Plus, they set up standardized reporting procedures that ensure accurate and clear financial reporting, which is essential for meeting regulatory deadlines and passing audits. This way, small businesses can focus on growth and strategic initiatives while staying compliant with industry standards, avoiding serious consequences like monetary penalties and damage to their reputation. Fractional CFOs offer tailored support to help businesses navigate these tricky waters, ensuring they meet IRS requirements and dodge penalties. They assist clients in making estimated tax payments and adjusting withholdings to hit those safe harbor thresholds, which helps avoid costly fees. Their expertise in compliance—especially understanding the de minimis exception and safe harbor payments—is key to maintaining solid internal controls over financial reporting.
- For example, companies that utilize external CFO services have seen better compliance results.
- They can prepare financial documents for investors, conduct due diligence, and create compelling financial narratives to attract investors.
- An outsourced CFO can assist you in creating budgets that align with your goals and priorities.
- Let a CFO analyze your reports and give you the most important takeaways in a way that best supports your business needs.
- But at the same time, you may not require the services of a full-time chief financial officer.
External CFO: flexibility and expertise on call
In addition, we issue monthly reports that focus on financials, KPIs, goals, and other performance metrics. If desired, we can also include weekly financial and metric reporting as an extra service. By partnering with TGG, you’ll also have access to a complete team that includes a controller and an accounting manager.
Steward of Strategic Clarity/Not-for-Profit CFO
A tech savvy accounting and bookkeeping firm serving small and midsized businesses, we focus on building scalable accounting department for our clients. Helping busy founders and busy owners streamline their accounting & bookkeeping with services designed from and for the perspective of business owners. From saving thousands to scaling fast — these stories highlight how we help businesses grow smarter with real financial strategy and execution. Funding preparation is another moment where outsourced CFO services prove vital. Investors expect clean numbers, sensible forecasting, and a story that holds together under scrutiny.
Strategic Financial Planning
Contact us to see if we fit your specific needs, and we can set up a free, no obligation consultation to see how we can help. To find the right external CFO, consider factors such as industry experience, references, communication skills, cost structure, and flexibility in meeting your business’s specific needs. External CFO professionals help organizations achieve better financial results through their modern suggestions. Their background in diverse industries enables them to introduce organizational practices Accounting Errors that promote business expansion.
Referrals and professional networks are excellent resources for finding potential candidates. The process starts with assessing your company’s financial needs, ensuring you know what responsibilities the outsourced CFO will be tasked with. From there, you should identify suitable candidates or firms, conduct interviews or consultations, and negotiate the terms of engagement.
No longer confined to traditional financial oversight, CFOs now play a pivotal role in steering strategic initiatives and driving business normal balance growth. We gathered insights from Herbein’s CFO experts Matt McClellan and Melanie Lis to answer these questions and more. The role of a CFO has never been more essential for businesses navigating growth, complexity, and uncertainty. Volunteer Time Off Giving back to the community is important to all of us.
Operational Financial Improvements
We have a unique business, and almost all the accounting firms we have engaged so far have been unable to get a hold of our business. They understood our business better than us & created a very customized process & systems to streamline our accounting department. We now have detailed step-by-step process documentation, checklists & schedule of reports. Slack, Notion, Zoom—we’re in your daily orbit, not behind monthly paywalls. No decks gathering dust—just real-time adjustments, answers without the wait, and decisions made confidently. Their services can be used full-time, part-time, or on a project duration basis.