Small business owners have a lot on their plates, and it can be challenging to balance financial management with other critical business functions.
Here are some small business statistics 👀
- According to a report by Deloitte, 75% of small business owners consider financial management to be the most challenging aspect of their business. This underscores the need for CFOs who can provide financial expertise and help small businesses manage their finances.
- A survey by B2B International found that 66% of small business owners outsource their accounting and finance functions, which includes outsourcing a CFO. This highlights the growing trend of small businesses turning to outside experts to manage their financial operations.
- According to a report by KPMG, 90% of small businesses fail due to poor financial management. This emphasizes the critical importance of having a CFO who can manage financial risk, optimize cash flow, and improve profitability.
The CFO Advantage(s)
A CFO, or chief financial officer, is responsible for managing a company’s financial operations. They oversee financial planning and analysis, risk management, financial reporting, and cash flow management. By outsourcing a CFO, small business owners can optimize their financial management, increase revenue and profits, and improve cash flow management.
Here are some of the ways outsourcing a CFO can help small business owners achieve financial success.
CFOs bring years of experience and knowledge to the table. They can analyze financial data, identify areas for improvement, and develop strategies to increase profitability. CFOs can also provide guidance on financial decisions, such as pricing strategies, investment opportunities, and cost-saving measures.
By outsourcing a CFO, small business owners can pay for only the services they need, which can be a cost-effective solution. Additionally, outsourcing a CFO can be more flexible than hiring a full-time employee. Small business owners can adjust their CFO services as their business grows and changes.
Learn more about TSAT’s Elite CFO Services!
Improved Financial Reporting:
CFOs are responsible for providing accurate and timely financial reports, which are critical for making informed decisions. By outsourcing a CFO, small business owners can access real-time financial information, which allows them to respond quickly to changes in the market and make strategic decisions. CFOs can also help small business owners understand financial reports, providing insights into the financial health of their business.
Increased Focus on Core Business Functions:
By delegating financial management to a CFO, small business owners can devote more time and attention to the areas of the business that are critical to driving revenue and profits. This can lead to increased innovation, better customer service, and improved product development.
Optimized Cash Flow Management:
CFOs can help small business owners optimize their cash flow management, which can have a significant impact on their revenue and profits. CFOs can develop a cash flow forecasting system, manage accounts receivable and payable, identify areas for cost-cutting, and help with capital planning. By outsourcing a CFO, small business owners can ensure that their cash flow is well-managed, which can have a significant impact on their revenue and profits.
In conclusion, outsourcing a CFO can be an effective strategy for small business owners who want to optimize their financial management, increase revenue and profits, and improve cash flow management.
CFOs bring financial expertise, cost savings, improved financial reporting, enhanced risk management, increased focus on core business functions, and optimized cash flow management. By outsourcing a CFO, small business owners can ensure that their finances are well-managed, allowing them to focus on growing their business and achieving long-term success!
Don’t become a statistic. Let TSAT become your Trusted Advisor!
Your Trusted Advisor… At TSAT, we know that a great businesses need to operate at high levels of service, accuracy, reliability, and throughput. We also know that the only way to ensure these things are achieved is to develop a comprehensive set of accounting and finance policies and procedures and to regularly train all personnel involved in the management and control of the company’s software. Only by taking steps toward accounting, quality assurance, and finances can a small business accounting department expand its business and improve its profit margins. It takes a little work to make sure that every aspect of small business accounting is running at full capacity, and we are here to help!
Here at TSAT, we are not simply bookkeepers. We work with you to provide a 360-degree strategic financial advice, including small business operations and investment guidance. We will help you stay ahead of the curve when it small business or personal investments!
If you are a gig worker or small business owner looking to grow your business, TSAT’s AMAZING Trusted team considers much more than just your taxes!
TSAT’s is your Trusted Advisor and will let you focus on your business’s core competencies! Whether you have a small business or you need help personally, TSAT can give you HOPE! Call us today!
Phone: (417) 208-2858
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