Does Your Business Need an Outsourced CFO to Streamline Your Business Finances?

ScaleFactor’s Accounting Software and Experts Provide the Insight, Strategy, and Planning You Need

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Alternatives to a Full-Time CFO

It’s the blessing and the curse of running a growing business—everyone is aiming for success, but the more you succeed, the more elaborate and complex your finances become. It’s around this time when business owners start considering CFO services, whether through bringing someone on to the team or by outsourcing.

For many companies, hiring a traditional CFO feels daunting, and even unnecessary. If you’re a smaller organization, you may not have enough resources or consistent work to justify hiring a full-time CFO on to your team. The fact remains that the insights and strategy provided by a CFO or an accounting expert are critical to strategically grow and scale your business, but an outsourced CFO might not necessarily be the answer for your business either.  So what is a business owner to do?

ScaleFactor mitigates the need for a full-time CFO, or sometimes even an outsourced CFO, for many small and growing businesses altogether. ScaleFactor offers similar reporting, management, and strategy resources that a CFO provides as part of our finance and accounting services. Our suite of software offers financial reporting, accounting, payroll management, and bookkeeping to help keep your business running smoothly 24/7.

Our software can also be leveraged by businesses that are seeking outsourced CFO services, as CFOs and accounting professionals often require the necessary online tools and reporting as a baseline for gathering the insights needed to create an informed strategy.

24/7 Data vs. 9 to 5 CFO

For some small businesses, hiring an outsourced CFO over someone full time who demands a salary and benefits is much more preferable, especially when a business is just taking off. What those business owners might not be aware of, however, is that online accounting and bookkeeping services, like those offered by ScaleFactor, can also provide the financial tracking, reporting, and strategizing needed to keep finances on the right track.

ScaleFactor’s online accounting, payroll, and tax offerings give you increased supervision of accounting functions, as well as refined policies, procedures, and methodologies for improved efficiency and scalability. What’s more, we’ll enhance your communication with investors and lenders, as well as provide comprehensive metrics and data reporting to streamline your business’ operational functions.

Online accounting services are far from being a lesser alternative. In fact, letting ScaleFactor manage your financial data allows you to improve your accounting systems and save on hiring costs. You’ll be free to focus on more critical issues and projects that will keep your company growing.

How Does Online Accounting and Bookkeeping Work?

Online accounting with a software provider that also offers guidance from financial experts helps you set, measure, and achieve your operational and strategic goals. Your ScaleFactor expert handles your financial planning and analysis, delivering the complete picture of your company so you can make the best decisions for your business, based on fresh data.

This gives you deeper business insights with:

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Advanced KPIs

Custom key performance indicators (KPIs) are tailored to your business to give you the insights you need to excel in your industry

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Cash Flow Analysis 

We’ll track your cash flow to show you where you’re spending and deliver accurate projections to help you decide how you should spend in the future to meet your business goals

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Forecasting and Budgeting

We’ll help you create a budget (if you don’t have one already!), and track it against your actual performance on real-time, shareable dashboards

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Does Your Business Need Outsourced Financial Services?

Online accounting and outsourced CFO services help you gain financial clarity, understand how to reach your growth goals, and run a more profitable business. Plus, they’re a great complement to your accounting services to round out your business operations.

Best of all, an outsourced accounting resource will allow you to focus on what matters most for your business. You won’t have to spend time worrying if your financials are being done without error. It takes the responsibility off of you.

When determining if an Outsourced CFO or online accounting software is the best option for your company, you need to take into account your individual business. Think about your company goals, organizational structure, cash position, and budget. Many companies, especially in their early days, can get away without a full-time CFO. But the fact remains, all successful companies have an impeccable financial foundation.

If a traditional CFO isn’t the best fit for your company, an outsourced accounting partner could be the best, most cost-effective way to ensure your finances are taken care of.

Request a demo today to learn more about ScaleFactor’s outsourced accounting, bookkeeping, and strategic planning services!