When it comes to a successful business structure, a Chief Financial Officer plays an integral role. Especially when it comes to the overseeing of HR’s financial responsibilities. From finding, screening, recruiting, and training job applicants, as well as administering employee-benefit programs, these aspects can truly affect every company’s bottom line. Here, we share what Virtual CFO remote services Two Sense Consulting can provide to your existing staff and even your HR department itself, should you have one.
In fact, you may already have a well-oiled HR department in place that allows you to closely maintain control of your employees. From hiring and firing to performance reviews and even day-to-day guidance, your HR department has much on their plate. Adding an extension via a Virtual CFO via outsource can help you save money and resources while also making room for more progress with your in-house HR team. In current times especially, it makes sense for some companies to take an agile and flexible approach to hiring employees by using a contract-to-permanent job placement model.
Payroll processing can cost far more than just wages.
Payroll processing for your business is, undoubtedly, a time-consuming process. Particularly when there are additional areas such as benefit deductions, garnishments, new hires and terminations, paid time off, as well as, federal and state regulation changes.
Every year, you spend significant labor hours (either on a tax professional or of your own precious time) preparing W2s and ensuring that they go out in a timely fashion. Outsourcing payroll is one of the most common services that a company can benefit from. By hiring a Virtual CFO, you can rest assured that your HR support is working optimally, freeing up more of your time and budget while concentrating on your core business and its growth strategies.
Get your daily productivity back and consider all of the time saved each pay period when you simply speak to your Virtual CFO just once to approve the meticulous reporting they submit to you for review. Employers should enjoy payday also!
We’re in good with Uncle Sam when it comes to tax compliance.
Studies show that the cost of the many, many hours spent on tax reporting is equivalent to $270.9 billion in labor. Can you imagine what portion of this statistic you, as an employer, contributed to? Imagine all that valuable time that could have been spent more productively or more enjoyably versus combing through tax code compliance.
Outsource your CFO functions like bookkeeping to professionals at Two Sense Consulting. You not only get back time, but you save in many other ways because clean books mean clean tax reporting. Save your business from the costly pricing on software or professional preparation services that you would use just once per year. Instead, swap those filing expenses for consistent and competent CFO services with experts in the field of business finances and keeping books.
This way, you can avoid both the costs of your time and budget on tax compliance. All while also resting assured you won’t pay into the estimated 15 billion dollars collected by the IRS in business tax penalties annually.
A Virtual CFO or Director of Finance can help get everyone onboard with your vision for growth.
One of the most important aspects to any business’ success is raising capital. An experienced CFO can help you cut waste, deploy cash efficiently, and find opportunities for greater production or expansion. With our help, you can be in a position to step ahead of the other competitors in your niche.
One of the ways we are able to provide this service is through project management. One of the greatest and cost-effective opportunities you can take advantage of is to provide a third-party to discuss the impacts of change on your organization. We use experience, education and formal process mapping. Let’s chat and see how we can work together and improve your business. We offer options like an informal lunch and learn seminar or company culture events we collectively create. When you invest in the training of your employees, they are much more likely to invest in business operations. They feel their future is mindfully heeded and they understand the big picture!
Unemployment and Filing Claims should be taken into consideration when looking at the overall financial future of your business.
As if 2020 didn’t bring a host of its own challenges personally, it certainly impacted the professional world. Fortunately, those who have Two Sense Consulting on call are able to navigate through the novel virus and its unemployment impacts, federal government aid and relief programs with greater ease. Think PPP loans and EIDL grants.
This past year alone, unemployment claims were undoubtedly time-consuming and tedious, especially considering so many people were impacted in mass. It is very likely (and understandable) that many business owners were not equipped to handle this surge of unemployment filing. Let alone, calculate how this has and will affect their bottom line moving forward. And now, as we are in 2021, there are still many questions looming. From the state of re-hiring, business closures and the extension of unemployment programs. You need to know where your business stands financially before you make decisions this year. Whether you re-hire, expand or invest in specific areas. A Virtual CFO can take all of this into consideration. We help you determine the next best steps to meet your financial goals.
Outsource Bookkeeping for Timely and Accurate Reporting.
When it comes to timely and accurate bookkeeping, any employer knows that this requires time and meticulous record-keeping. One simple error in reporting can seriously affect the finances of a company.
To avoid the time-sucking and turbulent process of reviewing and evolving financial statements, hiring a Virtual CFO to ask questions to provoke new lines of thought for the bottom and top-line strategies is wise. This service is ideal for companies that have well-established processes but know the value of constant improvement and evaluation.
Keep Financial Strategies and Business Reviews Streamlined and Simple to Execute.
Outsourcing Virtual CFO functions can reduce your administrative workload. This gives you back the crucial time you need to grow and sustain your business’ bottom line. Consider what you’ll save in time, money and resources. Hire us at Two Sense Consulting to handle many of your CFO and Business Finance needs.