With an average salary between $177,928 and $473,450, hiring a CFO may simply be out of reach for small businesses, leaving the business owner to handle most financial tasks. With a lack of proper financial education and the plentiful daily tasks of running a business, the challenges of managing a business can seem daunting and endless. Oftentimes after handling all of those tasks, there is little time for other important tasks such as accounting, financial reporting, and bookkeeping. Why not turn to an outsourced CFO to manage or optimize existing processes or create a more efficient plan altogether? Here are some of the benefits of outsourcing this portion of your business:
Better Decision Making: Eliminate the guesswork with the help of a remote CFO. Having access to accurate financial information when making business decisions is vital. Reliable data and efficient reporting allow for proper decision making for your business. With the advice of a remote CFO, you will be confident you are making the right move for your business.
Valuable Insights : Outsourcing a CFO can offer valuable insights and advice that a single accounting employee generally cannot. You can rely on the time-tested experience of someone who knows the ins and outs of accounting and finance as well as you and your business. With the vast knowledge of the industry and experience gained from countless hours of helping companies sort out finances, you get top-of-the-line and high-level strategy feedback and solutions, allowing you to dodge common business pitfalls and reach your goals as quickly as possible.
Enjoy Financial Support During Times of Change and Growth: Change leads to growth, and growth is beneficial for any business. However, from a financial standpoint, it is important to ensure you are taking the right path. Oftentimes business growth presents more in-depth financial questions that are beyond a business’ owners capabilities. Changes due to company growth, market expansion or restructuring can easily be managed without any downtime.
Prepare for Tax Time All Year Long:
Tax time is typically an overwhelming time for business owners as they rush to gather receipts and dig through paperwork. A remote CFO would alleviate the burden of taxes and do everything they can to ensure accuracy.
There are many benefits to working with a remote CFO. If you have questions about the benefits of outsourced accounting or are searching for a firm to handle your accounting and bookkeeping needs, L.A. Financial Management can help. For additional information, please visit our website at la-financialmanagement.com.