The Benefits of an Outsourced CFO

Here are some of the benefits of an outsourced CFO.

Cost

Because the outsourced CFO works on a contract or part time basis, they are a fraction of the cost of a full time employee. Chances are your business can’t afford the full time salary so unless you utilise an outsourced CFO you miss out on all the skills and expertise a CFO can bring to your business. These skills include:

Cash Flow Management and Optimisation: Managing cash flow to ensure the business has enough liquidity to meet its obligations
Business Strategy: Developing and implementing business strategies including investment reviews
Business Planning: Developing short and long term business plans, budgets and regular forecast updates. This includes models and scenario plans to underpin capital raises.
Reporting: Preparation of management and financial reports.
Financial Operations: Optimising financial processes and procedures to improve efficiency and accuracy.
Financial Compliance: Ensuring compliance with relevant financial regulations and standards, including tax laws.
Risk Management: Identify and mitigate financial risks.

Flexibility and Scalability

With cost comes flexibility and scalability . A good outsourced CFO can scale and flex up and down with your business to meet either specific project needs or handle the growth of the business.

Being a sounding board

From my experience running a business can be very isolating for the business owner. They usually have very few people they can talk to that they can bounce ideas off. Their life partner, relatives or friends may not understand business. You may not want to talk to your staff about these ideas.

And that’s where an Outsourced CFO can add huge value as your independent sounding board.

Peace of mind

Over the years I have been an Outsourced CFO I have spoken with hundreds of business owners, all experts in their field. But very few of them are experts in numbers and being able to translate these numbers in easy to understand business concepts. A good outsourced CFO can translate the numbers for you, leaving you time to focus on what you do best, the business itself.

Also a good CFO should be able to highlight potential future issues such as cash pinch points.

Experience

A good outsourced CFO will have varied experience gains as a CFO across a number of years. This experience can be from different businesses and industries and different business stages. This allows the good Outsourced CFO to bring an outside perspective to your business.

Wayne Wanders is an experienced Business Advisor and Outsourced CFO who can help to scale and grow your business profitably. Wayne may also be able to assist you in preparing any grant application.

Contact Wayne on wayne@arealcfo.com.au or 0412 227 052.

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Want a confidential discussion on your business situation, help with your grant application or to learn more about my Outsourced CFO Services, simply email me at wayne@aRealCFO.com.au or call me on 0412 227 052