When starting a company, there are a million things to think about and do. As a business owner, you wear many hats: visionary, salesperson, marketing guru, and financial expert, all rolled into one.
But at some point, you must admit that you can’t do it all. As your company grows, you may need to hand over the financial reins to someone better equipped to handle the numbers.
Selecting who will oversee your finances is one of the most important decisions you will make as a business owner. Lots of small businesses choose to outsource their CFO function, and for good reasons – it can be a huge relief to have someone else take care of the books while you focus on growing your business.
An outsourced CFO can help you develop accurate financial statements, create a budget, and forecast future revenue. However, transitioning to using an outsourced CFO can be a big change for your company, so it’s important to make sure that you’re taking the time to get everything organized and set up correctly.
In this blog post, we’ll review:
- What operations might look like during those first 30 days with an outsourced CFO
- Different aspects of your company that are affected by the transition
- How the right outsourced CFO will help make the partnering process easy
Outsourced CFO Services in the First 30 Days
Week 1
The first 30 days with an outsourced CFO are all about understanding your company’s financial needs and establishing the systems and processes that will keep your finances on track. Your CFO will review your financial statements and tax returns, meet with your accounting team, and develop a clear understanding of your business.
Week 2
Once your CFO has a good understanding of your business, they will work with you to develop a plan for achieving your financial goals. This may include setting up new financial systems, implementing cost-saving measures, or renegotiating loans. By the end of the first 30 days, you will have a clear picture of your company’s financial needs and a plan for moving forward.
Week 3
As your business grows, it becomes increasingly important to have a strong financial foundation. Your outsourced CFO is responsible for ensuring that your company remains financially healthy and looks after your best interests.
One of the ways they do this is by developing a financial plan that aligns with your short-term and long-term goals. Your CFO will work closely with you to understand what you want to achieve and then develop a strategy that will help you get there.
Your financial plan may include strategies to ensure you have enough cash flow to purchase new equipment, cover current expenses, and invest in future growth. Whatever your goals may be, your CFO will develop a financial plan that will help you achieve them.
Week 4
Setting up an effective accounting and bookkeeping system is essential for any business. Your CFO will be responsible for putting together financial reports that will provide insights into the health of your business.
In addition, your CFO will also be working on developing a financial strategy for your business. This will involve mapping out how your business will generate revenue and grow over time. Having a strong financial foundation is essential for any business, and your CFO will be instrumental in ensuring that your business has the resources it needs to succeed.
30 Days and Beyond
Perhaps most importantly, an outsourced CFO can provide peace of mind. When you have someone else handling the finances, you can focus on what you do best: running your business.
If you’re debating whether to outsource your CFO functions, weigh the pros and cons carefully. On the one hand, you’ll save money by not having to hire a full-time employee. On the other hand, you’ll be entrusting your company’s financial future to someone outside of your organization. Ultimately, the decision comes down to what’s best for your business.
Partner with an Outsourced CFO Today
Outsourced CFO services are commonly utilized by small businesses. If you are eager to work with a trusted financial partner that will help your business improve its financial standing and reach its goals, we can help!
Rooled has decades of combined experience working with small businesses like yours. We have a broad range of experience offering outsourced CFO services to companies in fintech, healthcare, gaming, e-commerce, and more. If you are ready to enjoy the peace of mind that comes with outsourced CFO services, get in touch with our team today!