9 Reasons why Outsourcing CFO Function in a Business makes Sense

At a certain point in a business’s growth, hiring a Chief Financial Officer is needed to maintain or reinvigorate the company’s financial direction.

However, start-ups, small and medium companies can find the financial outlay prohibitive.

A highly experienced, commercially astute CFO earns upwards of $200,000 annually. Significant savings can be made by hiring an outsourced CFO, rather than hiring a full-time in-house team/resource.

An Outsourced CFO allows a business to access expert, high quality financial services and receive the benefits of that skill set, without the huge overhead costs.

Outsourcing CFO Function with William Advisory

Here are our top 9 reasons why engaging an outsourced CFO simply makes sense.

  1. Expert Advice at a fraction of the price: An outsourced CFO can provide small to medium businesses with expert financial advice, beyond what your accountants and bookkeepers are able to offer. This expertise is provided at a fraction of the cost of a full time employee.

     

  2. CashFlow: An Outsourced CFO will conduct an analysis of your expenses and profits and plan strategies to deal with any financial roadblocks. Identify strategies and areas to free up cash and improve the businesses performance.

     

  3. Strategy & Planning: A effective CFO is able help you create a strategy and business plan/forecast. The CFO will focus on current performance needs, long-term strategic planning and guidance with tailored solutions specifically designed to take your business to the next level.

     

  4. Growth/Exit Strategies: An Outsourced CFO can help you prepare all the necessary documents, business plans, forecast etc to raise capital for growth, or prepare the business for sale. This valuable experience and expertise can help you achieve a significant premium from a sale, or more favourable lending/investment terms.

     

  5. Accurate & Timely Financial Information: They will ensure that you are receiving accurate and timely reporting/financial information. Your financial statements and other critical financial documents are reviewed by an expert, so you can be sure that information is correct.

     

  6. Fresh/Objective View: They will play a critical role in shaping the direction of your business, question conventional thinking and challenge your business to continuously improve. They offer a fresh, objective view of your company’s financial situation.

     

  7. Process Improvement: Outsourced CFOs are efficient at modernising and streamlining accounting systems and processes to save both time and money. Freeing up time for both you and your employees, to enable you to focus on your strengths and passions to more effectively drive business performance.

     

  8. Specialised Restructuring Advice: If a company is going through major change, whether restructuring for growth, or redirecting the company’s trajectory, the CFO functions required may be highly specialised and temporary, rather than general and long-term. In those situations, businesses do well by bringing in an outsourced interim CFO who can focus on the specialised tasks.

     

  9. Short Term/Emergency engagement for Stability: Sometimes a company has its own CFO, but they are dismissed or resign. If this happens suddenly, the company can find it hard to immediately find a suitable long-term replacement.  At such times, outsourcing CFO roles can be a fast, temporary way to retain consistency.

At William Advisory Group, our CFO’s are highly qualified and have experience across numerous industries and businesses. They have advanced communication and expert strategic business and financial acumen.

Utilising our Outsourced CFO service is an investment in your business that pays for itself. We offer a valuable service, backed by a exceptional track record.

Your business can greatly benefit from outsourcing its CFO function. To talk to one of our staff regarding how outsourcing CFO roles can help your company, please call 02 9660 7061.

outsourcing the CFO function

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