Ready to leverage the support of a CFO without the price-tag of a costly in-house executive? Then it's time to make the switch to CFO services so you can gain professional insight on how to grow your business when you need it, but at a fraction of the cost.
Many small business owners are reluctant to hire a business advisor and we get where they’re coming from. But is it realistic to take on the role of a CFO in addition to all the other responsibilities you have as a small business owner? For some, the answer will be yes, depending on their professional backgrounds and the amount of support they have in other areas of the company.
Accounting services not only save valuable time, freeing you to do the tasks that you find most rewarding, but they also allow you access to a professional who can find and fix financial problems before they get out of hand.
In particular, CFO services are especially useful because they provide timely insight so that companies can make positive changes. This is not to say that a CFO can completely save a dying business. Or that you can’t succeed without one. But, what we are saying is that your business can be more successful and profitable if you have a better strategy for spending and saving your resources.
Let’s take a look at the benefits of CFO services and the guidelines for choosing a partner.
In today’s digital economy, the ability to run your business from the palm of your hand is becoming a necessity. This may include posting to your business social media accounts, accessing your marketing tools and customer relationship management platform. Being able to access your books from any device and any location should also rank high on the list.
A typical small business owner is deeply involved in the day-to-day operations of their company. They are concerned with things like customer service, innovation, new client acquisition, hiring, conserving resources and making money to keep the doors open. Not surprisingly, when tax season rolls around, it throws a wrench in their entire workflow.
Annual tax time is almost here. And if you’re an e-Commerce business you’ve already got a number of legal considerations on your plate. Things like:
- What payment gateways should I use?
- How should I handle trademarks, patents and copyrights?
- Are there any shipping restrictions to get products to my customers?
- What are the lease requirements for holding inventory in my building?
When people think about New Year resolutions, “tidying up the books” may not be the first thing that comes to mind. However, if you want to take your small business to new heights this year and beyond, this is exactly where you should start. More specifically, ensuring that your Chart of Accounts is well-organized should be a priority for any small business that wants to stay financially healthy throughout the year.
It goes without saying that your accountant should have a keen understanding of who pays you, who you pay and how to maximize your returns on investments. Because your accountant is so intimately involved in assisting with your financial decision-making needs, the relationship should be one that is built on a foundation of trust and transparency. However, sometimes when that level of comfort no longer exists, it may be time to move on.
The relationship with your accountant is one of the most important for business success. He or she is the person you rely on to help you make informed decisions that can change the direction of your business. But what happens when you lose confidence in your accountant? Maybe they are no longer as responsive to your questions or they are distracted with other clients.