Benefits of a CFO

By: Ashley Cossette, Sr. Audit Associate

Do you know where you are making money? How about losing money? Is your financial data useful in making good business decisions?

If you answered no or are unsure of the answers to these questions, you may benefit from the services a CFO provides.

A CFO wears many hats in a business but here are some of the top hats:

Supervisor – A CFO is responsible for overseeing the administrative accounting functions/processes to ensure they are running smoothly. In addition, a CFO is responsible for ensuring the financial data is accurate and timely.

Planner – A CFO helps you manage your cash flows. A CFO keeps a watchful eye on the inflows and outflows and provides you with the information necessary to make investments, purchases, etc.

Interpreter – A CFO is there to help you understand the numbers. A CFO is responsible for presenting your financial data in a useful and meaningful manner to you.

Analyst – A CFO is responsible for analyzing the market trends and providing you with benchmarking data.

Navigator – A CFO helps guide your business towards strategic growth. A CFO is there to help you understand your business strengths/weaknesses and identify opportunities to leverage those strengths or improve those weaknesses. In addition, a CFO is there help you identify any threats that may affect your business.

By now some of you may be thinking that sounds great but I can’t afford maintaining a full-time CFO. Great News: Eide Bailly provides an outsourced option – CFO 2.0! Benefits? Let’s talk the 4 C’s of CFO.20:

  1. Confidence – When you hire an outsourced CFO from a reputable firm you are able to rely on your financial data and to have confidence in your business decision-making. In addition, having an outsourced CFO reduces fraud risks as it is an added layer of oversight.
  2. Collaboration – When you hire an outsourced CFO from a reputable firm, you are not hiring an individual; you are hiring a team of resources. We are able to collaboratively meet all of your business needs – a one stop shop.
  3. Cost Effective – When you consider all of the cost that go into hiring and maintaining a full-time CFO (salary, paid time off, payroll taxes, insurance (unemployment, workers compensation, health, dental, and vision), 401k, and training – just to name a few), outsourcing is usually a cost effective alternative. In addition, the service offerings are scalable to your needs and budget.
  4. Concentration – When you hire an outsourced CFO from a reputable firm, you are hiring a professional accountant that knows and loves accounting. We will concentrate on the accounting aspect of your business for you so you can concentrate on running your business and doing what you love to do.

CFO 2.0 Infographic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Want to learn more? Visit www.eidebailly.com/ebpossible today! #ebPossible

2 comments on “Benefits of a CFO

  1. […] The solution? Hire qualified accounting staff. Ideally, this will be at least two people (possibly more, depending on the size of your organization): A bookkeeper to handle the day-to-day administrative financial functions of your organization and a controller/CFO/senior level financial professional to give you strategic direction and guidance. Don’t have the resources right now to make the hire? Outsource it. […]

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  2. […] can help you outsource any number of functions, from the day-to-day functions all the way to the CFO level. Not sure how to find the right advisor to help? Here are six questions you can start […]

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