Let a CFO analyze your reports and give you the most important takeaways in a way that best supports your business needs. This gives you an opportunity to ask questions, re-strategize when needed, stay aware of the goings-on, and to have the information you need to make your essential business decisions. If you don’t have an up-to-date financial forecast, our fractional CFO team can help. Our CFOs have developed countless of long and short-term financial forecasts for companies of all sizes & industries. A financial forecast can cut costs, prevent waste, and help achieve goals faster.

The CFO role is collaborative in nature, so don’t just hire a provider based on their ability to accomplish tasks. Finding the right fit is crucial, not only because the best provider can deliver the best insights, but because that provider will take less time to on-board and get up to speed. Your financials and systems will likely look like familiar territory to them, and the provider will be able to see what needs to be done very quickly. For example, if a bankruptcy is possible in the near future, search for “bankruptcy CFO service.”

Get access to the right financial direction for your growing business.

Before outsourcing, make sure you understand what your CFO offers (and their limitations). With a combination of unique industries, differing business goals, and diverse ways to raise capital, it’s safe to say that nearly every small- to mid-sized business has a different origin story. Strong financial models showcase a clear strategy for future growth as well as a thorough understanding of your business. As founders, you need to have a deep understanding of cash flow. We utilize top tools and approaches to help you plan and forecast business cash flow.

To monitor whether the business is on track or underperforming, the outsourced CFO will compare your actual financial data to the budget and report back on where you stand. Calculating the variance between your budget and actuals highlights where you may need to adjust your strategy or review whether the budget is achievable. Modeling can also help businesses adapt to unique circumstances without sacrificing continuity. As an example, in 2020, many organizations created COVID-19 impact scenarios, where growth decreases month over month.

Startup-Specific Guidance

Preferred CFO’s outsourced cfos & controllers have decades of experience developing successful financial strategies. Our CFOs are experienced in working with organizations of all sizes, industries, and stages. In addition to financial services, Preferred CFO also offers outsourced HR services that optimize employee performance and satisfaction in alignment with financial strategy.

This is particularly important in industries like SaaS; there are certain success metrics a CFO must be aware of in the SaaS industry that are widely different from other industries. Fortunately, a fractional CFO ensures that these metrics are considered in their financial strategy. Outsourced CFO services are designed to align your strategy with the operations of your business. In this article, we’ll address what an outsourced CFO is, the service they offer, and the unique benefits you can enjoy from working with one.

So, what services do these providers offer?

Launched in 2011 by Wilson and two fellow cofounders, Ink Factory specializes in visual note-taking. Its team of artists—who translate speeches, strategy sessions, and other spoken words from corporate customers into text and pictures that appeal to visual learners—has grown to 13. At The CEO’s Right Hand, our outsourced CFOs have decades of experience across many industries.

• The massive move of data and systems to the cloud over the last few years is enabling many small businesses and non-profits to “go lean” while simultaneously driving business growth.
• Outsourcing some of the work can help you maintain a reasonable budget, particularly if your finances are relatively simple.
• Preferred CFO is a full-service outsourced financial team, which means in addition to CFOs, we also have outsourced controllers.
• For instance, they can also lead you through a finance transformation, optimizing your people, processes, and technology for growth and success over the long haul.
• Plus, your outsourced CFO will review and confirm the accuracy of your key monthly financial statements — Profit & Loss (P&L) or Income statement, Cash Flow Statement, and Balance Sheet.
• Some younger companies simply don’t need or want a full-time CFO.