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David Huber Awarded Best CFO: Don’t Underestimate the Value of a Great CFO Service

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CFO of the year David Huber - find a CFO service todayThe NJBIZ CFO of the Year awards program celebrates New Jersey’s financial executives at all levels who contribute to the success of the state’s economic growth and stability. David Huber, CFO of Horizon Blue Cross Blue Shield of New Jersey, was honored as the best CFO for a private company generating revenue of over $50 million.

Huber noted the importance of the CFO role in today’s business world. Where it was once largely a record-keeping rule, he said, “Today the CFO is expected to be a business partner to the CEO and senior management team. The CFO must be able to understand the business from the frame of reference of constituents, including customers, employees, board members, rating agencies, regulators, etc. I spend most of my time looking forward.”

The value of a good CFO cannot be underestimated, in fact, some say the CFO may be even more important than a CEO. A CFO needs a wide variety of skills and experiences in the ever-changing market structure of today’s world. The person in this essential role is often called upon to weigh in on strategic decisions involving the organization, including everything from transactions to providing assessments of emerging markets and analyses that go way beyond looking at the books and figuring out whether or not there is enough cash available to support an investment.

With a business’ success or failure often hinging on the talents of the CFO, it’s essential to find just the right person to fill that role. You’ll want to find a CFO service that can locate the top talent available to perform tasks that are vital to the company.

You may want to find a CFO service that is able to provide an Outsourced CFO to help manage your financial operations as an excellent cost savings solution. An increasing number of small to midsize business owners have discovered that they can afford a seasoned CFO by utilizing CFO services, relieving the big burden of managing the company’s financing, while allowing them to focus on what they do best.

If this sounds like good business sense to you, to find a CFO service that can provide your company with the best talent available while eliminating the need to pay the high costs associated with hiring an employee like payroll taxes and health benefits, look to GoodAccountants.com who can deliver the most qualified CFO candidates to choose from at no cost or obligation.

What Is A CFO Service?

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Running and managing a business is a really complicated task. Business owners find themselves tied up between the struggles to deliver the best services while managing their staff and leading them. It has become even difficult as there are a number of competitors in every industry and all of them are working towards getting to the top.

In the midst of all these matters to take care of, managing financial and accounting matters is a handful. It is often not suitable for businesses to hire a full-time accountant, to be straightforward, they just cost too much! With the economic downfalls and the inflation, hiring a full-time accountant might not be the best choice. So what should you do?

Here is where CFO services come in, skilled with financial experience and accounting tools, these CFO services can effectively manage financial aspects of a business and that too at a comparatively lower cost. The best part about these CFO services is that you are required to pay, only for the services you want and not a lump sum amount.

What Do CFO Services Offer?

When you choose to hire a CFO Service, you shouldn’t be worried about anything related to accounting and finances. They offer a complete solution, including:

Financial Management And Reporting Services

  • Business and banking relationships
  • Cash flow Assumptions
  • Debt management
  • Divestitures and Acquisitions
  • Executive management reporting
  • Internal controls
  • Profitability and Performance strategies
  • Risk and tax management

CFO Services employ accountants who have highly relevant certifications like CA and ACCA or people who have done their Post-graduation with their majors in finances and accounting. This enables them to create a team of individuals with strong financial expertise.

Not Only Accounting And Financial Reporting

If you choose a CFO Service wisely, it will bring more of a holistic approach to your business and company. They would not only cover financial aspects of your business but also fine-tune other departments like HR and IT.

Access To Expert Advice

Whether you need advice on the structure of your business or you are looking for advice on mergers and acquisitions, this is by far the greatest benefit CFO services offer. You have access to expert financial advice at your fingertips. As it is not part of your organization, the advice is completely unbiased, professional and helpful.

Staff Assessment And Help

Supervision and counseling of your entire staff is another service they offer. If unskilled or untrained staff is causing problems like lower productivity, CFO services might have a solution for you.

Review Of Current Procedures

Not sure about the efficiency of the procedures in your company? A CFO Service reviews all the procedures currently being used in your organization and they also help fix any problems to maximize productivity.

Create Connections

A good CFO Service can help you build connections with professionals, investors, bankers and attorneys, all related to your industry.

Choosing a CFO service might not be as easy as it seems, there are a lot of services and they have a lot to offer. Come see how good accountants can help you find a great CFO service today!

CFO Resigned? How to Find a CFO to Take Your Business to the Next Level

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Find a CFOWhat should a company do after their CFO has resigned? Recently, Jim Bonsall, the CFO for the city of Detroit resigned, after allegations were made that he demeaned a coworker during a meeting. An internal investigation is moving forward to determine if Bonsall made the racial remarks that he has been accused of. He submitted his resignation as a result of the controversy.

