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Why Businesses Need a Remote CFO

by Byrne Anderson
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It is quite easy to make a business case for hiring a remote CFO when the company is growing exponentially. It tends to be difficult and even impossible to keep up for companies when drastic changes occur since business owners usually handle most financial tasks. The perfect balance is a remote CFO, and business owners don’t need to pay a full-time, hefty salary and don’t need to spend their valuable time on accounting tasks and financial projections. When businesses have a remote CFO on board, they take some of these benefits:

Prepare for Tax Time All Year Long

Business owners can begin to feel overwhelmed when they realize tax time is on the horizon and have mountains of receipts and paperwork to locate. As a business owner, it isn’t a simple task to prepare for tax time. However, they won’t burden them anymore when they have a remote CFO on retainer all year. A business owner has no reason to get involved in tax time details at all. They will also have the benefit of having their remote CFO ensuring they pay as little as possible.

Enjoy Financial Assistance in the Times of Significant Change

Anyone working on a complex merger or acquiring a new company may find it quite hard to find the answers through a quick online search because these situations present in-depth financial questions and concerns. Most times, this occurrence is where any business owner finds it impossible. But this is where the remote CFO comes in to deal with the details. Growth can be a good thing since change means growth, but it is vital to ensure growth is a healthy one for a financial standpoint.

Make Informed Business Decisions

With the help of a remote CFO, a business can move to the point of assuring themselves that they can achieve something from the uncertainty of making it. They need assurance and peace of mind that they are making the right decision without assuming their financials can withstand a new hire or big purchase.

Improved Cash Flow

Cash flow mismanagement is one of the top factors that affect many small businesses. When a business hires a remote CFO, they will first analyze this area to understand where the business can free up funds. The CFO can also review where the company is spending too much without any enough possibility of having a profitable return. It can be possible to recognize the business has a cash flow problem when a business owner functions as the day-to-day manager and the financial controller. However, figuring out how to resolve the issue requires a third party sometimes.

Businesses will be getting more than the fundamental accounting assistance when they get a remote CFO. These companies can count on the combined experience of a person that has been there before. Business owners will get granular and high-level strategy feedback that will help them prevent typical pitfalls and reach their business goals faster with the business growth experience gained from thousands of hours helping companies similar to yours and wealth of financial industry knowledge.

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