Why Work With A Third-Party CFO Service?
Apart from reduced costs, the many benefits offered by part-time CFO services are intangible to measure.
Having a CFO working for the company helps gain the confidence of your investors or board of directors. These stakeholders may have posed certain questions about the financial status of the company in the past. In fact, they may have pointed out areas of lack in your financial department. The inclusion of a CFO gives them the confidence that you are on the right track. They become more confident in the financial statements and reports provided by you when you have a part-time CFO working for the department. This confidence is important and will help open the purse strings when you need funding. You will also eliminate the opportunity costs by minimizing wasted resources.
In fact, your team might be currently struggling to overcome certain bottlenecks in the accounting processes due to shortcomings in technology. When you hire a third-party CFO service, you have access to the latest accounting technology and expertise of the professionals. This will help increase the efficiency of your department. An experienced third-party CFO service is likely to have helped many other businesses to overcome these issues and become more efficient in the process. That’s why you need to work with a professional and experienced part-time CFO service in town.
From CPA To CFO
More and more accounting firms tend to use technology to standardize their workflow. These firms will have more free time to focus on providing their clients with advisory-based offerings such as CFO services. The right CFO service can help build deeper client relationships and increase the revenue of your company. You will be taking the necessary steps in the right direction to reap immense benefits when you work with a professional part-time CFO service in town.
Here is a point to consider: Is your accounting firm already handling the books for business clients? If so, you have the opportunity to provide additional services such as financial planning, analysis, and strategy. The progression and extension of service are quite natural. In fact, you have already built a trusting relationship with the client, and you know the business. Hence, you are better equipped to plan and implement initiatives in order to reduce costs and increase the profits of the business.
Consulting Is The Future!
Today’s client needs value beyond compliance services. They are looking for accounting and payroll services, tax preparation, and a trusted advisor to help them operate and grow the business.
You need to capitalize on your built-in relationships, financial expertise, and knowledge to provide third-party CFO services to your clients. It’s might be the ideal expansion opportunity your business needs!