Do you have a CFO in your business? If not, now might be the right time to consider adding a CFO position to your team because of the wide array of benefits you will see. The ability to make high-level decisions, oversee financial operations, plan for business growth, and implement innovative strategies are a few of the benefits your business will realize with a CFO.
Make High-Level Decisions
The first area a CFO can help your business is by making high-level decisions. Business decisions don’t always come easy with most taking a great deal of due diligence and trade-offs. A CFO well versed in your business and industry can take the research burden off your plate, giving your business the tools needed to succeed through more informed decisions.
Oversee Financial Operations
Financial operations include maintaining the financial statements, overseeing bookkeeping functions, and controlling internal controls. Most business owners don’t have the training necessary to adequately maintain the accounting function, which is where a CFO can come in. Strong oversight of financial operations contributes to business growth and added profitability.
Plan for Business Growth
All businesses that successfully grow have a business plan working in the background. A business plan can include projecting future income, strategically hiring additional labor, seeking new revenue streams, and leveraging social media. These factors are intertwined into a business plan that meticulously tracks each step needed to achieve growth goals. Tackling an effective business plan on your own opens the door to mistakes and inaccurate information; however, a qualified CFO gives your business an independent opinion on viable next steps.
Find Innovative Tax and Accounting Strategies
Business growth is founded on innovative accounting and tax strategies. Accounting strategies that improve the financial health of your business can lead to new investors and lenders that contribute much needed capital. In addition, saving on the business tax bill each year can result in more money back in your business bank account to purchase new fixed assets or hire additional labor. A knowledgeable CFO understands which accounting and tax strategies your business can take advantage of to reach growth goals.
Summary
Finding the right CFO for your business can be a daunting task, especially when it comes time to weigh different qualifications and experience. Due to the intricacy and selection process, many small businesses choose to outsource their CFO function to Tax Geaks. Tax Geaks can serve as your CFO, guiding you along the path of business growth. Contact a team member today to learn more.