Most small businesses and new companies do not consider adding an experienced CFO to their initial startup plan. That is because they believe that a business financial advisor or a CFO consultant is too costly and not required in the early stages of a company’s growth. However, the expertise from turning to an exceptional CFO consulting services provider can make a huge difference when building a strategic plan.
CFO consultants perform much more than number crunching. Yes, CFO services can certainly include day-to-day budgeting and accounting, but a CFO consultant’s primary role is to identify the short and long-term steps to help your business thrive.
So, how do CFO services work, and how do you know if your startup company can benefit? Answering this question starts with understanding the role of a CFO consultant and how it ties in with your unique business’ long-term ambitions.
The Role of a CFO Consultant
Unlike an accountant, controller, or treasurer, who focuses solely on a company’s accounting activities, a CFO consultant is involved in every aspect of a company’s financing, including everything from the initial budget plan to forecasting the financial future.
When you partner with an experienced CFO services provider like Saddock Advisory, the scope of services completely depends on your company’s unique needs and goals. Outsourced CFO consulting should never be a one-size-fits-all venture. We understand that the best services can only be achieved by strictly focusing on the individual client.
With that being said, a top-notch CFO consulting company like Saddock Advisory can provide an array of services, including the following.
Financial Planning and Early Analysis
Planning and analysis are crucial for any business, especially for new companies navigating a new landscape of costs and income.
An experienced CFO consultant can help prepare these initial budgets and can help business owners determine how much funds to set aside for:
- utilities and rent,
- product production,
- and more.
Understanding these early costs will go a long way in the future, as it will curtail any unpleasant financial surprises that may prevent a new startup from succeeding.
Cash Flow Management and Forecasting
A CFO consultant can also provide insight into cash flow management as your business grows. That way, you can ensure that your company has a clear and financially sound path to success in the long term.
Taxes, Compliance, and Financial Reporting
Many new companies have difficulty determining the financial regulations and guidelines that need to be adhered to for the lifespan of a business, which includes annual taxes. A CFO can help navigate these potential costs and assist with all the details. This allows business owners to focus on their essential daily operations.
Finding Solutions and Cost-saving Measures
CFO consultants are experts at saving small companies money throughout their business. For example, CFOs can identify the right and effective strategy. Arguably, there is no better time to enlist CFO services than at the start of a business’s lifespan for this reason, as CFO consultants can help new startups stretch their precious dollars until the revenue begins to flow.
How to Know if Your New Business Needs CFO Services
You can always test the waters with a free consultation to uncover the details of what an expert CFRO services provider can do for you. However, in the meantime, here are a few key signs that a CFO consultant can help your new company grow.
- You do not have the income to hire an in-house CFO and need a budget-friendly option.
- You want to create a great financial strategy or just ensure all your ducks are in a row when it comes to both routine and long-term costs.
- You want to find ways to save money, raise investor funds, or simply make sure your expenses are as minimal as possible.
- You want to optimize your annual taxes and get a jump start on minimizing any taxes owed at the end of the year.
- You want guidance on what the financial future holds, and how your business can best navigate the weeks, months, years, and decades ahead.
Partner with Saddock Advisory and Achieve Financial Success
Ready to learn more? Then, reach out to our professional team at Saddock Advisory.
With the CFO consultants of Saddock Advisory acting as your financial guide, your new business can have an edge over the competition and a partner that will pave the way for success and growth for many years to come.
By choosing our financial experts as your financial partner, you are securing a path toward a prosperous future for your business.