CFO’s, or Chief Financial Officers, are integral to an organization’s success, helping them navigate financial challenges and plan for the future. Companies on a growth trajectory often recognize the need for the expertise that a financial officer can provide but smaller businesses sometimes see it as an unnecessary expense. Without looking at the big picture, small businesses can miss out on some of the prime benefits of utilizing a CFO. Let’s look at some of the services CFO’s can help with.

1. Tax Planning & Compliance

Taxes can be one of the biggest stressors for small businesses, with constantly changing tax laws and complicated rules. An outsourced CFO will stay up to date on the latest changes to the tax code so you don’t have to – and help you make sure your business is staying compliant. They can also help you tax plan for the future, especially if you plan on investing in large purchases like offices or equipment. They are there to help guide you through strategic decisions to get the best outcome at tax time.

2. Financial Planning & Reporting

Whether you need short- or long-term financial planning, CFO’s can provide the expertise and support you need. If your business is related to commerce, forecasting is crucial for your success. Outsourced CFO’s can offer services like monthly financial closings, financial statement preparation, preparation of financial projections and more. If you need to provide financial reporting to lenders, you’ll want an expert to make sure you are providing accurate insights.

3. Operational & Team Support

Small business owners wear many hats and often need to know a little about a lot. When it comes to your accounting software, making sure it’s set up correctly can be life-saving for your business down the line and help you avoid costly and cumbersome mistakes. Outsourced CFO’s can review and improve your accounting process and procedures and help you implement your accounting software to the best of its ability. They can also act as a trusted advisor, helping you with vendor management and joining you in meetings related to issues that can have a direct impact on your company’s finances.

4. Mergers & Acquisitions

If your company is looking to acquire another firm or be acquired, you’ll need support from an experienced financial advisor. CFO’s can help you through the entire process, making sure that your transition is seamless. They can help with ensuring regulatory compliance, investor and lender relations and exit strategies for your company.

Chief financial officers (or CFO’s) are a great asset to any company, helping to guide strategic financial planning and mitigate risks. But not every company has the budget to take on a full-time CFO or the continuous need, and that’s where an outsourced CFO can make all the difference. Small businesses can utilize the expertise of a trusted financial advisor as needed, relieving stress and increasing bandwidth in other areas. At ClarkSilva, we offer outsourced CFO services to help businesses of all sizes thrive and grow. View our services here and contact us today with any questions!