If your business needs a financial expert who provides financial strategy services on a part-time or project basis then you need an outsourced CFO. They will provide high-level strategies, system analysis and design and operational optimizations.
There are many benefits to outsourcing a CFO. Outsourced CFOs allow companies to benefit from things they would not get in-house. Outsourcing saves the time from dealing with staffing, supervising, and document guidelines the controller should follow.
Staffing: Having an experienced outsourced CFO leaves no room for failure. Not to mention the cost savings. Your company will be able to hire a more experienced team because the company only pays for the work needed instead of the higher cost of having a full-time employee.
Expertise: Outsourced CFOs will have multiple years of experience under their belt. Working with several other companies and having the proper qualifications gives them the proper tools to work well with any business. With that vast experience, they have a better understanding of the expectations of the position.
Why would your company need to hire an Outsourced CFO?
Having an outsourced CFO provides spot-on, high-level financial analysis of your cost and profits to help you plan strategies to deal with the financial problems or concerns your company faces.
Trouble closing books on time
Leadership counts on accurate and timely delivery of financial reports and statements generate during closings to make critical decisions for the next accounting period. When books close without error it is standard but when they close late or inaccurate it becomes a problem.
Cash flow issues
When the amount of money flowing into your company does not meet the requirements for accounts payable, you run into a difficult situation. Cash flow is the key to any successful business and when the flow is not adequate your company could be on a slippery slope to insolvency.
Books are unorganized
If your organization’s books are a mess, it could be due to a variety of reasons. You may have grown too quickly to keep the information up to date. Maybe your organization never had financial systems in place until now, or perhaps you’re raising funding and realize you need accurate books to approach potential financiers. Whatever the reason, an outsourced controller may be the right solution. An outsourced controller can take disorganized, inaccurate, or incomplete books and fix them.
Raising capital or preparing for a merger/acquisition
If your organization is preparing to raise capital or preparing for a transaction, you may employ the help of an outsourced CFO to ensure your books are clean, organized, and timely. They will also be able to help populate financial data that may be needed during due diligence.
“Do what you do best, outsource the rest.”– Peter Drucker
How can Venture First help?
The day-to-day tasks may differ for each company but there are similarities across the board.
At Venture First, an outsourced CFO’s main tasks involve the following:
- Data Room Management
- Cap Table Management
- Financial Forecasting
- Financial Reviews
- Pitch Deck Development
- Scorecard Development
Organizations looking to hire outsourced help typically prefer to go through an established organization as opposed to hiring freelance. Hiring freelance can be as frustrating and time-consuming as headhunting for a full-time salaried employee. A freelance CFO is also less likely to be as well vetted as a CFO within an established outsourced financial services organization.
Reach out using the form below to inquire about hiring outsourced help through Venture First.