One of the top issues keeping your business from growing the way you would like is its financial management.
That is, you just can’t get the numbers together to tell you where your biggest risks and opportunities are going forward, let alone planning growth and sound financial health. Amongst BAS, Payroll and daily operations obligations, there is not enough resources (or hours in the day) to forward plan. You may have even been experiencing cash flow issues after the end of the calendar year, then the end of quarter rolls around.
Your bookkeeping & tax accountant staff are doing a fantastic job keeping up records, tax and compliance issues, but could lack the experience and knowledge to generate the kinds of reports and numbers you need to future proof your business.
They can offer detailed retrospective reporting, but not the insights and future focused viewpoint your business needs.
In the financial realm, accountants take care of the past, balancing books, reporting results and filing taxes. CFOs manage the company’s future, creating strategies, forecasts and pathways to achieve future goals.
Both roles are essential to a company’s success, and they don’t have to conflict or compete with one another. In fact, accountants and CFOs complement each other, and when they work well together are the solid foundation for your business to operate at its best.
You could even be debating whether it’s time to hire a chief financial officer who can start providing you and your board of directors the kind of valuable strategic information to feed the next growth cycle.
But an experienced full time CFO is an significant investment, and often a big financial commitment for a growing company.
What if you knew there was an alternative that can bring to the table a team of finance experts with experience in your industry for about half the cost of hiring a full-time CFO?
By establishing a outsourced CFO service, you’ll gain all the expertise you need and avoid the overheads and operational set up needed to bring a CFO into your business.
At Lucent Advisory, we spend our days working with SME businesses and not for profit organisations helping them fix their cash flow issues and plan their for their future by providing outsourced CFO services without the executive price tag.
Book a no obligation call with our Managing Director, Rachael Turner, and she’ll provide you with 3 critical things your CFO must be doing and measuring to ensure that you will never run out of cash again and are ready for the future.
You’ll leave with real actionable insights to help you with cash flow in your business or not for profit.