Top 10 Ways your company can benefit from CFO services:
Your business is flourishing and the financials are expanding or maybe there’s been some poor financial decisions recently made due to poor analyzing. No matter the predicament, your company is starting to look at the option of hiring a CFO Service to help and it’s time to do your research. Well, you’ve came to the right place. Here are some of the top reasons of hiring an outsourced CFO Service. Get to know the perks so you can properly reap the benefits.
1. Accurate Financial Reporting & Number Crunching—this first one is quite obvious. Running a business can be difficult. Keeping a steady balance between managing your staff and services is already challenging by itself and it can cause
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Timely Financial Information – You’re a business owner and you have to make a quick decision. Do you have access to essential information and is it accurate? Having a CFO Service gives you access to specialized financial skills, knowledge, resources, and timely financial reporting when you need it the most. CFO’s allow you flexibility by having these available resources.
6. Position your business for growth – Has your business hit a plateau or a downhill spiral? Or maybe it’s fine, but how long will it stay there? Accurately positioning your business for growth is live or die. So don’t take a chance, make sure your business is set up for success not failure. A CFO’s skills in portfolio management, capital allocation, capital-expenditure approval, and profit-and-loss management will allow your company to evolve lucratively for the future.
7. Technological Advances – Are you too busy to keep up with technological advances, because you’re overwhelmed with just simply running your company? Getting caught behind in today’s IT world can be extremely detrimental to your business. CFO’s can help keep your company on track with the latest innovative technology to improve productivity and fiscal responsibility. Give your company a cutting edge on
As a CEO I would want my company to be up to date in all aspects of technology so that we aren’t left behind. It seems that Atkins, the CFO, may have an old school way of thinking and wants to leave things as they are in working order. Atkins has the best interest of the company but will need to rethink certain things and accept that technology is a way of the future, and will not be going away. Vargo needs to identify that Devereaux is a risk taker, even at the expense of the company. Peterson, the Vice President of property and casualty, has said that the underwriters think that there’s too much judgment involved with their job, so the expert systems may not cut. The employees saying this may be valid reasoning, or a plea to keep from losing their jobs to artificial intelligence. More testing will be needed before the expert systems is fully in place.
Mangers face a substantial challenge in leading organizations to adopt new technologies more humanely and effectively. Technological changes are essential for earnings growth and for expanded employment opportunities. The adoption of new technologies is critical determinant of American and Northwest Airlines in the global marketplace.
Outsourcing simply means acquiring services from an external organization instead of using internal resources (Butler, 2000). By using outsourced resources, organizations can gain a competitive advantage by utilizing contingent staff to accomplish strategic goals without incurring the fixed overhead. By focusing on the leading edge and highly specialized skill sets, outsourcing providers can often offer higher quality services, or at a lower price than the client organization. Typical reasons for outsourcing go beyond simple contingent staffing. Outsourcing providers are able to maintain economies of scale with regard to specialization (...
Sahira has received employee complaints about the lengthy time it takes for her team to create financial reports. Her team explains that the computers are the problem and that the software programs are too difficult to use and that many hours of manual manipulation of data are required to complete monthly reports (Colorado State University-Global Campus, 2014, p. 6, ¶3). The management dilemma can be described as: Delays in financial reporting? (Appendix, Worksheet box 1). Upon further examination, the specific management question to be addressed is: Can financial data management be made more efficient? (Appendix, Worksheet box 2). Consequently, the research questions are: 1) How to streamline data for financial reporting? and 2) Is a new accounting software system needed? (Appendix, Worksheet box 3). Finally, a key accounting and financial management theory at play here is that of efficiency in data management to improve efficacy and timeliness of financial reporting.
In spite of the responsibilities of healthcare CFOs changing over the last decades, the fundamental responsibilities of income and expense management as well as the financial skills for a CFOs are still vital and imperative. The CFOs still manage the financial performance of the organization while contributes to the operational decision-making as well. Analyzing the CFO position, the following percentages are CFOs' most important roles: "company strategy (80 percent), followed by the reliability of reported numbers (63 percent), and reliability of budgeting and planning (22 percent) and reliability of budgeting and planning (22 percent)" (Konstans, 2013). Additionally, "regulatory compliance, managing financial relationships, and managing cash
There is always a huge financial savings upon outsourcing. You don’t need to spend your time and money on resources tools, technology or infrastructure. These reinforcements are pre-arranged and applied to your project by your outsourced partner. After comparing between your in-house team and outsourced team, it is clear that outsourcing or offshoring will cost you much less.
