3 Questions to Why You Need an Outsourced CFO
CFOs are not just for multinationals. You can now take advantage of interim or outsourced CFOs, working with you on a project or part-time basis. This is no longer a high-salaried position demanding a corner office making proclamations on high. Think more of a finance manager who looks after your company’s best financial interests, strategically and efficiently.
Answer these questions to see if you need a finance professional
Any business that wants to sharpen their financials and profit the most from their operations should consider engaging a finance professional that can see beyond spreadsheets and tax regulations. You can benefit from an experienced CFO when and how you need them through outsourced services provided by firms such as GPS Accounting. Not sure if you require this type of financial expert? Let us see –
1. Does your company need to scale up or down?
Scaling up: Congratulations! Your business is succeeding beyond your projections! Now what? Do you reinvest or give everyone bonuses? Or do you keep things as they are? You know your business and your market, but can you figure out how to make the most of your success for growth? A financial expert can work with you to make sure you make the right moves next.
Scaling down: Or is your business feeling a squeeze? In these uncertain times, this may be the case unfortunately. Instead of shutting down or cutting back blindly, get the advice of a CFO who can help you analyse your business, identifying the best way to scale down to weather the storm and be prepared to scale up once things start to look up.
2. Is your cashflow not what you think it is?
Perhaps your business is functioning fine in terms of sales and operations, but your cashflow just does not seem to be in line with your expectations. Are you getting the financial reports you need to track the money? If so, can you evaluate them properly to maximise and streamline the flow so that not only does everyone gets paid, but that you are investing where you should, ensuring smooth operations and growth?
By hiring an outsourced, part-time, or interim CFO, you can focus on your business while having high-calibre financial expertise available. Rather than hiring someone full-time, you could have an interim arrangement whereby a CFO or finance expert from GPS Accounting meets on a monthly, quarterly, or annual basis to keep your business on the right track.
3. Do you have big plans and are not sure you can afford it?
Planning a sale or acquisition? Ready to expand territories or need to upgrade your equipment and systems? Any shift in business must be paid for somehow while you continue to operate and earn. Need to raise capital through loans or outside investment? The first thing a bank or potential investor will want to examine are your books and financial reports. There are those financial reports again, so essential yet often overlooked.
Bringing in an outsourced CFO who can thoroughly analyse your company’s financial health can also help you present your financials in the best light for lenders and investors. You may have a great business plan, but if you are foolhardy when it comes to money, they may not have the confidence to open their chequebooks to you. And when it comes to spending on new systems or acquisitions, a financial expert can assist with budgets and spending so that your accounts do not get drained.
Let GPS Accounting fulfil your outsourced CFO needs
More and more companies are understanding the benefits of outsourcing various operations, especially regarding bookkeeping, payroll, and other finance matters. It is more efficient and often extremely cost-effective. However, you may feel some trepidation still about outsourcing upper-level responsibilities like those of a CFO, and you may not think that you need a fancy CFO to finagle with you finances. Nevertheless, if you ask yourself these questions we posed and think that perhaps you may benefit from an outsourced CFO arrangement, contact GPS Accounting in Bangkok today to discuss your options for a more fulsome financial future for your company.
