Having a sounding board is incredibly important when running a small business. You need someone you can count on to not only execute their job within your business, but also someone whom you can bounce ideas off and glean important insights into processes you may not have thought of.
For many companies, this person is their CFO, or Chief Financial Officer or corporate controller. Like the name implies a CFO’s job is to ensure the company’s finances are all in order. From tracking cash flow to financial planning, a CFO’s job can run the gamut of financial responsibilities. If this sounds a lot like what a certified accountant does, then you are probably right. Many CFOs have accounting or financial planning backgrounds, which aids them considerably when being in charge of finances.
For one reason or another, your small business may be lacking this corporate controller role. You may be seeking someone for this job, or you just can’t justify the expense right now. Beyond Basics Accounting Resources near Nashville offers outsourced CFO services for your small business. We believe in customizing our customers’ accounting needs, which also applies to our outsourced financial controller role as well. Below, we’ll explain just a little bit more about the services a CFO can perform for your small business, and how we can help. Contact us today to get started!
WHAT A CFO DOES
A great overarching definition of what a chief financial officer does is optimize the financial performance of a company, small business, or startup. But with so broad of a definition, what would that actually look like?
You can think of a controller as a head accountant. A controller oversees the accounting operations of a company. This person is most likely an accountant who has years of experience managing accounting services for companies. For small businesses, a controller usually has their hand in all pots, from budgeting and reporting to investing and risk management. In small businesses, a controller’s role is usually encompassed in the chief financial officer’s role.
Like the name implies, a treasurer keeps track of the money or the present financial condition of the company. From how to invest profits to how much money to keep liquid, a treasurer’s role in a small business is vital for survival. Also, a treasurer usually decides how much debt to take on.
Having accurate predictions is a must for small businesses. Yes, Beyond Basics Accounting Resources acknowledges that it is impossible to know the future and an economic depression could happen overnight in response to a catastrophic event, such as September 11th. However, barring this, economies and industries don’t change overnight, and being able to forecast where your company is headed with relation to the competition will be vital for future success.
As a small business owner, you need someone who loves numbers, such as certified public accountants like ourselves, who can crunch your existing data for you in order to determine where the inefficiencies lie, what products and services are losing money, and what products and services are the most profitable in order to push more. Being able to analyze data is critical to a CFO’s job.
OUTSOURCED CFO OR CORPORATE CONTROLLER SERVICES
While these roles are usually individuals in large corporations, for small businesses, this can be one person, and it may even be the owner who is wearing this hat. Let’s face it, none of these skills come cheaply. After all, it takes years of experience to be able to accurately perform any of these services, which requires adequate compensation. However, if your small business is growing to the point you need help, outsourcing CFO services can help.
Beyond Basics Accounting Resources in Nashville offers outsourced CFO services. With years of experience of helping business owners with their finances, we can help you no matter what you need help with. From budgeting, forecasting, and financial analysis to just being a sounding board and offering advice from an outside perspective, we can help. Our small business exists to help your small business grow. When you leverage our talents with your talents, your small business will soar. Contact us today to get started!