Sponsored: Why your business might benefit from outsourced CFO service
Paid advertisement by Squire & Company.
If you’re running a small or medium-sized business, you probably already know: Keeping your finances straight is as important as it is challenging. If it feels like it should be a full-time job to keep tabs on monthly, quarterly, and annual financial statements, create budgets and forecasts, raise capital for additional growth, and manage other accounting needs, you’re right. It is a big job.
Unfortunately, bringing on a professional with experience and expertise is not always feasible for many businesses. Hiring a full-time Chief Financial Officer, who can handle both day-to-day and big-picture financial tasks can come at a huge cost when you consider salary, benefits, and payroll expenses. And let’s not forget, hiring someone to join your team as a salaried employee could involve heavy recruiting or headhunting costs and consume a tremendous amount of onboarding and training time. And after all that, the person you hire might not be the right fit for your company, for one reason or another.
Luckily, outsourced CFO services have become more and more commonplace as a solution to this quandary. It’s something that Squire frequently provides for our clients thanks to our highly experienced staff of financial experts. Here are some more benefits you can expect to see by hiring Squire for your outsourced CFO needs:
Ready to hit the ground running
Rather than waiting for a new hire, who may or may not carry a lot of experience on their resume, to get ready to work, hiring an outsourced CFO from Squire can bring instant impact. With years of experience, our experts can jump right into your financial records and immediately get to work. The time they can save your business by eliminating much of the onboarding process that would accompany making a full-time hire is invaluable.
It may be possible that you have some financial tasks to complete, but not enough to keep a full-time CFO occupied. By hiring Squire to perform outsourced CFO duties, you can tailor the services you get to exactly what you require. You might just need someone to join the ranks for a short time to get your business into financial compliance, prepare for an audit, or to provide guidance on an upcoming round of funding. When you fulfill your needs or the length of the agreed-on contract with your Squire-sourced CFO, you can move on to put those resources to where they are needed next.
A fresh perspective
Sometimes, bringing in a new set of eyes can lead to a new way of thinking and a new direction for your business. It’s possible that your business might be stalling or experiencing a softening of its growth. It’s also possible that being so close to the situation may make it difficult to understand why. An outsourced CFO from Squire can offer businesses a fresh perspective on a company’s financial situation and help leaders better understand what’s happening in their statements and why. There’s a good chance that an experienced outsourced CFO has seen the symptoms of your condition before and can help you take a step back and move forward with creative, yet proven, solutions.
So, while your business may not be in a place to hire a full-time CFO, that doesn’t mean the financial responsibilities and key functions should take a backseat. Hiring an outsourced CFO through Squire is an excellent and effective way to take your business to the next level. Reach out to a Squire representative today to inquire about our outsourced CFO services.