Like many businesses across the country, New Jersey-based small businesses have struggled in the past years of economic downturn. The state is not helped by ranking second worst in the nation for business taxes, according to a recent report by The Tax Foundation. However, there is some good news for small and medium-sized business owners in New Jersey. The October, 2013 edition of Hemispheres Magazine Dossier gives several reasons why New Jersey is a good place for business. Find out the reasons why, plus how CFO services in NJ are a smart move for 2014.
NJ: Good for Business
Despite the bad rap New Jersey gets for its business taxes, the state still lays a claim to being strategically poised for business: both domestic and international. Hemispheres mentioned more than 1,100 multinational business currently located in the state, primarily due to its convenient transportation system and easy access, including, of course, Newark Airport and the Port of New York and New Jersey. Of course, New Jersey is also home to some top educational facilities, each poised to collaborate with the educational needs of various business paths. Between its top-notch communication networks, vast career resources, growing manufacturing companies, and excellent transportation system, New Jersey is simply a good place for business.
In NJ, the small business guy does not lack for entrepreneurial opportunity, but managing the financial aspect of your small enterprise can be a bit more of a challenge. There is great news for many small businesses, however: outsourced CFO services. Unheard of just a few years ago, this growing trend may be the single best idea for the small to medium business in this decade. After all, what could be better than having access to highly-skilled financial advisors with experience in helping numerous businesses thrive through the ups and downs of America’s economy?
Confused as to what a chief financial officer can do for your business? Here are just a few of the benefits:
Up-to-Date Bookkeeping – although bookkeeping does not have to be done by a CFO, this is one of the most freeing aspects of outsourcing your CFO services in NJ. Both the business owner and his staff can be completely freed from the day to day grind of journal entries, as well as the confusion of producing accurate documents for the tax preparer.
Expert Advice – most small businesses do not have the advantage of having a high-powered financial expert looking out for their interests. However, choosing an outsourced CFO gives you that advantage: know when to purchase equipment, when the best time to move assets, etc.
Financial Leverage – many small businesses struggle to gain access to competitive loan rates at critical times for their business. One reason for this is the lack of proper reports that give banks an accurate picture of the business’ profitability and potential. This is just another key advantage of choosing outsourced CFO services. In NJ, the opportunities are not lacking, but the ability to move on the opportunity at the right time may be dependent on expert assistance.