6 Reasons to Outsource Your CFO and Accounting Team
Consider outsourced accounting – the best financial talent when you need it. As an entrepreneur and business owner, you have more important things to do than managing your books or developing the right KPI for your business or determining whether you have the appropriate accounting systems and controls in place.
There is a clear advantage to outsourcing your accounting and finance functions on a fractional basis. Your time is valuable and critical to your company's growth and bringing products to market. Your time is not optimal for managing or performing finance and accounting functions.
Growing small businesses often do not need an experienced CFO full-time. They do, however, have a need for senior financial leadership. A CFO focuses on the future, funding and a company’s ability to execute its plan. A controller's focus is on the past and reporting prior results. The years and depth of experience a fractional, outsourced CFO has is generally greater than the top financial person of a small entity.
There are 6 key reasons to outsource your finance and accounting, and functions:
Hire the expertise you need only when you need it and pay for the hours of service with a flexible contract. Convert fixed overhead costs into variable costs.
A cost-effective alternative to hiring and developing experienced finance staff in a tight labor market.
An easier way to undertake ad hoc projects within finance. For example, systems conversion, year-end audit preparation, tax preparation, and sales and use tax analysis.
Fractional outsourcing offers deep technical strength to deliver comprehensive resources and best practices for objective, high-value financial and management consulting. For example, software revenue recognition implementation, M&A due diligence, and valuation services.
Accurate financial statements available on a timely basis provide the financial intelligence to run the business and report to external investors and banks.
Reduce the risk of exposure to tax and audit risks.
We Can Help
We are smart, nimble, and flexible. If you would like to discuss how Charles River CFO can assist your company with part-time CFO and accounting services, please contact us at (781) 431-0420 or send us an email.