There’s no reason to cut quality on accounting to save money. With Virtual CFO and bookkeeping services such as part-time CFO and other financial consultants for startup, you can actually get higher quality financial services from an expert whom your company could not afford to hire full time, but can easily afford to use an Virtual CFO Services provider for important financial reporting, accounting services, audit preparation, payroll services, and other small business bookkeeping services. With that in mind, consider these 10 ways your Startup can benefit from Virtual CFO & bookkeeping services.
- Cost savings on Accountant and CFO salaries. With an average CFO salary around $250,000 or more, paying a full-time CFO’s salary could be difficult or impossible for your business. With Virtual CFO service, you don’t have to pay taxes or health and retirement benefits for your CFO. This adds up to significant savings without a sacrifice in the quality of work regarding your company’s financials.
- An independent viewpoint. Consultants are valuable in most areas of business because they bring an experienced yet fresh viewpoint to bear on a company’s difficulties and struggles to help solve problems that your in-house staff may be too close to in order to see solutions.
- Financial advice. When you don’t know how to increase profitability or secure your company’s financial condition, you need advice from a financial expert. An outsource CFO can provide the guidance and advice you seek.
- Streamline accounting systems. Out-of-date processes and antiquated methods can greatly hinder the cost efficiency of any department or position. A CFO consultant can quickly help you streamline your processes to achieve cost savings through smarter labor practices and other means.
- Accurate financial statements. If you don’t necessarily know the difference between a well-done, accurate financial statement and a sloppy one, or if financial reporting is just not your area of expertise, your business can benefit greatly from someone who really understands how to prepare and review these critical documents.
- Financial analysis and consulting. Virtual CFO services provide spot-on, high-level financial analysis of your cost and profits to help you plan strategies to deal with the financial problems or concerns you face.
- Preparation of financial information. You need financial documents to show any potential investors or venture capital firms you approach. With Virtual CFO service, you’ll get expertly prepared financial information to help you attract investors.
- Restructuring. CFO consultants who review your company’s balance sheet will help you find ways to bring your accounts payable up to date and to free up cash. How you use that cash is up to you and your shareholders.
- Fund capital improvements. Restructuring or effective cost-cutting strategies will free up capital you can use to pay off any substantial debts your business may have or to use to advance your business through marketing or other avenues.
- Set up a retirement plan. If you’re like most people, setting up a complex retirement plan for your employees is a dauntingly impossible task. For a CFO, it’s business as usual—and a major responsibility removed from your plate.
For more information on ways your business could benefit from the use of Virtual CFO services, talk to an expert at NOW CFO today, and let us help you make a plan to get your business on track!