In this situation, the next step is to find a CFO for the city of Detroit, which can be a lengthy process in order to locate a qualified person who can handle the responsibilities that come from managing the finances of a city. It is essential that a qualified CFO is hired, because hiring the right person can be the difference between financial success or failure of the organization.

The rocky economic climate in the United States has made it more important to find a CFO who can manage financial assets wisely. The CFO is responsible for protecting the bottom line and making sure that expenses can be met. In the process, he needs to find ways to trim the fat without causing harm to the success of the company. It has been said that the CFO may be even more important than the CEO. The CFO will have a good hold on the financial outlook for the company, and they will be able to advice the decision makers on how the money is best spent based on the financial resources that are available.

One good option is to outsource CFO services through a trusted company, such as GoodAccountants.com. The CFO services that are available will provide a company with high quality talent at a cheaper cost than hiring an independent CFO.

The process to find a CFO usually involves heavy recruiting to locate qualified candidates, followed by background checks, reference checks, and intensive interviewing to pick the right person. Even after all of this work has been completed, the company is still taking a risk to see if the person will be the best fit for the company. Using CFO services allows a company to have access to top CFO candidates without obligation or cost.

How Can CFO Services Help Your Bottom Line?

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Would your company benefit from having a chief financial officer (CFO)? Of course it would. A CFO oversees all of your business’s financial and accounting needs. CFO services include keeping your books up to date and providing financial reports. A CFO also offers strategies and advice for your company based on years of financial experience. Paying for this knowledgeable expert doesn’t have to break the bank, however.

Benefits Of A CFO

In addition to overseeing your daily financial operations, a CFO provides your business with many other benefits. They can offer your business new financial strategies that can maximize profit and help your company grow. A CFO can also provide your company with a financial contingency plan should the market go soft for any reason. They have insight into many financial trends, so they can advise you on opportunities to take advantage of as well as others to avoid. If your margins are not in line, they can analyze your business operations and devise a plan to solve the problem. A CFO can also help you to set up some longtime business goals or help you stay on track for ones you’ve already chosen.

What About Part-Time Help

With the help of part time CFO services, you can have all of the benefits without the hefty salary of a full time position. A part time CFO can work a couple of hours every other day or just a few hours a month at crucial times to help the financial ends of your business run smoothly. You may find that as they set goals and utilize strategies for your company’s success, you are better able to take care of or delegate your financial duties. On the contrary, as your business expands, or if you find the services of the CFO are invaluable, you may consider hiring full time.

A part time CFO also offers ease with hiring in and out. For example, if you need help with a financial project, and your other employees have too much to do or too little experience to adequately complete the job, you can hire in a part time CFO to get the project started. When the project is ready to be turned over to your regular employees, you can end the CFOs role.

Any business will run better with the knowledge and expertise of a chief financial officer heading up your financial operations. You can have the comfort and security of knowing that the financial aspects of your business are running smoothly, freeing you up to take care of other important aspects of running your business. CFO services can make your business more efficient and profitable as well. Consult an online accountant registry, such as Goodaccountants.com for more information on hiring a full time, interim, or part time chief financial officer for your business today.

 

Hiring CFO Services for Small Businesses

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Just about every type of business can benefit from tcfo serviceshe expertise a chief financial officer has to offer.  These professionals are highly skilled in the financial world and can provide a number of CFO services to keep your business’s books and financial records up to date and accurate.   They can also provide a great deal of advice to help plan for the future, to help with tax services, and keep your business running efficiently.

Unfortunately, many small businesses cannot afford to hire an internal CFO as the salary is far too high for businesses of this size to spend yearly.  This does not mean that you have to entirely give up on being able to make use of these skilled professionals.  You can outsource this position and take advantage of part time CFO services.  This makes it easy for all businesses to have access to the skills of a financial expert, with the convenience of paying as the services are needed.

A chief financial officer will work with your financial staff and supervise them to make sure all of your internal accounting operations are working as well as they should be and that all issues are in compliance.  These professionals will be a major factor in the direction and planning of your business and will help a great deal with efficiency.

Some of the most common CFO services include the following:

Developing and executing existing and new financial strategies;

Creating contingency plans to assist with complications and issues with customers and markets before they become a problem;

Completing an analysis to detect issues that may need to be repaired in order to get margins back in alignment;

Creating business plans to help establish or meet short and long term goals, as well as establishing forecasts to assist with the business plans;

Providing ideas to challenge the way your business currently operates in effort to promote growth;

Providing in depth knowledge that will cause the business operators to ask certain questions in order to implement proven growth strategies.

CFO services used on a part time basis will give you all of the above mentioned benefits on an as needed basis, as you see fit.  Whether you decide to make use of these professionals for months, weeks, or even hours, you will find they help to increase profitability, and will keep your business operating smoothly.  You will notice a great improvement in your financial operations, yet you will be paying a fraction of the cost of hiring a full time CFO for your business.