You’re a business owner, not an accountant. Yet understanding the numbers behind your business is essential to planning for its growth and success.
Having your own CPA license or a full-time CFO are not the only ways to harness the power of data and ensure your business stays on the right financial track. Outsourcing your CFO and/or accounting functions is a highly viable option that comes with a valuable set of benefits, including:
Cost Savings
Not all companies have the resources or need for a full-time CFO or accounting staff. Depending on your business’s needs, an outsourced (or “fractional”) CFO or accounting staff can provide the right amount of support at the right price, saving your business the high costs of compensation, hiring and training.
Fresh Set of Eyes
A fractional CFO can give you a new perspective on the financial health of your organization and offer recommendations for improvements, such as strengthened internal controls, new-found operational efficiencies and other strategies for increased profitability and reduced risk.
Risk Management
Speaking of risk, the oversight of an experienced fractional CFO can mitigate many of the risks your business faces without one. From making sure your compliance and requirements are being met to providing real-time financial reporting data that helps you make confident decisions for your business’s future, an outsourced CFO
Strategic Guidance
A fractional CFO’s value extends far beyond overseeing your A/P, A/R and payroll staff. As an extension of your leadership team, he or she can offer guidance on budgeting, financial data analysis, cash flow management and other important decision-making activities.
Customized Support
CFO outsourcing is not a one-size-fits-all approach. One of the greatest advantages of this strategy is that the amount and type of support can be customized to your business’s level of need – no more or no less. Whether you need an interim CFO to fill in a temporary gap or day-to-day accounting support and CFO guidance, outsourcing this critical function can help ensure opportunities are not missed and challenges are not faced alone.
Grassi offers a full range of CFO advisory and outsourced accounting solutions. To learn more about whether outsourcing the CFO function is the right strategy for your business, please contact one of our Accounting Services Advisors.
