What does a Chief Financial Officer Do?

A CFO manages the financial flow of the company. They keep track of where the money is going and where it should be spent. CFOs are also responsible for managing the accounting and consulting on the bookkeeping of their businesses. Making sure your finances are being tracked and taken care of is also a task that a CFO manages. Here are some more tasks that consultative CFOs do for your small business:

1. Top-level Financial Controller

As the one at the top in charge of managing your finances, they have a knowledge of how to handle everything related to your cash flow and can then provide insightful financial planning.

2. Taxes

CFOs oversee taxation issues for their companies and help resolve potential issues.

3. Strategic Planning

Sometimes CFOs play a vital role in a company’s strategic goal planning. They help set financial goals and they will reach out to you as an owner to make executive decisions.

4. Economic forecasting.

CFOs gather your financial information to help advise you on economic highs and lows in the market. They see where the profits will lead the company and what should be done with them.

If You’re Stumbling Over Your Finances This is When You Need to Outsource for a CFO Services Firm.

Get Your Time Back 

Outsourcing is a great tool to utilize while running a business. If you feel overwhelmed and you don’t think your in-house accountant is able to tackle your financial goals and dreams this is when you outsource for a CFO. They have your best interest in mind and have the resources to devote to your business. 

Focus on Growing Your Business and Don’t Be Stagnant 

It is important to recognize that CFO consulting firms are well-versed in being able to make progress for your business in its financial market. They have the experience and the knowledge to help your small business grow while you work on your important tasks as a small business owner. 

Unbiased Advice 

When you outsource you have an unbiased financial advisor who wants to help your business grow as much as you do. With their step back from your company and your advice, they will be able to find the best goals and decisions to make that align with your goals for your small business. You will need an unbiased opinion on deciding what type of product or service to bring up or down in price. This unbiased opinion means they are paying attention to the financial market rather than the meaning behind what you have done. 

What are the Key Skills of a CFO?

A CFO needs vital skills to be successful for their own progress and for the growth of the small business that has chosen to outsource to them. Here are some skills that a CFO needs to be an effective business partner.

Leadership

Having effective leadership skills is necessary for a CFO. They will need to communicate well with those they work with. The reason leadership is a great skill is that they are an advisor to the business and need to communicate their work well to be able to continue forward.

Operations

Knowing how the individual business runs and conducts its daily operation model is important for the CFO to be familiar with. They need to have knowledge of the industry and be able to make solid financial decisions based on the business industry.

Controls

A CFO needs to be able to assess situations and the environment a small business is in. They need to know how to assess the information surrounding the small business. An important task is being able to combat the financial risks the business faces and knowing the legal and regulatory requirements to face those risks.

Strategy

Supporting the strategy for a small business and being able to develop and execute the functions needed is important for a CFO. They need to ensure that the strategy the business is following will be adequately funded with what funds are available for the small business.

Do You Need A CFO? When to Hire One

Some think that it may be too early for a start-up to hire a CFO considering one as an unnecessary addition when an in-house financial team can do the job. Others argue that CFOs are valuable personnel who have in-depth business perspectives. Such expert data-based opinions will help optimize the overall business operations and propel the enterprise to success.

In many cases, time does not weigh much in deciding whether to hire a CFO. Even start-ups need solid financial leads and accounting services if they are facing challenges managing their books. You will realize that a CFO service is crucial along the way.

Here are a few reasons why:

• You know you lack the accounting know-how, and having a hard time interpreting the numbers, and making predictions valuable for your business.
• You need an expert to manage your taxes efficiently, especially when your business is starting to grow.
• A key aspect of doing business is transacting. You may be able to survive for a short period of time without bringing in a CFO, but as you progress, it becomes more complicated until you can no longer catch up. If you intend for your business to thrive, a CFO will be useful.
• If you are not sure how to take your business to the next level because you fail to run the numbers effectively, hiring a CFO is beneficial. Someone who has a solid background in the economics of the business and can analyze the data is key to making wise business decisions. You may know your product and your market but not the dynamics, especially when you are not an accountant by trade.

Basically, an outsourced CFO service is what you are after. You need a person who will handle your company’s financial matters and use the data to boost your business. Budget issues may be a concern if you are a start-up, but with the value, they can bring, a CFO could be your most profitable investment.

Outsourced Business Finances by a Local CFO in Fort Collins

There often comes a time in the growth cycle of a small business when it has expanded to the point where it would benefit from the financial direction and leadership of a Fort Collins CFO. If you find yourself in this situation, outsourced CFO services with Steven J. Wick & Associates, PC is an affordable option.

As your Fort Collins CFO, we do more than improve current operations and productivity; we become the sounding board to help you through tough decisions that could dictate the financial future of your business. We’ll dig deep into your business finances and provide practical advice to make your business stronger and more efficient. We’ll find better ways to regulate cash flow, decrease expenses, and heighten internal controls. And we’ll do more than come up with ideas; we’ll show you how to implement changes that will result in higher profits and long-term growth.

No Need to Worry: There is CFO Consulting in Fort Collins Near You

Hiring a CFO is an important task a growing small business needs to take. When your business is growing too fast for you and you want to focus on more important tasks to give you peace of mind in strengthening your business that is when you need to outsource for a CFO to take charge of running the financial goals of your business.

If you are feeling lost and do not know where to start finding a CFO with experience in your type of business, you can start here. At Steven J. Wick & Associates, Steve Wick is a practiced and experienced consultative CFO who can help your small business financially grow. Take the worry away from your finances and look into moving forward with your small business plan. You worry about the passion of your business and let us handle your financial burden — contact us here to get started on your small business growth.