Accounting is the language of business. Accounting records and processes financial information into an accessible format that can be understood by anybody in the business world. It is defined in business that accounting is “the recording, measurement, and interpretation of financial information.” (Ferrell, Hirt, Ferrell, 2016, p. 286). Companies uses accounting tools to evaluate organizational operations. Accountants summarize the information from a firm’s business transactions in various financial statements for a variety of stockholders. There is a lot of business failures that happen because of information that is “hidden” in the financial statements. Cash flow is the greatest concern of management. For businesses to succeed, they need
The Chief Information Officer is also known by the title Information Technology Director. According to the US Department of Labor, “Chief Information Officers are responsible for the overall technological direction of their organizations.” (bls.gov). Contained within their various functions the Chief Information Officer has the ability to conduct the hiring of Information Technology professionals and other support personnel that can ably assist in accomplishing information technology related projects.
...urcing services, the company operation will be became a mess. This is because one organization can’t run a lot of task or project at one time. Therefore an organization need outsourcing in the way to help their organization run smoothly.
This scenario is used to show that accountants of today must continue to seek training opportunities on new and emerging technological advances. Continuing education is important in many professions, but is especially important in the accounting field. According to an interview with Mats Olsson of Sweden, who is a member of the International Federation of Accountants (IFAC), Small and Medium Practices Committee (SMP) by Giancarlo Attolini, who is the Chair of IFAC: We need to be more open-minded about emerging technologies as our work will likely become more computer-based. Ultimately, what differentiates one accountant from another is not their ability to manage IT, but rather their ability to better communicate with clients, to use the time saved by technology to develop client relationships and become a successful, trusted business advisor. (Attolini, 2014, quote by Olsson) Accountants who fail to stay in step with technology will find themselves out of step with their peers and clients.
It should be pres... ... middle of paper ... ... o monitor the health of the company and also to make the right choices. They are the most important users of financial information as without this group using the information properly the company could cease to survive. Bibliography Biz/ed 2004, Accounting [Online], available http://www.bized.ac.uk Duncan Williams 2004, User of Financial Statements, [online], available http://www.duncanwill.co.uk Finance Demon 2004, User of Financial Information, [online], available http://www.financedemon.co.uk Financial Reporting Council 2004, About the FRC [online], available http://www.asb.org.uk Hacker Young Chartered Accountants 2004, Accounts Explained [online], available http://www.account-explained.co.uk Joe Corbett 2004, Class Notes, Borders College, Galashiels
Most critical to this discussion is a clear understanding of what a financial manager is and does and how his or her role aids in helping to establish the valuation of a corporate entity in today's global financial market. Quite simply, a financial manager helps to measure a company's market value and its risk while also helping to systematically reduce its costs and the time necessary to make informed decisions regarding objective driven operations. This is quite a demanding game plan for an individual and most often financial managers, in the corporate world, work in cooperation with a team of financial experts. Each member of that team perhaps having expertise in differing areas of activity, but each however, being no less expert in his or her respective area of endeavors in behalf of the corporation. The team is assembled under the direction of the officer know in the corporation as the Chief Financial Officer who today is becoming increasingly indispensable to the CEO who directs a modern model of action driven, bottom-line oriented corporate activity (Couto, Neilson, 2004). One can accurately state that the role of the competent and capable financial manager is figuratively worth its weight in gold.
it’s virtually impossible for Chief Executive Officer to find the future skills they will need — because they don’t yet exist. Bombarded by change, most organizations simply cannot envision the functional capabilities needed two or three years from now …
Keeping up with technology is difficult, tiresome, and firms find it very costly to keep at pace with it. Technology rapidly and constantly keeps on changing. Being at par technologically requires extensive research and strategic analysis of acquiring new innovation. Enforcing new technology requires staff retraining and in some cases making employees redundant.
In the past, the company performance was measured by asking ‘how much money the company makes?’ To a certain extent, they are right because gross revenue, profitability, return on capital, etc. are the results that companies must bring to survive. Unfortunately, in today business if the management focuses only on the financial health of the company, numerous unwanted consequences may arise.