Should You Consider an Outsourced CFO?

Are you curious about outsourcing the CFO function? Could your cash management, financing, forecasting and overall financial strategies be improved by the right person?

A business owner needs expertise in product knowledge, operations, marketing, and finance. Most entrepreneur’s will have deep knowledge in one or two areas but less frequently in all of the areas needed for growth and long term success. For this reason, business owners rely on a wide variety of outside resources: industry consultants, IT service providers, attorneys, CPA’s, insurance agents, and bankers…to name a few. Could an outsourced CFO be one of these resources? Absolutely!

When a business first begins, the infrastructure is often “lean and mean”. Infrastructure is everything from the facility, equipment, IT systems, and operating procedures to the employees.  As the business grows, the infrastructure has to expand to support the growing needs of the business. In order to take the business to the next level, the infrastructure needs to be re-assessed.  Are the employees, facilities, processes, procedures, and systems which allowed us to get HERE going to get us THERE?

An Outsourced CFO is a cost conscious way to fill in the knowledge gap without the burden of a full time CFO salary. The CFO does not take the place of your CPA attestation and tax preparation services nor do they replace the role of the bookkeeper or controller. A Part-Time or Outsourced CFO can help guide the management team in growing the business and in providing the tools and information for profitable decision making.  This is a new business model for the Central PA area encompassing  the towns of Williamsport, Loch Haven, State College, Altoona and surrounding communities, but is rising quickly in popularity with privately held business owners who need comprehensive financial strategies including the planning for an eventual exit strategy.

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