In the ever-evolving business landscape, one constant remains: change. Finance teams continue to experience a dynamic environment marked by ongoing movement and a relentless focus on cost optimisation. As businesses adapt to the demands of today's economic realities, the role and expectations of finance professionals are constantly shifting.
In this environment, it has never been more important to strike the right balance between managing the cost of doing business and maintaining the growth trajectory of your company.
Businesses are also facing increased difficulty in finding and hiring experienced and skilled staff. Furthermore, there is ever growing scrutiny on corporate governance measures, with renewed focus on internal processes and financial accountability.
Against the backdrop of these challenges and a difficult macro-economic environment, it’s worth assessing the viability of outsourcing non-core business streams. Typically, if a company is on a growth trajectory it can be easier to tap into those that can provide the required expertise with a flexible offering that can be scaled up or scaled down. Whether it is legal, human resources or accounting and CFO services, now is an opportune time to outsource these functions and fill the gap in a tight labour market were having your own in-house team can be much more challenging to maintain.
In our realm of accounting and finance we have seen considerable interest in Outsourced CFO services. High growth companies require qualified and skilled professional assistance on both in-house finance function support as well as strategic tax and financial advisory services.
What does an Outsourced CFO do?
Responsibility of a strategic and growth-oriented Outsourced CFO includes financial stewardship, overseeing financial operations, strategic finance as well as being a catalyst to support growth. They may also have a specific focus on supporting the client preparing for a transaction. This can involve helping the founders define business drivers and implement metrics to track growth and profitability, prepare forecasting and budgeting and assisting with accounting policies and technology systems. Beyond that, an Outsourced CFO service can oversee the use of funds, reporting to investors and align the finance requirements to the strategic plans.
Why engage with an Outsourced CFO service
There are several reasons why it’s beneficial to utilise this service. For example:
- An Outsourced CFO is an affordable and cost-effective alternative to a full-time, in-house CFO. It provides clients access to CFO level experience at reduced cost of a full time CFO and support team; and
- Flexible engagement terms allow scaling up or down as business needs change. By engaging with Outsourced CFO services, it enables access to a global network of professionals with technical and industry expertise as well as their eco system of clients and contacts.
If you are interested to explore how our Outsourced CFO service can complement your business, please don’t hesitate to get in touch.
Learn more about how our Outsourced CFO services services can help you
