONSIDER OUTSOURCING CFO SERVICES
When a business is seeking a greater understanding of their financial position they often turn to a CFO, a Chief Financial Officer. An outsourced CFO provides ample insights to help your business increase in strength and financial security without the same costs of hiring an experienced CFO full-time.
By outsourcing this important service with DGK Group, your business receives the benefits of knowledgeable outsider perspective along with a whole new set of efficient tools. Plus, it’s more affordable than hiring someone in-house full-time with comparable experience. We are still available to you every day to provide fast and reliable answers, solutions, reports and so forth.
What Can A CFO Do For Your Business?
A CFO is in charge of reporting and interpreting the financial data needed to analyze and manage the growth of your business. The exact extent of a CFO’s responsibilities may vary based upon the needs of your company. Overall, the CFO is responsible for helping a business conduct strategic financial objectives as well as to oversee operational accounting. The CFO deals with cost control measures, cash-flow management and forecasting, budgeting, capital acquisition, and so forth.
An experienced and knowledgeable CFO should be on top of new-wave ideas in order to work with the current culture, economic conditions, taxes, government regulations and so forth.
8 Signs Your Business Needs A CFO…
1. You Have High Transaction Rates
The overall volume of business you conduct will help determine if you need a CFO. It’s not just how much money you generate, but the number of units sold and the overall complexity involved. More transactions warrant the need for a higher level of knowledge and experience as well as attention to detail.
2. Your Business Is Undergoing Rapid Growth
Growing pains are a real thing businesses face under the pressures of rapid expansion. When orders and production increase, so too does the need for additional capital and/or financing. This is where things can get complicated and an experienced CFO becomes your best friend in terms of figuring out where to acquire additional capital and how to keep up with growth and changes.
3. You Are Preparing For A Merger Or Acquisition
In the instance your company is preparing to merge or acquire another company it’s important to have a qualified CFO on board.
4. You Spend A Lot Of Time Playing Financial Manager
If your daily duties are becoming distracted by a heavy financial workload, you could increase your personal work potential by outsourcing a CFO. A CFO will lighten your workload and help you find new ways to accomplish more through strategic planning.
5. Your Current Financial Procedures Are Not Efficient
Outsourcing CFO services gives you instant access to a much more efficient set of financial tools. As a result, you get a clearer picture of your business without the costs of investing in new technology. This also saves you a considerable amount of time, which can be best served elsewhere. Tools provided by an outsourced CFO can help you better collaborate with vendors, bankers, lawyers, unions and so forth.
6. Your Staff Needs Training
If your financial department could use some training to improve efficiency and overall transactions, a CFO can help guide your team in the right direction. A CFO is also a great asset in order to make business accounting operations completely transparent.
7. You Need To Increase Profitability
If you are noticing discrepancies between what’s coming in the business and what’s going out, a CFO serves as a useful tool to help you get your business back on the right track to profitability. An experienced CFO has the tools and knowledge to help you make better financial decisions that could drastically alter how much profit you generate.
8. You Need A CFO But Don’t Have The Budget To Hire Someone Full-Time
A full-time CFO with adequate experience is going to cost you a good deal of money in terms of annual salary. It’s not typically beneficial to sacrifice experience in order to pay less in salary. Instead, you can outsource CFO services to DGK Group and reap all the benefits of a truly experienced professional for a fraction of the cost to hire someone of equal experience full-time.