Have you think about having part time cfo service on board
Part time cfo service
There are number of companies that don’t have CFO on their payroll. They might not have budget for it, or they think it’s enough to have a controller who manages the billing statements and books.Instead of hiring full time professional, why you think about having part time cfo service on board.
Why you should have CFO?
When a company is in growth mode, its working capital can be outstripped fast, A CFO can help to introduce companies to different options and on Ladder of success. An Outsourced CFO isn’t expense for the company. It is the most valuable asset of company. A CFO can help by taking responsibility of financial aspect of business by thinking of future cash flows and maximising the return on investments.
What arrangements should company make with their Outsourced CFO?
In some cases, CFO will visit with company on weekly basis to know the happenings around and inside the business. In other circumstances CFO will temporarily step into filing the gap until new CFO is hired on company payroll. Moreover, in many circumstances it is seen that CFO are hired on project basis.
Part time CFO rates
There are plenty accounting and outsourced CFO firms that exists in any region. They can be search through internet or through mouth of word publicity. But after they are found, CEO must conduct interview of selected candidates based on company requirements. Bringing Specialist CFO to fill the company gap is not an expense. The right outsourced CFO should bring any combination of greater profits, greater financial efficiency and better financing strategies that must help company to achieve its goals, visions.
Following are 5 Additional benefits business owners will receive when they outsource CFO services:
1.) Financial Reporting Accuracy:
When business outsources this task to experienced professionals, they receive 2 way confirmations on accuracy of financial data & as well as they serve valuable resource to train company workers including bookkeepers. Financial reporting is done for tax reporting and financial analysis purpose. So, its accuracy is very important in long term survival of business.
2.)Fraud Detection and Prevention :
Both small and large business continues to suffer major losses from internal frauds committed by their own employees. These frauds have major impact on small business as they have limited source of finance. A wise CFO can reduce the chances of frauds by separating the duties and responsibility of different employees within the organisations.
3.)Profitability and Cash Flow Analysis :
Entrepreneurs have multiple jobs responsibility as their business grow. It is not possible for them to handle each aspect of business closely. A CFO can do analysis about profitability and potential cash flows in business and provide reports to CEO and business owners for final decision making authority.
4.)Loan Negotiations :
When business owner is seeking loans or entering into other form of legal obligations, he is not fully aware of terms and conditions of the agreements. With Outsourced CFO, business owners understand entire agreements clearly and potential benefits that will be taken out from that contracts or Loans.
5.) Short-Term consulting and Long term Strategic Planning:
An outsourced CFO apart from handling day to day back office functions, spend maximum of his time in planning process. With his analytical skills, he prepares short and long term financial plans for the business. Based on his planning, many capital budgeting decisions are dependent as he closely observes the business transactions. An outsource CFO can examine the company balance sheet and Establish budget and compare them with actual figures. And make short and long business plans accordingly.
Our CFO Services In Dubai Include:
•Budgets and Forecasting
•Cash Flow Analysis & Management
•Key Performance Indicators
•Fraud detection & Prevention
•Financial Analysis and Modelling
•Financing
•Special Projects
•Working with Professionals (Auditors, bankers, lawyers etc.)
This blog post is written by Mr. Vinay. Feel free to call our Business Adviser today for a quality consultation relating your queries. Please send inquiry to info[at]flyingcolour[dot]com or call +971 4 4542366
