23 July 2019
by Geoff Tierney and James Raiti
- Related topics
- Outsourced CFO
As businesses continue to outsource non-core processes and functions in order to focus on the key aspects of the business, we have seen an increase in the use of our outsourced CFO services to provide strategic and day to day assistance to business owners.
Some of the benefits of outsourcing all or part of your finance function are:
- Time – business owners are busy and wear many hats. An Outsourced CFO service is designed to limit the owners time spent on the finance function whilst still maintaining oversight to ensure you remain well informed.
- Expertise – for many business owners, finance is not their core area of expertise and their energy is often better served doing what they are good at. Outsourcing part or all of the finance function of the business allows us to focus our expertise in the financial aspects of your business.
- Peace of mind – having an outsourced provider concentrating on the financial aspects of your business and attending to the compliance burden for you gives many business owners the peace of mind that these things are taken care of for them.
In choosing an outsourced CFO provider, the following items are crucial.
Every business has a different need when it comes to their finance function. Some businesses need help only with high level budgeting and performance reporting periodically, where others need a more broad service offering. This might mean a fully outsourced finance function, where all aspects of the function are outsourced. A tailored approach to your outsourced CFO service means that your needs are met in a manner that is helpful to the business.
The level of work required from your CFO changes throughout the year. You may require assistance for a one-off project, such as compiling information for a tender or for banking purposes. There may also be times in your business where you’d benefit from having an extra set of hands in the finance team for a short period, such as with tight year end deadlines. Having a service provider that is flexible to deliver these services when you require them is of great benefit to your business.
Breadth of offering
Often when working with your outsourced CFO, issues will arise that require expert assistance. This may range from having an audit undertaken, to having a formal business valuation prepared or assistance dealing with a particular tax matter. Having experts available to support your outsourced CFO services saves time and puts you in the best position to be well informed to make decisions.
Depending on the type of service required, it is beneficial to engage a team with experience at different levels. This means that costs are kept under control, by having the right level of work undertaken by an appropriate level of staff.
If you have any questions about our Outsourced CFO service or how it may benefit your business, please do not hesitate to contact your ESV engagement partner on 02 9283 1666.