ARTICLE
Part Time CFO

Benefits of Outsourced CFO Services to Small Businesses

Written by Analytix Editorial Team | July 30, 2020

Most small business owners stay focused primarily on sales, leaving their financial position to chance. According to the Small Business Report, 60% of small-business owners feel they are not very knowledgeable about accounting and finance. Further, owners who do have accounting skills are mostly stretched too thin addressing other areas of the business.

Hiring an outsourced CFO can be key to access flexible, affordable, strategic advice and services, preventing a cash flow crisis. An outsourced CFO can help your business reach its full potential with:

  1. Increased Revenue

A CFO at the helm of your business finances delivers a broad range of experiences and expertise, positively impacting revenues. A part-time CFO can boost revenues by providing transparency in bookkeeping, manual workflow evaluation and overall efficiency improvement, a competent part-time CFO can boost revenues in multiple ways. With 82% of CFOs collaborating more with CIOs, it often leads to smarter IT investments that further increase revenue.

  1. Scalability

Whether it’s for a one-time project, a busy tax season, or an ongoing collaboration, with a virtual CFO on your team, you are never unprepared. On-demand, need-based scalable CFO services are affordable and easier to scale than hiring a CFO in-house. From addressing your current needs to covering your future growth strategy, outsourced CFOs ensure that you have the expertise you need when you need it.

  1. Access to Advanced Technology

The automated processes and advanced IT infrastructure of outsourced CFOs can give you a competitive edge. Hiring an outsourced CFO allows you to leverage proprietary technology tools to help your business make strategic decisions and analyze financial and operational data.

  1. Better Time Management

An outsourced CFO manages the financial strategy of your business with responsibility for cash flow management, budget preparations, tax-saving strategies, liaison with bankers, attorneys, and vendors, and more. While your outsourced CFO focuses on complex financial management, you can instead work to grow your business.

  1. Security and Confidentiality

Choosing an ISO 27001 compliant outsourcing partner helps keep your company’s sensitive financial data completely safe and protected. With an emphasis on data security and confidentiality, a compliant outsourced CFO helps ensure that your data is not shared with anyone.

As your business expands, the need for a senior-level financial expert becomes critical. Analytix offers small and mid-sized business owners 24/7 access to a team of accounting specialists who work together to provide business advice on an as-needed basis. A sounding board whenever you need it, we provide personalized, part-time CFO services that can be tailored to your unique business needs.

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