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CFO SERVICES

Background

Traditionally, a Chief Financial Officer (CFO) is a person who is responsible for the financial health and to safeguard the assets of a company. CFO is a key player in an organization who is involved on a regular basis in setting up the overall strategic direction, corporate culture and support functions of a company. CFO also monitors the path of organization towards achieving its objectives, cost efficiency and profitability and recommends any changes if required.

 

If you are a startup or a small to medium sized business, it will be very costly to hire a full time in house CFO to perform the role and to support other business heads including the Chief Executive Officer (CEO). There is no reason to cut quality of your team to save money. With an outsource business services such as part-time CFO for small businesses, you can actually get higher quality services from an expert whom your company could not afford to hire full time. An outsourced CFO can perform agreed tasks such as financial reporting, leading accounting team, audit preparation, payroll services and other small business bookkeeping services.

The Challenge

Some of the ways where your business can benefit from outsourced CFO services are as under;

 

  1. Cost Savings: With an average CFO salary around GBP125,000 or more, paying a full-time CFO’s salary could be difficult or impossible for your business. With an outsourced CFO service, you don’t have to pay such lofty salary, taxes or health and retirement benefits. This adds up to significant savings without a sacrifice on the quality of work regarding your company’s financials and other operations.

  2. An independent viewpoint: Outsourced CFO with a wide range of experience can bring fresh viewpoint to bear on a company’s difficulties and struggles to help solve problems that your in-house staff may be too close to in order to see solutions.

  3. Streamline accounting systems: Out-of-date processes and antiquated methods can greatly hinder the cost efficiency of any department or position. A CFO consultant can quickly help you streamline your processes to achieve cost savings through smarter labor practices and other means.

  4. Accurate financial statements: If you don’t necessarily know the difference between a well-done, accurate financial statement and a sloppy one, or if financial reporting is just not your area of expertise, your business can benefit greatly from someone who really understands how to prepare and review these critical documents.

  5. Financial analysis and consulting: Outsourced CFO services provide spot-on, high-level financial analysis of your cost and profits to help you plan strategies to deal with the financial problems or concerns you face.

  6. Preparation of financial information. You need financial documents to show any potential investors or venture capital firms you approach. With an outsource CFO service, you’ll get expertly prepared financial information to help you attract investors.

  7. Financial advice: When you don’t know how to increase profitability or secure your company’s financial condition, you need advice from a financial expert. An outsource CFO can provide the guidance and advice you seek.

  8. Restructuring: An experienced CFO can also provide advice on possible restructuring within the organization to improve efficiency and reduce costs.

Solution by ABL

ABL team has decades of experience with them in working with teams of high quality and spearheading organizational directions and change. An outsourced CFO from ABL will provide you the following services in an ultra-professional way unless otherwise agreed;

 

  • Budgeting and forecasting

  • Cash flow management and projections

  • Management of accounting and bookkeeping processes

  • Accounting documentation, including processes, procedures and operations manuals

  • Job costing and inventory tracking

  • Setting up Key Performance Indicators (KPIs)

  • Third party accounting software selection and implementation

  • Reporting and oversight of month-end closings

  • Audit preparation and advisory service

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