You pay a cleaning company to come in and take care of your offices. Your marketing is being handled by a local agency. Yet, when it comes to financial matters, you’re reluctant to invest in CFO services.
Maybe it’s because you enjoy financial reporting and look forward to digging into your numbers. Or you might struggle with the idea of someone else seeing and handling your financial records. It can be hard to make the leap.
That’s why it might be helpful to consult this list of telltale signs that you need CFO services and give yourself the best Christmas gift by outsourcing before 2025:
Closing Seems to Take Longer Every Month. It’s not just closing. It’s payroll, accounts receivable and everything else that goes with managing money. You simply can no longer find the time and it gets put off a bit.
As your business grows and you get busier, your financial reporting is becoming more complex. It is likely that it’s not only late, but inaccurate.
You Need to Secure More Capital. Whether it’s in the planning stages, reaching out to a network, or ensuring that the funds go towards the most strategic areas of your business, CFO services can help. They will have expertise in determining when it’s time to seek out another investor and have contacts across a vast network. Then, once you have funding, they will put measures in place to make sure the money is being applied towards the right opportunities.
You Keep Missing the Mark. It takes a lot of time and research to develop an effective budget, and if you repeatedly find yourself in the red, when you fully anticipated being in the black, this is a solid sign that it’s time to enlist CFO services.
Stakeholders are Complaining. If you are hearing that your financial stakeholders wish they had more timely or complete information, this may signal that CFO services might help. A CFO will keep your stakeholders informed while providing the context and interpretation as questions arise.
You Haven’t Given Your Financial Reports More Than a Glance in Months. You’re running your business, so getting time to sit down and analyze them well enough to plan for the future may be a stretch. This can result in missed opportunities and inaccurate assumptions that lead to poor decision-making.
A CFO services provider will know how to interpret your financial reports to gain important insights from them. They offer you perspective as well as identify trends that may need to be addressed.
At The Power CFO, we offer fractional CFO services designed to meet your needs and your budget. If you are looking for ways to improve efficiency and drive growth, schedule a 30-minute consultation with a member of our team. We look forward to talking with you and helping you receive the gift that keeps on giving!
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