Benefits of Small Business CFO (Chief Financial Officer)
For many small business owners, the idea of hiring a Chief Financial Officer (CFO) may seem like an unnecessary expense. Adding a business accountant, tax advisor, or hiring an accounting firm may not be viewed as logical if the business owner can do the work.
However, TD Accountant brings so much to the table in terms of knowledge, experience, and organization that in the long run they can be of great benefit. What follows are the reasons why your small business may garner advantages that you must need to survive and thrive when hiring our firm.
Getting accurate financial statements is so important when running your business. Here at TD Accountant we understand how to interpret the numbers, gather what is needed, and assess the metrics that affect the day-to-day operations of your company.
Where you want to go tomorrow depends on how well your business is performing today. This is where our firm can be most helpful in assuring that your finances are in order and potential issues are seen and dealt with directly.
Your business consists of different parts that must work together for you to succeed. This means as your company is growing, your profit margins are increasing along with the cash flow. Expenses must be controlled, and everyone should be on the same page to ensure maximum productivity.
Our accounting is like a business accountant that not only tracks your finances but shows where your company can improve or take advantage of new situations. Growth is not just about gaining more profits, it’s also about keeping more money available, so you can expand your products and services to an even greater degree. This is where a TD Accountant can be invaluable.
As your company grows, it will undergo numerous changes that require an experienced hand. From merging with other companies, acquiring businesses, and IPOs to name a few, a TD Accountant can help oversee such changes within your company. As part of their duties, they can perform quantitative analysis which provides a guide to the direction your business will take in the future.
In other words, a good accounting firm will be there to provide leadership and direction as your company undergoes changes as part of its growth.
Perhaps the most potent reason why a CFO can be so helpful is in managing risk. Businesses face all sorts of challenges, many of which are unexpected and may have devastating results. From fraud, accounting errors, and even natural disasters, the risk a business faces must be understood and effectively dealt with if you expect your company to survive.
TD Accountant can identify and plan for most risk situations, so that your business is not caught flat-footed when the unexpected occurs. By enforcing existing financial controls, overseeing operations, and reacting quickly to changing events, our accounting firm can be invaluable in terms of properly managing risk.
When you hire us, it is like having a tax advisor, accounting firm, and business expert all rolled into one. We handle the numbers, so you can run your company more efficiently. For smaller companies that are struggling to break through, a knowledgeable, experienced CFO can make all the difference.