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In the past, CFOs were often viewed as the head ‘bean counters’ in their organisations because they focus mainly on costs, overheads and bottom lines. But today’s financial leaders must also help drive revenue growth to create real success.
In some ways, the role of the CFO has moved from defence to offence. Instead of merely ensuring a company’s financial statements pass muster, CFOs look ahead to strategise and plan an effective path to business growth.
CFOs might steer their companies to improved performance through comprehensive and continuous planning, greater visibility and transparency throughout the company or capitalising on new digital technologies. But for many businesses, a full-time C-level financial executive comes at too high a price.
This article explores the five reasons why using outsourced CFO services can be preferential over hiring an in-house financial leader.
CFO services can offer your organisation decades of financial and accounting experience and can be deployed on a retainer, interim, transitional or even project basis. Such flexibility allows you to access world-class financial leadership in a scalable format.
A full-time, in-house CFO may be too expensive for your business at this stage, but that doesn’t mean you have to forego well-planned growth. On the contrary, using an outsourced CFO can give you a strategic advantage by giving you as and when you need it. You may start with CFO support a few days per month and then scale this up to a few days per week as your needs change.
That brings us to the next advantage: cost-effectiveness. Onboarding a full-time CFO can be expensive, especially if your business is young and hasn’t utilised this level of financial expertise before.
Outsourced CFO services provide you with professional guidance at a price you can afford. Most growing companies only need a part-time CFO, but ambitious finance executives are unlikely to agree to part-time work. CFO services step in to bridge the gap, providing full-scale service at an affordable price.
In-house CFOs have a limited perspective because they work exclusively with one organisation, but outsourced CFO services bring experience and knowledge from various clients and business challenges. With such a well-rounded viewpoint in your corner, you’ll gain a strategic edge over your competitors.
Exposure to different situations or challenges may open doors for growth, innovation and networking. For instance, a member of our outsourced CFO team is likely to have conquered some of the challenges you’re facing now. So instead of struggling to find a solution, your external CFO can immediately implement a successful strategy proven in the trenches with a previous client.
Today’s CFO tackles a variety of skills, from reporting and analysis to compliance and information systems. Most Australian businesses have skill gaps to fill, and outsourcing accounting firm CFO services can provide solutions.
How so? Let’s say your accounting systems have proved reliable for many years, but you don’t have an easy way to access real-time data. We can help increase your financial knowledge of your business by creating easy-to-understand dashboards with all the critical information you need. These dashboards can also identify trends and opportunities so you can make better business management decisions. If you don’t have a team member who can implement a dashboard, don’t worry! We can fill that gap for you so you’ll be ready to monitor your growth.
You need CFO services that will help you bridge the gap between where you are now and where you want to be. In other words, you need a scalable solution.
As your business grows and expands, so will its reliance on financial analysis and expert guidance. In most cases, outsourced CFO services will provide you with access to an entire team of professionals dedicated to helping your organisation grow. In addition, you’ll have the flexibility to add or subtract services as needed without overcommitting to support services you don’t require.
Our CFO services remove obstacles from your path and provide your business with a sounding board for essential business decisions.
You’ll benefit from the following:
With all of these areas managed by experienced professionals, you can focus on the tasks only you can handle.
How do you know if it’s time to outsource CFO services? Start with a Business Health Check. When you’re aware of potential stumbling blocks and the classic warning signs that accompany them, you’re better prepared to tackle the issues head-on. Working with the outsourced CFO specialists at Ulton will help keep you firmly on a path to success.
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