When browsing your favorite hiring site for new employees, what categories do you check out? Depending on your business, you could be looking for sales representatives, stockers, drivers, the list is nearly endless. However, if your financial situation is needing a bit of polishing up, you should check out the CFO for hire rather than the bookkeeping listings. And, the good news is, having a CFO is a lot cheaper than you might think.
Bookkeeper/CPA/CFO – What’s the Difference?
Let’s start with some basics, after all, many small business owners tend to lump anyone that deals with finances in one broad category. Doing so, however, can lead to some real business disasters. So here is a brief overview:
Bookkeeper – records day-to-day transactions, usually within parameters established by the business owner. In other words, a bookkeeper is not necessarily innovative with his categories and reporting methods, but is excellent at doing he is asked to do, including balancing business accounts, handling payroll, etc. At the minimum, a bookkeeper should be able to keep the piles of receipts under control, and provide accurate information regarding current account balances.
CPA – a certified public accountant is usually more skilled than a bookkeeper. However, she still usually works with past data: developing financial reports from data provided by her clients. She is capable of preparing appropriate tax documents, including payroll reports, quarterly estimates, etc.
CFO – not only does a chief financial officer oversee the day-to-day recording keeping, he also has an eye on the future: and this is the reason you should be browsing the CFO for hire section. Rather than just dealing with past transactions, a CFO makes projections, analyzes current financial information in light of your business objections, plans for expansion or future equipment purchases, and keeps an eye for red flags: early signs of trouble that might be avoided. A CFO does not just record the way the business owner has specified, rather he is always on the lookout for ways to fine-tune the record keeping process to maximize your company’s outlook for potential lenders, while ensuring expenses and tax write-offs don’t slip through the cracks.
CFO for Hire – How Can I Afford It?
Three letter titles usually flash dollar signs in the eyes of small businesses struggling to keep payroll down. After all, the experience and skill that comes with the title is usually not cheap. Today’s technology, however has brought the three letter titles within the reach of the small business. That’s because finding a CFO for hire does not mean your company has to pay his full-time salary. Choosing an outsourced CFO is the perfect solution: your company gains all the benefits of a personal CFO for a fraction of the cost. Don’t just focus on recording the past, plan for the future growth and health of your business by hiring an Accounting Office Outsourced CFO today.