19 Feb Lighten Your Load by Outsourcing CFO Responsibilities
When you go to bed each night, do all of the things you need to do the next day run through your head? For many business owners, this list seems impossibly long. You’ve got to deal with employees, invoicing, inventory, customer service, and any other number of important tasks. If you’re like many business owners, you might even be taking on CFO responsibilities all by yourself.
As a business owner, there are some things best done by YOU, but CFO responsibilities aren’t necessarily one of them. In fact, outsourcing these responsibilities could prove to be one of the most beneficial things you do for yourself AND for your business!
So, how exactly can outsourcing CFO responsibilities lighten your load as a business owner?
(PS. If the “busy business owner” concept is speaking to you, read this next: Hey Small Business Owner! Are You Trying to Do Too Much?)
The benefits of outsourcing CFO responsibilities
Here are just three of the many ways this can help you take control of your life and your business.
Financial Support & Problem Solving
Even the most well-intentioned business owners might have blind spots when it comes to financial problem solving. One of the biggest benefits of outsourcing CFO responsibilities is getting to tap into the knowledge base of pros who have seen and done it all!
That’s right–you’ll get your own experienced sounding board to bounce ideas off of and transform them into an actionable plan.
Budget Creation & Management
Are you the budgeting type or do you prefer to fly by the seat of your pants? Or are your budgets never anywhere near what the end of the year really looks like? Well, another great thing about outsourcing CFO responsibilities has to do with not only creating your budget, but also managing it.
If things are looking way off when it’s only a month or two into the year, your outsourced CFO advisor can spot this quickly and help you manage any changes.
Your Two Roads CFO will develop an annual plan for your money to best accomplish your goals, and monitor it as you go to make sure everything is accounted for.
Cash Flow Forecasting
Effective cash flow forecasting certainly isn’t easy, but it’s a critically important component of virtually ANY business plan. Forecasting your cash flow has a number of benefits in and of itself, including:
- Planning for cash gaps
- Tracking overdue payments
- Managing surplus cash
- Tracking spending
…And most importantly, understanding the impact of the decisions you make in your business!
Doing this on your own can be nearly impossible for many business owners. All too often, things are overlooked, miscalculated, or forgotten altogether. But not when you outsource CFO responsibilities! By effectively navigating the tension between stability and outflow, your CFO advisor can maximize your business outcomes.
(Keep in mind, cash flow forecasting is different than your profit and loss statement. For more on how to read your P&L statement, read this post next)
How could outsourcing CFO responsibilities transform your business?
There’s no question outsourcing CFO responsibilities can be a game changer for your business. We love hearing from business owners who now have more time to focus on other parts of their business, all while knowing their financial bases are covered! That’s exactly what our CFO advisory services can do for you too.
In addition to the three benefits we just covered, your CFO advisor with Two Roads will also create a metrics dashboard for your business. Using this dashboard, you can create relationships between the actions you take and the money you make.
And their work and commitment to your business is on-going. Your CFO advisor will participate in quarterly consultations to dialogue about strategic decisions, company vision, goals and concerns for the future.
Simply put: Two Roads is here for you and for your business.
We know what it means to be a small business owner because we are a small business ourselves. We also know you deserve friendly, responsive, and proactive financial support at a fixed rate. And that’s exactly why we’ve taken the unique approach we use for our CFO advisory and bookkeeping services!
If that sounds like just what you’ve been looking for, we should talk.
Click here to schedule a call and get a price.
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