Business owners and entrepreneurs are juggling a million tasks at any given moment. Of course, strategically reviewing and assessing finances is top-of-mind but usually needs to be added to the top of the to-do list.

CFO services handle the strategic, analytical and tactile aspects of business finances – but what exactly are they? And what’s the difference between CFO services and accounting? This article will dive into the who, what, where, when and why of CFO services.

CFO Services include:

• Key Performance Metrics Reports
• Strategic Planning
• Price Point Analysis
• Financial Budgeting and Financial
• Projections
• Capital Budgeting
• Pro Forma Financial Statements
• Cash Flow

The difference between CFO services and a CFO role is that you outsource financial duties to an organization vs. handing off all duties to someone inside your organization. Hiring an in-house CFO is too costly for many small and medium-sized businesses.

CFO services are resources for small businesses to strategically and comprehensively tackle their financial needs without the costly price tag of hiring a new full-time employee at a high salary.

One common area of confusion for small businesses is the difference between CFO services and accounting. Businesses that already have an accounting person on staff may want to delegate all financial responsibilities to this person. However, there are a few critical differences between CFO and accounting.

An accountant’s role is bookkeeping and tax preparation. CFO services are more strategic and focus on overall financial planning and analysis. It’s unrealistic for most accountants also to handle the complete CFO services.

Benefits of CFO Services

There are significant advantages for small and medium-sized businesses to use CFO services:

• Combined experience – CFO services are more than one person. A team of industry experts has come together to help you achieve your company vision.
• Customized approach – Benefit from CFO services tailored for your industry and your company.
• Process Development – CFOs have the expertise to develop internal processes to streamline efficiency, growth and bottom line. CFO Services help you tackle that daunting task.
• Tailored Reporting – Spotlight opportunities with pre-built, tailored, or custom reports to answer critical financial questions.
• Cost – Pay less for an outsourced team than hiring a full-time in-house CFO.

Imagine adding a dedicated CFO role to your team roster without the burden of payroll, benefits, and organizational chart disruption. Froehling Anderson’s CFO Services and Outsourced Accounting Services alleviate the stress-filled management of your complete financial picture. Consulting and working on behalf of clients’ companies for 75 years is testimony to our CFO industry experience and market intelligence.