Business owners and entrepreneurs are juggling a million tasks at any given moment. Of course, strategically reviewing and assessing finances is top-of-mind but usually needs to be added to the top of the to-do list.
CFO services handle the strategic, analytical and tactile aspects of business finances - but what exactly are they? And what’s the difference between CFO services and accounting? This article will dive into the who, what, where, when and why of CFO services.
A CFO service assists businesses with budgets, financial projections, and manageable processes to enable critical employees to focus on the heart of the business itself. A team of experienced accounting professionals comprises a dedicated team that focuses on managing internal accounting functions and Controller-type tasks on behalf of clients.
CFO Services include:
The difference between CFO services and a CFO role is that you outsource financial duties to an organization vs. handing off all duties to someone inside your organization. Hiring an in-house CFO is too costly for many small and medium-sized businesses.
CFO services are resources for small businesses to strategically and comprehensively tackle their financial needs without the costly price tag of hiring a new full-time employee at a high salary.
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One common area of confusion for small businesses is the difference between CFO services and accounting. Businesses that already have an accounting person on staff may want to delegate all financial responsibilities to this person. However, there are a few critical differences between CFO and accounting.
An accountant’s role is bookkeeping and tax preparation. CFO services are more strategic and focus on overall financial planning and analysis. It’s unrealistic for most accountants also to handle the complete CFO services.
There are significant advantages for small and medium-sized businesses to use CFO services:
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Imagine adding a dedicated CFO role to your team roster without the burden of payroll, benefits, and organizational chart disruption. Froehling Anderson’s CFO Services and Outsourced Accounting Services alleviate the stress-filled management of your complete financial picture.
Consulting and working on behalf of clients’ companies for 75 years is testimony to our CFO industry experience and market intelligence. Our broad experience and valuable relationships with business leaders from notable industries include the following:
Wouldn’t a checklist in your arsenal dedicated to cash flow and its relevance to your business be excellent? We have just the tool for you. With this guide, you’ll learn the following: