“CFO” stands for “chief financial officer.” A CFO manages all financial actions for a company, which means financial planning, cash flow tracking, and financial analysis. A CFO has specialized knowledge, so it’s not uncommon to not have one on staff. That’s where outsourced CFO services for small business can be a big asset. A small-business CFO from our team can handle all of the tasks someone on your staff would. By using our outsourced CFO services, you’ll be able to bundle CFO services with other accounting and bookkeeping needs for greater value. If you’re in the process of actively growing your company, a virtual CFO can keep your business on financial track.
A CFO has a single focus: make your organization more valuable to all shareholders and increase the return on your business. This means more cash, more profit, and more opportunity throughout your organization. CFOs do this by forecasting cash flow, optimizing cost centers, managing corporate capital accounts, and employing other high-value processes. Outsourced CFO firms like Ignite Spot can offer all this in addition to other financial services.
Benefits of CFO Consulting Services
BizPearl outsourced CFO services are customized to meet your needs. Depending on the goals of your business, your CFO may suggest several different tactics to help make your operations more profitable. For instance, an entrepreneur who wants to attract investors will need a different focus from their CFO compared to an entrepreneur who’s trying to add more products to their offerings.
One of the most common tools your small-business CFO will reference is a cash flow forecast. This tool helps you and your strategy team understand what could happen to your cash flow in the future based on the decisions you make today.
Once a plan is in place, you’ll want to know how well you’re tracking to it. We all know how vital budgets are, but they don’t always get used. Your CFO can help get your budget in place and then analyze your company’s performance against it.
For businesses on the verge of a cash crunch, knowing break-even points is crucial. Your sales and production teams must know how much work they have to deliver to keep the bills paid. Every business faces hard times, and if that ever happens to you, your CFO can help you dig deep and control the excess.
If you’re a staff-heavy organization, you must know as much as possible about your payroll costs. Is your staff operating efficiently? Should you give someone a raise, and if so, what will it do to your business over the long run? For businesses we’ve coached across the country, labor costs tend to be their biggest downfall. They have either over-hired or not staffed enough, and the bottom line gets strained
Once a plan is in place, you’ll want to know how well you’re tracking to it. We all know how vital budgets are, but they don’t always get used. Your CFO can help get your budget in place and then analyze your company’s performance against it
Not all costs for your business are created equal. You will incur fixed costs regardless of what you do, and while you can reduce costs in this category, there’s only so much you can cut before the benefit to your business becomes less and less impactful. Meanwhile, your variable expenses are the costs you incur when you do work. The secret to getting wealthy is controlling these costs in an efficient manner. Your Ignite Spot CFO will be an expert at identifying these costs and keeping them in check
With BizPearl, our services are month-to-month, so you aren’t locked into a contract. We value performance, and our goal is to make your company bigger and more profitable over time.
You can rely on in-depth knowledge from our chief financial officer services. We are a certified, full-service firm that has been in business for more than a decade.
Our clients love us, and you will, too, once you see what we can do to help you grow your business. Contact us to get started today