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5 Reasons to Consider an Outsourced CFO

Maybe you’re a small business owner with no accounting experience. Or maybe you’re a small business with a full-time accountant and you have another 20 hours of weekly accounting work — but no budget for another full-time employee.

There’s an answer to these and a handful of other accounting dilemmas: the outsourced chief financial officer (CFO).

An outsourced chief financial officer (CFO) is either a financial professional or a firm that provides CFO services to businesses on a contract or part-time basis. These services can include anything from budgeting and risk management to financial planning and analysis.

So, why hire an outsider to tackle some of your most financially sensitive tasks? Here are five reasons to consider an outsourced CFO:

1. It Can Save You Money

Hiring a full-time, in-house CFO can be a big expense, especially for businesses that are just getting started or still growing. Outsourced CFOs bring top-notch financial expertise without without going broke.

2. Brains on Speed Dial

The financial environment is always changing, and businesses need advice that’s quick and on point. Hiring an outsourced CFO can give you a direct line to someone with years if not decades in the field, and someone who is still paying attention to industry advancements.

3. Flexibility, No Strings Attached

Business needs change all the time, and that’s especially the case for small businesses. Sometimes you need to ramp up your accounting, and sometimes you might have to pare back CFO resources.

These kinds of moves can be challenging to make with full-time employees. But outsourced CFOs can absorb as little or as much bandwidth as you need.

4. They Allow You to Focus on What You Do Best

Owners of small and midsize businesses often wear too many hats, making it difficult to keep their eyes on the prize. But outsourced CFO services allow you and your team to do what you do best while financial experts handle the numbers.

5. They Help You Steer Clear of Legal Headaches

Tax rules and regulations are notoriously complex, so novices trying to feel their way through their own taxes could be putting themselves at risk of making sizable mistakes — which in turn puts them at risk of an IRS audit.

Outsourced CFOs have the accounting knowhow to keep you organized, accurate and compliant, which is a necessity to keep your business running smoothly and efficiently.

Find Out More About What Outsourced CFOs Can Do for You

Don’t waste another minute mulling over spreadsheets or writing checks — let McManamon & Co. tackle your financial tasks.

We specialize in outsourced accounting for small and midsize companies. And we provide all of the benefits of having your own corporate controller in addition to doing your everyday accounting, tax and bookkeeping.

Want to know more about what we can do? Reach out to us at 440.892.8900 or contact us online today.

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