Signs Your Business is Ready for a Part-time Outsourced CFO, Part 2

BAS PDX Pro_Signs Your Business is Ready for a Part-time Outsourced CFO Part 2

Once your business grows to a certain point, having the expertise of a CFO is crucial to keep your business developing. For a business just reaching the point where CFO services are necessary, it is usually a smarter, more cost-efficient option to hire a part time or outsourced CFO.


Here are some more signs that your business is ready for a part time or outsourced CFO:


YOU HAVE GAPS IN YOUR AP/AR. If you notice significant gaps in your accounts payable or accounts receivable, there could be something majorly flawed within your systems. There may be cash flow issues that need to be addressed or perhaps your billing, collections, or payment processes simply aren't effective. An outsourced CFO can pinpoint the problem and help you find solutions to resolve it.


YOUR DEPARTMENT LACKS CHECKS AND BALANCES. If it seems like your departments are not working efficiently together, then it is time to call in a CFO. Departments shouldn't act autonomously. All pieces of your company should act as parts of a machine – relying on and helping one another to keep business running smoothly. CFOs are experienced in the operations and systems that go into an effective organization. Your CFO can help you optimize each department and bring the systems together for a more functional, cohesive whole.


YOUR BOARD OF DIRECTORS IS ASKING TOUGH QUESTIONS. Is your board asking questions you can't answer? Are you unable to identify a problem, address a problem, analyze an opportunity, or validate a decision sufficiently? An outsourced CFO can help you answer the tough questions and empower you with the high-level financial knowledge you need to discern your own answers.


YOU DON’T HAVE A LONG-TERM FINANCIAL STRATEGY. It is a common practice to put together a financial forecast when your company is first started. But have you looked at it since? Has it been kept up-to-date? A part-time or outsourced CFO has experience making educated financial projections based on your historical data, industry trends, and data from companies in a similar lifecycle stage. Your outsourced CFO can help create a realistic financial blueprint to help you achieve your goals.


The benefits to hiring a part-time or outsourced CFO are numerous. If you're considering outsourcing CFO services for your growing company, look no further than Business & Accounting Solutions. Our CFO services include bookkeeping, cash flow, finance consulting, and more. Contact us or call (503) 710-6213. Know someone in need of CFO services? Consider our referral program.