Whether or not you need an Outsourced Controller or Outsourced CFO can be examined two ways. First, do you have the capability to professionally manage you bookkeeping staff? Are you sure that the internally prepared financial statements upon which you are making business decisions are correct? If the answer to either of these questions is no, you probably need an Outsourced Controller or Outsourced CFO.
The second way to to ask yourself, am I making as much profit as I should and am I generating as much cash as I should. If you don’t think you are profitable as you can be and cash flows seem inadequate you probably need an Outsourced CFO or Outsourced Controller. Controllers and CFO’s perform the following (this is not an exhaustive list):
· Goal Setting / Strategic Planning
· Budgeting
· Financing
· Turning around a marginal company to very profitable company
· Identifying areas to cut costs
· Collect receivables
· Prepare financial statements in accordance with generally accepted accounting principles
· Prepare accurate management reports with key performance indicators
· Manage your accounting staff
Why would your small business not just hire a full-time CFO or Controller? In an ideal world you would, however, you probably would not be able to afford them initially. Note that this is two different employees, with high salaries. We have found that small businesses can afford to outsource a controller/CFO for one or two days per month. Small businesses generally find the return on investment to be fantastic. Call Robert Smith Jr CPA at 206-596-2500 or email at rsmith@nextgenacct.com for more information. We know that we can help your business.
