Business owners know what it is like to juggle multiple tasks throughout the day, week, month, and year. Managing too much at once can become overwhelming and even dangerous to the company if financially important items get lost in the shuffle. The best way to protect your company against the threat of poor financial management is to hire a CFO.
While many business owners cannot afford to maintain a full-time CFO, they can utilize virtual CFO services from a reliable company like ClaytonCarter.
What Is a Virtual CFO?
A virtual CFO, sometimes called an outsourced CFO, tends to your back office and offers all the same services as a full-time CFO without needing to be on your payroll full-time. With a virtual CFO, you can benefit from:
- Accounting and bookkeeping
- Bill pay
- Budget monitoring
- Cash flow tracking
- Financial planning
- Financial reporting
- Payroll
- Risk management and mitigation
And the best part is that they can do it all without stepping into your office. Because virtual CFOs assist you remotely and not as a full-time employee, their services are far more cost-effective and flexible to accommodate your needs.
If you’re wondering whether you should consider outsourced services for your business, here are three signs that indicate it’s time to hire a virtual CFO:
1. Your Attention Is Too Divided
As mentioned, you have so much to juggle every day, week, month, and year. No matter what kind of business you operate, there is always something demanding your attention. If you also have financial tasks on the “to-do” list, important duties can get dropped or forgotten at some point, whether that duty is related to your finances, products or services, employees, or any other aspect of your business.
By handing your back office duties over to a virtual CFO, you can clear your “plate” and free your mind to focus on other business operations that require your attention.
2. Your Cash Flow Is Poorly Tracked, Too Unstable, or Overwhelming to Keep Up With
You’re doing really well if you have a healthy, well-maintained, and well-monitored cash flow. But, if your cash flow is not adequately maintained or observed, you could experience a cash flow that is:
- Fairly good one month and bad the next
- Always low
- Dipping in and out of the red zone
If any of these situations sound familiar, consider partnering with a virtual CFO who can help stabilize and improve your cash flow. Your CFO can analyze your daily, weekly, or monthly spending patterns and recommend steps to change, improve, and increase profitability.
Even if you are not struggling with a cash flow problem, you could still be overwhelmed with what it takes to maintain and monitor your margins. In this case, consider passing the task on to a virtual CFO who can simplify your processes and maintain or even improve your cash flow.
3. You Wish You Had More Time to Run Your Business Than Manage Your Finances
Related to you having so much to juggle as a business owner or business manager, being in charge of your financial and accounting duties prevents you from spending more time doing what you wanted to do in the first place, which is running your business.
Financial duties are crucial to handle to ensure your business moves forward. But, without assistance, you can find yourself having to choose between business duties and financial duties.
When you hand off your back office duties to your virtual CFO, you can return to managing your employees, serving your customers, participating in sales meetings, promoting your business, and doing everything else necessary to keep your business growing.
Ready to get back to your business? Talk to ClaytonCarter about our virtual CFO services.
Cristen Carter is a CPA and business advisor with over 30 years of experience serving clients in Georgia. Her firm offers virtual CFO services that simplify processes, improve business performance, and free you up to focus on your business. Talk to us about your CFO and accounting needs by contacting our office today: (478) 621-4145
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