The benefits of hiring a CFO are plain to see for many business owners. In terms of services rendered to your company, the CFO primarily mitigates the risks associated with company finances. Such an individual is therefore nigh invaluable for this purpose. Further CFO services include financial planning, accounting duties, and making financial information available for owners of a business. These roles are, again, almost priceless for companies trying to make a profit. However, despite the importance of CFO services, all businesses must stay within a budget and retain their CFO at a cost that is beneficial to both parties. The reality of the situation is that, often, the best services cost the most money. When you run up against the impasse of needing a high quality CFO to manage your funds, but can’t spare the cost of hiring such an individual, it may be time to turn to a radically different option.
The growth of your business is predicated on available funds, and your profit margin, naturally. To drive yourself to success, consider online CFO services in place of traditional employees. A third party outside the company can easily fulfill all the normal functions of an in-house CFO. Indeed, while it may seem that an employee of the company would have more of a vested interest in seeing the company succeed, an online CFO service or representative thereof has the exact same interests. Quality service rendered means success for your business and success for your online CFO, from which you both stand to gain. Your success is bolstered by the fact that outsourced online CFO services are dramatically cheaper than procuring and maintaining an employee at your company proper. Without the burden of additional insurance costs, benefits, vacation time, and sick days, plus the already efficiently priced CFO service itself, you can channel a great deal of newly freed funds back where they need to be: in your business.
Don’t feel put off by not having an accountable party just down the hall; with the ubiquity of internet access, you can have marginally more control of your online CFO service than even a physically present employee. Both your time and your new online CFO’s time can be spent on transactions that directly benefit each of you and effectively cut the bureaucratic fat of traditional CFO services. You stand only to gain from such a business relationship.
The auditing of a company can be undertaken for a variety of reasons. Commonly, a company is audited financially to ascertain the credibility of its records. Essentially, are the books in order, or not? Audits of this nature can sometimes bring stress, as human error in financial record keeping can cost the company in question a great deal of money and certainly credibility. A spotless record encourages customers to do business and gives them confidence in their transactions. It further assures government agencies of a companies stability. It is plain to see why companies might be audited, but what of the auditing firms doing the actual auditing? It is a side of the equation that is perhaps not often considered, but just as the possibility of human error exists on the side of the company to be audited, so too is there a question of consistency and veracity on the side of the auditing firm.
The responsibilities of an auditing firm are many, but much of it boils down to accuracy. Can you trust that an auditing firm will produce a report that accurately reflects the financial practices and records of a given company? In the case of a financial audit, the information gathered by the auditor is, by nature, quite sensitive. There is certain amount of vulnerability involved for the company being audited, as they must open up what are usually private records. Because of this, it will not do to consider auditing firms that are not of the utmost quality and trustworthiness.
If you are concerned about having a quality audit at a fair price to your business, consider GoodAccountants.com as your primary online resource for low-cost high quality auditing firms. Though some may balk at the thought of using an internet resource for something as sensitive as an audit, realize that the same firms and individuals that are auditing companies large and small are accessible online through GoodAccounts.com’s considerable resources. Not only will you be paired with an auditor of substantial quality and responsibility, you will receive this service at no extra cost to you. The bottom line is an accurate report on the financial soundness of your company at a price that benefits you, done by an auditing firm that is both capable and responsible. All this is within your grasp without being distracted from the usual concerns of your day-to-day business. Don’t think of it as taking a chance, think of it as taking the next logical step.