“Removing Roadblocks on Your Path to Success”
Benefits of Outsourcing to an Interim CFO
Presidents’ Day is February 15th. We just had the Iowa caucus on February 1st. There is a significant amount of attention around past and future Presidents this month. Dr Robert Eyler, Chief Economist of the Marin Business Forum, recently said the current Presidential election is like “a dinner party gone wild!”
Business owners not only need to make a decision about who they want to see as the next President of the United States, they also need to decide who will be the leaders of their businesses. One of the most important leaders is their Chief Financial Officer (CFO). The question is do you hire a CFO to work in-house or outsource to one?
The most important benefits of outsourcing to an interim Certified Financial Officer are as follows:
Outsourcing allows you to concentrate limited resources on your core business so you can be more profitable. You will be able to spend more time with your customers so your organization can offer them a higher level of service. In this way, you are focusing on your strengths.
Requiring less time for financial functions will allow you to save employment costs such as salaries, payroll taxes, benefits, training and recruitment expenses. Hire employees that will focus on your main business purpose rather than services that can be done outside your company.
By picking and choosing only the types of services you really need from your outsourcing partner, you will be able to eliminate unneeded overhead expenses in those areas. Businesses need to concentrate on the return of every dollar they spend and be ready to deploy resources where they can maximize their leverage quickly.
Better Business Decisions Faster
The ability to provide higher quality accounting information faster, more efficiently and with greater effectiveness is crucial. Working with a veteran interim CFO will yield more reliable information to make improved business decisions in less time.
You will not need to spend time and money trying to keep up with an avalanche of new laws, policies, procedures and technologies. Missing critical business signals because you are not able to access the financial information in the form you need it, when you need it, will put you at a distinct disadvantage in today’s hyper competitive environment.
The pros and cons of hiring an internal CFO versus outsourcing one is discussed at length in the posting “Should You Hire a CFO or Outsource an Interim CFO?” by the Pacific Crest Group. The strategies, systems and processes developed for your business by an interim CFO are yours to keep. The payback period for their implementation is very short. You will reap the benefits of greater transparency, efficiency, reliability and profitability long after your new systems have been installed.
Special Event: PCG is a founding member of the Marin Business Forum. Our next meeting is Thursday, March 24, 2016 from 5 PM to 7 PM in the Drake’s Landing Community Room located at 300 Drakes Landing Road in Greenbrae. Lester Rosen, Esq. will provide a number of real-world case studies where employers stepped on legal landmines that could have been easily avoided with a safe hiring program. Please go to the Events page to register for this event.
Pacific Crest Group (PCG) provides professional services that keep your business focused on your critical objectives. We provide strategic Accounting and Human Resource (HR) services created specifically to help you meet your goals. Through exemplary customer service, clearly defined policies and procedures as well as a forward looking perspective, we provide the outsourced solutions that your business needs to grow. A PCG professional is happy to meet with you to discuss solutions for your unique requirements designed to maximize all of your business opportunities.
About PCG Accounting Services:
Pacific Crest Group helps small and mid-sized businesses throughout the San Francisco Bay Area change their bookkeeping and accounting from a hassle to a strategic resource. We bridge the gap between your books and your business, so that you can intelligently manage your company.
About PCG HR Services:
We’re the most trusted company when it comes to outsourcing your HR functions. Whether it’s creating onboarding materials and employee development programs, or dealing with toxic employees, we ensure that your business is set up for short and long-term growth.
If you have any questions about how Pacific Crest Group can help make 2015 a success for your business, drop us a line or call us at 415-461-2586!
Until next month, we wish you the very best and much success in your business.
This newsletter is intended to provide generalized information that is appropriate in certain situations. It is not intended or written to be used, and it cannot be used by the recipient, for the purpose of avoiding federal tax penalties that may be imposed on any taxpayer. The contents of this newsletter should not be acted upon without specific professional guidance. Please call us if you have questions.
Copyright 2015, Pacific Crest Group, All rights reserved.