A new style of accounting is taking the reins in both small business settings and corporate America. Virtual CFOs are replacing in-house accountants at a steady rate and for good reasons. While company accountants are responsible for recording past transactions and current financial statements, outsourced CFOs take on more progressive, forward thinking tasks.
As experienced financial managers, CFOs bring sophistication to the accounting table. Unlike an in-house accountant, CFOs take a look at the big picture of a company’s financial well-being. They can identify weaknesses in the status quo, troubleshoot solutions, analyze projected growth, plan for the future, and help maintain the company’s financial vision. As independent contractors working with a company rather than for a company, CFOs have the advantage of consulting with CEOs, board members, investors, and banks allowing for a more holistic view of the current financial dimensions and future objectives.
While a small business operation may not be at a point where hiring a full time CFO makes sense, the duties of a CFO are a critical element to long term growth. An outsource solution is both logical and affordable when you are ready to hear what your numbers are telling you.