Small businesses can benefit greatly when it comes to having CFO services. A Chief Financial Officer (CFO) can provide guidance and strategies for all aspects of a company, from annual tax preparation to the best paths forward for future financial growth.
Unfortunately, most small businesses don’t have the income to hire a personal CFO in-house. In fact, according to a 2023 Wall Street Journal article, roughly 80% of early-stage companies don’t have a CFO in place.
However, there is a hybrid solution that combines the undeniable benefits of CFO services with a modest budget – enlisting a CFO consultant.
A CFO consultant, or CFO advisory firm, is an outsourced partner that brings financial expertise to the table. Outsourced CFO services are growing in popularity because of the broad range of expertise a CFO advisory firm or CFO consultant can provide. CFO services are an essential resource for businesses, especially newly launched start-ups.
What is CFO Advisory Services?
CFO advisory service providers handle both the big picture and detail-oriented elements of a company’s financial operations.
The advisory firm or consultant performs a broad range of continual initiatives for a company. This includes business, accounting, and operational guidance throughout a long lifespan. The right advisory firm performs more than just bookkeeping or tax preparations. A CFO advisory firm or CFO consultant provides insight into a strategic financial game plan that will generate income and propel a business in the coming years and decades.
What Are the Benefits of Outsourcing CFO Services?
Having an expert CFO on hand has many short-term and far-reaching benefits, which include (but certainly not limited to) the following.
Remember that these benefits are wholly dependent on the quality of your CFO service provider. Additionally, you need an experienced, dedicated, and professional CFO consultant in order to reap the most rewards.
Expertise on demand
A CFO consultant is always on call to answer the most important financial questions and shape a business’s course. They are the right resource for any small questions about possible tax deductions or credits to large and lofty advice on the best avenues for future growth.
Just remember that it’s essential for small businesses to work with CFOs who have experience across multiple industries. This helps to have tailor-made guidance for their unique sector and business sector.
Depending on the size and scope of a business, owners, and managers may need a specific suite of CFO services for their company’s operations. By outsourcing your CFO services, you can inherently simplify or add more financial services based on your needs. This can make a CFO consultant a more budget-friendly option.
Access to modern financial tools and technology
CFO advisory firms and consultants have access to various technological tools. There are many financial tools that may be too expensive, time-consuming, or complicated for small business owners to adopt in-house. As a result, small businesses will be connected to the best financial resources available without extensive research or purchases to obtain these top tier tools.
While there is no doubt that a CFO can bring a world of financial benefits to a company, the fact is that hiring a CFO is a costly venture. In addition to a competitive salary for the most talented CFO candidates possible, small business owners must also provide retirement, health insurance, and other benefits on an annual basis to retain a CFO position.
This is not the case with outsourced CFO services. Instead, small business owners save a huge range of costs across the board and can create and adapt CFO services based on their current budget, and long-term financial needs.
Partner with the Best CFO Advisory Firm
Finding a top-rated CFO advisory firm or consultant may seem like a difficult endeavor. However, a call to Saddock Advisory can streamline the search process.
Our expert team at Saddock Advisory can assist businesses of all sizes and across all industries, and we have the expertise to adapt and evolve as your business grows. Our talented team of financial advisors can help your company every step of the way to create strategies that benefit your bottom line now and well into the future. We know how to work best with small start-ups and established companies looking for new growth opportunities.
Learn more about what outsourced CFO services we can provide. Saddock Advisory will be proud to serve as your lifelong partner in realizing your business ambitions.