How to Determine if you need a CFO

November 9, 2018

As a small business owner, you’re undoubtedly finding out firsthand that there are a number of financial milestones that you’re not certain that you know how to recognize. One of them is how to determine if you need a CFO. There are a number of signs to help you decide but first, you might need to know a bit more about what a CFO actually does and how it can help your company, making it well worth the expense.

What CFOs Do

These days, CFOs have to be both risk management experts and business intelligence sources. They have to be ready, willing, and able to provide instant replies to just about all of the business performance questions asked by their CEOs. Other actions generally performed by a CFO include:

  1. Economic forecasting,
  2. Economic modeling,
  3. Predicting the optimum method for ensuring your company’s future success,
  4. Identifying and reporting the areas where your business is most efficient and how you can capitalize on that info,
  5. Deciding how to invest your company’s capital,
  6. Taking into consideration both your company’s liquidity and the risks involved,
  7. Overseeing your company’s capital structure,
  8. Determining the best mix of internal financing, debt, and equity,
  9. Addressing all of the issues that surround your capital structure,
  10. Being responsible for your company’s overall financial condition now and in the future.

If any of the above seem like processes that are sorely needed by your business, then you’re ready for a CFO. If you’re thinking to yourself “But, I can’t afford a CFO?”, then think again. We would love to show you how you can do just that.

In-House Vs. Outsourced

Although in-house CFOs could quite possibly do all of the above, your best bet just might be an outsourced CFO. At DeepSky Accounting, we specialize in outsourced services such as bookkeeping, accounting, and CFOs. Outsourcing is an excellent way to get the professional CFO your business needs but at a much lower price. You just can’t beat the financial benefits that you can reap with an outsourced CFO. Why not find out for yourself?

Contact Us Today

An outsourced CFO could be just the ticket for giving your business a wealth of opportunities for both growing and becoming more financially stable. You can save money, too, since you’ll only need to spend a fraction of the usual cost of an in-house CFO. All you pay is a more easily affordable monthly service fee to get the CFO services that you need. At DeepSky, we would love the opportunity to put together a plan that’s customized for your business, so contact us at (949) 200-6829.