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New Phoenix business owners are often required to wear all of the hats. Once your business is more developed, and you’re in a stable place financially, it’s time to start thinking of what you can outsource. We know that outsourcing CFO services will provide maximum results. Finances are one of the most important parts of your company but is so often overlooked. Keep reading to learn more about how hiring an outsourced CFO will change your Phoenix business for the better!
What a CFO Really Does
As it stands, you are likely acting as your company’s CFO. These responsibilities pull you away from what’s really important: perfecting your craft and providing amazing client experiences. An outsourced CFO provides many important functions that can be broken down into three different categories:
- Economic strategy/forecasting-This involves identifying which areas of a company are performing the best in order to better capitalize on them. It also includes making predictions in an effort to guide a company in a certain direction.
- Treasury responsibilities, which involves calculating risks and determining how and when to invest the company’s money.
- Controllership, or reporting accurate and timely financial information to shareholders, creditors, and others who have a “need to know.”
All of these roles are equally important, yet many small phoenix business owners overlook them because they feel they only apply to larger companies. We truly believe that the earlier you can set up systems, the better. Outsourcing CFO services will provide maximum results in these areas and more because of the technical expertise these professionals hold. You don’t need to wait until your company is making a substantial amount of money before you start to set up these systems.
Outsourcing CFO Services Day to Day
An outsourced CFO is not a full time employee at your company, but still has a number of responsibilities regarding the day-to-day operations. A few of those responsibilities may include:
- Streamlining accounting functions
- Implementing new reporting procedures
- Developing a cash flow forecasting model
- Ensuring the proper keeping of payroll records and compliance with local, state, and federal tax requirements
- Creating a budget
- Developing a financial strategic plan for expansion, including a three or five-year financial model
You Aren’t Giving Up Control by Outsourcing CFO Services
You don’t have to give up control. We know that, especially if you work with MOD Ventures, you get the help you need coupled with the transparency and control you want. Our cloud-based systems make it easy to log in remotely to monitor financial statements in real-time, any time.
This transparency and maintained control allows you the benefits of having a C-Level executive without the added payroll costs, giving you the feedback and guidance you need on your terms. From coaching on key processes to in-depth analysis, MOD Ventures is here to guide you and your growing phoenix business.
Take Back Your Time
You didn’t go into business to become an accountant or a tax professional. You went into business because you were passionate about your craft. Having external responsibilities that are not your expertise can majorly impact your ability to create and innovate. Outsourcing CFO Services gives you that time back to create. This means you will have:
- More time to work on other aspects of your business such as marketing and sales
- A better understanding of your company’s financial health
- Greater control over your money
- Enhanced decision-making capabilities due to an ability to see the bigger picture
- Access to professional advice for those especially tough business decisions
- Stronger financial controls that will reduce insider threats
- More accurate and timely financial reports
We know that small business owners wear many hats, and must often learn new roles as they go. For many, learning the financial aspects of a business is one of the most challenging roles to learn, yet is also the most important. After a certain point, though, it’s time to outsource. Outsourcing CFO Services is the best way to gain back your time to do what you really want… create and innovate. When you hire a virtual CFO, you have one less role within your company to master.
As you can see, a virtual CFO can benefit your company in a number of ways. Want to know more? If so, please contact us.