As a small to medium-sized business owner, you wear many hats. You are the salesperson, the marketer, the product developer, and sometimes even the janitor. With so many responsibilities, important tasks can fall by the wayside. Despite how crucial it is to your business’s success, accounting is often one of those tasks.
Not only does accounting help you plan for taxes and avoid costly penalties, it gives you a clear picture of your finances, so you can make informed decisions about where to allocate resources.
The financial stability of your business is a heavy weight to carry, but you don’t have to carry it alone. Many accounting tasks can be outsourced to a remote chief financial officer (CFO) and their team, freeing up time to focus on running your business.
Here are 10 of the most vital accounting tasks that an outsourced CFO team can manage for you.
1) Financial statement preparation
Your outsourced CFO team will prepare accurate and timely financial statements so that you have a thorough understanding of your business’s financial health. These reports provide essential insight into cash flow, wasted funds, and the best uses for your time and money.
2) Tax planning with an outsourced CFO team
Using their years of expertise, the CFO team at SME CPAs will work with you to develop a tax strategy that minimizes your tax liability. This includes planning for both federal and state taxes.
3) Accounts receivable management
Our CFO Services team will track invoices and payments so you can ensure appropriate cash flow management within your organization and develop strategies for managing overdue invoices and late payments.
4) Accounts payable management
Our CFO Services team can also help track invoices and payments for money that you owe, while making sure that you are not losing sight of your budget or incurring late payment penalties.
5) Payroll processing
With an outsourced CFO team, all aspects of payroll will be handled, from calculating employee wages to paying taxes and filing reports. This ensures your employees are paid on time and all relevant tax documents are filed correctly.
6) Financial modeling by an outsourced CFO team
Beyond the daily expenditures, it’s important to consider long-term business plans. Your outsourced CFO team will build financial models that help you predict revenue and expenses for the future. These models can be used to plan for growth, make informed hiring decisions, consider large-scale purchases, and even provide a base framework for future tax planning.
7) Succession planning
Our experts have guided generations of business owners. We know that no matter the decision, company successions often come with complex feelings or difficult family dynamics. Having an outsourced CFO team to help minimize tax burdens, maintain peak efficiency, and advise you during this transition makes the emotional process all the easier.
8) Retirement planning
Choosing a retirement plan for your business is an important decision with a number of factors to consider. Finding a plan that caters to your employees’ needs is key to keeping everyone happy, as well as attracting new hires. The CFO team at SME CPAs has the experience to provide an in-depth retirement plan solution that is specific to your business and follows all necessary laws and regulations.
9) QuickBooks Pro advisement by CFO experts
QuickBooks Pro is a great tool for managing your business, if you know how to use it. Our CFO Services team includes a set of advisors specific to QuickBooks Pro who provide training and support. Their guidance ensures you understand not only the software, but how to use it in a way that best serves your company.
10) Outsourced CFO support and guidance during staff transitions
A good outsourced CFO team will provide flexible integration into your workforce by offering full-time and part-time services. While equipped with the resources to have all hands on deck, they can also complement your existing team when short-staffed by filling holes and guiding hiring decisions from a financial perspective.
Picking the best outsourced CFO team for your business
Accounting tasks are time-consuming, but they are also important, complicated and not to be tackled alone. Outsourcing these activities to a CFO team can save time, money, and hassle in the long run. When selecting a remote CFO team, look for one with experience in bookkeeping, taxes, and businesses similar to yours. Don’t forget to interview multiple options before making a decision – just like any other important hire! Selecting the right remote CFO team could be one of the best decisions you make for streamlining your company’s financial operations.