By Mckenna Gustafson, blog writer at TOP CFOS
For new and young businesses, Forbes recommends outsourcing a few certain jobs. Number one on the list? A CFO. Your business provides an awesome product or service, but you’re not a financial firm. A great CFO will help you continue to focus on delivering your product or service in the most efficient way possible. To get the most out of outsourcing, below are a few tips.
If you’ve decided to hire an outsourced CFO, you’re going to want to know how to get the most out of that service. And if you’re like most businesses owners, you’ll want to see that fee adding value to your company as soon as possible.
Here are a few things you can do to make sure you’re getting everything you can out of your outsourced CFO.
- Define specific objectives. Start by talking to your CFO about where you would like to see the company in six months, a year, and ten years. Set some realistic and clear expectations for you and your CFO so that there are no surprises for either of you down the road.
- Ask questions. Outsourced CFOs are there for you. Let them use their years of experience and wisdom to bring expert business advice to your firm. Take their advice on best business practices learned from a variety of experience across many industries.
- Get an outsider’s perspective. Your CFO will bring his or her experiences to the table to see a fresh view of your company. After all, the saying, “You can’t see the forest through the trees” is often true in a business.
- Save on taxes. Your CFO will do all he can to save you as much on your taxes as possible. Tax planning and strategy are all part of the services an excellent outsourced CFO will provide for you.
- Correct compliance and governance. Your outsourced CFO will be very familiar with the government regulations and will ensure that all reporting is done according to GAAP standards. Make sure that your CFO does everything he or she can to make sure that your firm follows these rules in an efficient way. Although you might not know the differences between an okay financial report and one that follows GAAP standards, your CFO should know that like the back of his hand.
- Form a retirement plan. This may seem like an impossibly huge task if you’re not familiar with how retirement plans work. But with your trusty CFO on board, this will be a relatively straightforward job.
Would you like to learn more about the benefits of an outsourced CFO? Click here.
In the end, get the most out of outsourcing and your CFO as well as your business will thank you. A good outsourced CFO will do more than be an asset to your company today–they will impact the success of your company for years to come.