Role of Outsourced CFO Services
The road to a business’ success is certainly not a straight one. Naturally, there will be ups and down and lessons learned. Trial and error is natural when fine tuning a business’ ever-evolving processes and product or service offerings. However, there are ways to mitigate the missteps that turn into costly errors or oversights. From tax penalties to personnel lawsuits, there are many reasons to outsource some areas of your business operations to a Virtual CFO. Not only will you save with an as-needed basis, but you can also avoid these budget blunders with professional expertise and accuracy. Here, we share what the role of outsourced CFO services include and how easy it is to get started with us here at Two Sense Consulting.
Firstly, CFO services outweigh regular bookkeeping services.
While our love for bookkeeping goes deep, hiring Two Sense for Virtual CFO services goes far deeper than number-crunching. Bookkeepers are responsible for entering the data into the books and keeping the records up to date. Bookkeeping involves tracking all income and expenses, paying bills, invoicing, tracking payroll, etc. The center focus of bookkeeping is timely and accurate data entry aligned to the right accounts so that bills can be paid and reports can be pulled.
Now, with that bookkeeping data comes the ability to focus on budgeting and projections, which lends to strategic advisory. This is where our experience as Virtual CFOs comes in handy. As your CFO, we will be able to identify current strengths and weaknesses, efficiencies and constrictions of your business and express how best to capitalize on them. We use both forecasting and modeling to develop strategies that ensure your company’s success. It is in the services beyond basic bookkeeping (though we offer affordable bookkeeping and books review services as well) that hiring a Virtual CFO can help you and your team reach your business goals through informed decisions.
What do CFO Services Include?
Plans are in place to help get businesses from where they are to where they want to be. Hiring a CFO can help significantly with the strategic planning process. Not just with the “how “ of meeting financial goals, but also with the focus on mitigating risk and loss. Naturally, plans can change however, the detailed proposal to achieve your business’ goals is something you most certainly need and we, as Virtual CFOs, can create.
Usually strategy and planning go hand-in-hand and can be used interchangeably or even combined (strategic planning, for instance). But, let’s be honest, it is somewhat redundant to use that term since any and all planning by professionals would be assumed as strategic. That said, we are separating strategy here as something we offer with all aspects of your business – not just the plans for moving forward. What about moving efficiently as well? Operations are just as important, if not the contributing factor to your bottom line. For that very reason, we offer strategy in the form of lowering costs, enhancing customer service, implementing automation where possible and so much more!
Are you down-sizing or expanding into new markets, or perhaps debating relocation over remote services? There is plenty to analyze when aiming for business success. Take advantage of outsourcing CFO services to those who will look over every area of your business with fresh eyes and myriad solutions. Let Two Sense Consulting help you assign values and probabilities to streamline decision-making. Make it easier on you and on your payroll costs when you work with us as-needed.
You’ve likely already got a fairly solid business plan up and running but when it comes to your pricing structures, are you priced for profitability? In another blog of ours, we share the sobering truth that Profit is not an Income Problem as well as tips on how to reduce spending to increase your profits. But, of course, there is so much more that we can dive into when hired as your Virtual CFO. Skip the time and effort it would take to DIY and instead opt for professionals like us who have a keen eye for quick fixes and lasting changes that can help you with business development you’ve daydreamt about.
With 2020 behind us, cost savings is undoubtedly the way ahead. While it’s always been an important part of any bottom line equation, smart and sustainable cost reductions are more vital than ever before. In our new reality, CFOs lead the way in combining operational efficiencies with immediate cost takeout. As your Virtual CFO, our role is to work alongside your C-suite with timely and transparent discussion points. With over 30 years of experience, this is an area that we feel confident we can assist your business in.
The only thing constant is change. And while change is inevitable, so is a learning curve. The rate of a person’s progress in gaining experience or new skills will vary. Keep this in mind with each of your team members or staff. Not only can we assist as CFOs with process improvement but also the refinement and training that oftentimes falls short during implementation.
The above-listed roles of outsourced CFO services are not only available with Two Sense Consulting but also affordable. We offer a free first consultation which includes a quote for short and long-term CFO services tailored uniquely to your business goals and needs. Reach out today!