How To Know if You Need CFO Service?

How To Know if You Need CFO Service?

Your bookkeeping staff is good enough to cope with maintaining accounting books, facing tax, and handling compliance issues, but it may lack the knowledge to generate the reports a company needs to provide to the board for pushing business growth. Here, having an experienced Chief Finance Officer (CFO) service is crucial. A CFO service is similar to that of a controller. A CFO reports to the CEO, who is a top-management member, responsible for managing the financial actions of a company including financial planning, analyzing financial strengths and weaknesses, dealing with taxation issues, and proposing corrective actions.

Primary CFO Services

Chief Finance Officer service helps a company to achieve its growth goals. The primary services include the following:
– Financial reports are completed under a CFO that adheres to financial regulations. The CFO understands your industry and
designs reports that help you to know where your business is headed. A CFO service includes generating monthly reports.
– Your company CFO oversees your bookkeeping and controller staff
– Financial projections, fundraising, financial risk management and to ensure that all procedures are followed appropriately and present accurate financials.
– The CFO ensures that your company complies with all financial regulations. budgeting are also included in CFO services to take strategic initiatives to drive growth in your company.

Let us evaluate the issues that you may feel are holding your company back, and for which, you need CFO service:
1. Strategic Financial Initiatives and forecasting – When you need to analyze your company’s current and previous financials to make strategic investments, you need to hire a CFO service. It will help you develop and refine your strategy with accurate and timely financial information with practical interpretation.
2. Management – A CFO service includes supervising the finance and accounting departments. If you want to ensure that all of your accounting procedures and policies have adhered to financial standards, you can seek CFO assistance.
3. Reporting – You need to ensure that financial reporting is error-free, law-abiding, and prompt. It becomes even more critical if your company is looking to expand. You need to constantly make big decisions in an accurate financial picture where CFO service can help you.
4. Treasury – You need to know your company’s financial status, and based on it, chart the best utilization of your resources concerning debt and equity. You need a CFO service to take such financial initiatives.
5. Transactions – If you lack monitoring of your company’s payroll and accounts payable and receivable, you need a CFO. CFO services ensure that your accounts payable and receivable are accurate, up-to-date, and promptly settled.

Thus, CFOs who act as strategists, catalysts, and operators to meet their financial responsibilities can help your company attain its desired growth goals. BFAG has devised a distinctive set of CFO services to meet rising demands.

BFAG’s CFO services
BFAG CFO solution includes part-time or Virtual CFO services addressing the challenges of the finance function. It is a cost cautious strategy blended with technology that is effective in the long run. Our CFO services benefit our clients with:
● Capitalization on existing IT infrastructure and making a single source for integrated financial information
● Lowering the total cost
● Increased time spent on finance function analysis
● Improved core finance process to improve overall corporate performance
● Real-time management information for strategic decision making. Thus, our CFO services can help you to make complicated decisions on many fronts and tell you exactly how to proceed at a given time that looks harder.
Boston Financial Advisory Group (BFAG) provides the best accounting and financial services. We have a team of experienced professionals who can help you in maintaining your books of accounts. So, get in touch with us to avail our services. Contact us in case of any assistance or queries.

Contact us:
info@bostonfagroup.com / sales@bostonfagroup.com
USA: +1 6099377291
Bangalore: +91 80 2572 4800
Pune: +91 7420061235

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