Starting any kind of business can bring all sorts of emotions, including frustration, excitement, anticipation and fear to name a few. There are a lot of decisions you’ll have to make during the first few years in business. These decisions are important if you want to enjoy long-term success. This is also why you’ll want to use trusted advisors that can help you.
Planning Financial Goals
The chances are you’ll take on many roles as a new business owner. Let’s face it, business owners wear many hats in a single day. This includes:
- Sales person
- Bookkeeper
- Employee management
- Payroll employee
- Custodian
- Customer service
- And many others
Entrepreneurs should learn how to effectively and efficiently manage their many responsibilities. At the same time, they have to focus on growing and developing their business. Eventually you might want to hand off responsibilities to other people.
However, financial management is one of those tasks that business owners don’t think of outsourcing. Focusing on other tasks can lead to a massive pile of paperwork associated with finances. The thing is, financial management is one of the most important things when it comes to planning. If you don’t have a financial plan, then you probably won’t be able to grow your business as much as you had hoped.
The good news is you don’t have to handle financial management tasks yourself. You just need strong leadership within your business. With that said, read on to find out if you need a CFO.
CFO: Do You Need One
You cannot simply hire a bookkeeper to keep track of your invoices, if your goal is to create a solid financial plan. You need a professional that can do long-term projections, as well as assess your business’s current cash-flow. Such info will allow you to make future decisions about your business, as well as decisions in the present day. A CFO can work with you to create systems that position your company for a better future.
Think of a CFO as a personal fitness trainer for your company. They can create a plan to set your company up for success. After that, they’ll oversee the steps within that plan.
Sure, making changes can be painful. However, handling challenges will increase your chances of success. When certain changes are made, then your company will be on the path to growth and profitability.
Outsourced CFO vs Employee
Having a CFO work with you is important. However, you might automatically think you need a full-time employee. The good news is you don’t have to hire a full-time worker, as you can simply outsource CFO services.
One of the best ways to save money is outsourcing. Outsourcing allows you to save money because you don’t have to pay a CFO a salary. Using a CFO may very well increase your chances of making profits, as well as boost revenues and ensure your company stays financially healthy.
Should you outsource an CFO service? Are you not sure? If so, then contact this recommended cpa in Riverside that offers CFO services and speak with them. Then you can make a decision.
