Understanding Outsourced CFO Services for Startups

As a startup, you have a relatively new business that’s still finding its footing. As a result, you are almost constantly trying to find ways to save money by reducing overhead costs. Chances are at the same time you are wearing many hats and not all those hats are the best fit for you – such as acting as CFO. That’s where Taurus CPA Solutions can help with our outsourced CFO services. Below are a few ways outsourced CFO services can help your startup.

 

Expertise

An outsourced CFO has the experience you need for all financial matters. They can point out minor details that someone without specialized knowledge might overlook. They can help you acquire the funding you need from financial institutions and keep you updated on changes to economic laws, and know where you can go to secure that funding. They can also advise you on pretty much any other financial matters that crop up in the day-to-day operations.

 

Financial Management and Forecasting

An experienced CFO helps you forecast your startup’s performance over the next few months and years. They can do this by forecasting expenses and revenues after looking at company, industry, and market trends. A good CFO will also provide you with regular financial reporting, and internal accounting controls, and ensure that there’s a system of checks and balances in place to ensure things run smoothly.

 

Improved Decision Making

When you understand what’s happening with your business and the options available to you, you can make better business decisions. If you’re unfamiliar with the startup sector you may make strategic decisions that end up being detrimental to your business, but an experienced outsourced CFO can help you avoid making mistakes. As a finance professional, an outsourced CFO can work with you to determine what to do to take your company where you want it to go.

 

Preparing For The Next Level

When you have outsourced CFO services experienced in working with startups, you can rely upon their expertise to see you through the bumps in the road. Only a small percentage of businesses survive the first few critical years, but those who do have a good chance of becoming a longstanding, successful businesses. A few more ways an outsourced CFO can help you with your startup are to advise you on raising capital, assist with debt management and loan repayment, and find ways to manage your high business overhead.

 

Reduced Overhead Costs

An overhead cost is an ongoing expense that a business has that can’t be linked to directly producing or creating a service or product. An example of an overhead cost is the rent a company pays for the space they occupy, as well as office supplies, utilities, office equipment, and salaries that aren’t related to the service or product it produces, such as a CFO. Outsourcing reduces labor costs by minimizing your overhead, allowing you to save money in those first few turbulent years as a startup.

 

At Taurus CPA Solutions, we have a unique approach to CFO services. Our experienced finance professionals can help your business remain financially stable, whether you’re starting to grow or a well-established organization. If you’re ready to experience our comprehensive and specialized assistance, or have any questions, reach out to our CFO services team today.