FAQs About CFO Responsibilities and Services in Phoenix, AZ
If your company needs reliable, expert CFO services, but doesn’t have someone on staff who has the time to take care of the complexities of your company’s financials, you might consider outsourcing your CFO services. CFO For My Business is a company that specializes in providing CFOs exclusively to small and mid-sized businesses like yours. Outsourced fractional and virtual CFO services can offer robust solutions that don’t require the time and effort of finding and hiring another high-level staff member. You can enjoy the peace of mind that comes with knowing your company’s accounting and finances are being managed by an expert without having to find that expert yourself!
At CFO For My Business, we offer highly qualified and experienced CFOs that help companies like yours take their business to the next level. We can manage all of the CFO duties that you and your staff don’t have time for, ensuring you have access to the financial expertise you need to run a successful, thriving business. If you’re ready to learn more about how we can handle CFO responsibilities in Phoenix, AZ, read through these FAQs and then book a strategy session with us today.
We have over 35 years of experience in working with businesses of all sizes across industries, and our proven, three-step methodology allows us to quickly review and analyze your business’ financials. We focus on procedural optimization, performance and analytics, and advisory and growth to deliver the best strategy and outcomes for any business.
We can discuss our pricing and payment timeline when you schedule a strategy call with us.
We are not an accounting firm, but we can help you set up and implement accounting software, and we can assist with overseeing your accounting department staff.
No, you would need to hire a CPA to assist you with tax services. We can refer you to a trusted, reputable accounting firm that can help you with your tax needs.
A CFO is not an accountant. A Certified Public Accountant (CPA) handles bookkeeping tasks and tax filings, while a CFO focuses on the company’s financial future and creates forecasts, analyses, and corrective plans of operation.
If your business doesn’t have a large accounting team, you may need both a controller and a CFO. We offer virtual/fractional CFO services and fractional controller services to businesses who need both. We can assist with numerous controller services, including cash flow, budgets, forecasting, vendor selection, internal controls, internal financial visibility, and accounting software implementation.
Yes, we offer fractional CFO services to companies who only need our services part-time. We can work virtually or onsite for a set number of hours per week. We also offer interim CFO services for companies who want someone onsite full time, but only for a set period of time, like one to six months.
If you know you need CFO services, but don’t want to deal with the time, money, and effort needed to hire a full-time, onsite CFO, you might consider outsourced CFO services. A virtual or outsourced CFO handles the same CFO duties as one who is onsite would, but outsourcing is often a more cost-effective and time-saving choice. Fractional/virtual CFO services are often a fraction of the price of hiring a full-time, onsite CFO.
There are many reasons why companies decide to hire a CFO or to outsource CFO services from a company like CFO For My Business. You might decide to hire a full-time or part-time CFO if:
- Your company is making $50 million or more in revenue.
- You’re making $1-2 million in revenue and need a part-time CFO.
- You need a financial strategist.
- You need help with fundraising or growing capital.
- You aren’t profitable.
- You need assistance with tax oversight, compliance, and strategy.
- You need to create a financial model that represents your strategy.
- You need a business partner to develop and execute strategy, and to provide leadership and oversight.
- You need visibility of future cash flows.
- You need to better understand your margins.
- You lack detailed financial data to make sound business decisions.
A CFO plays a key role in ensuring a company remains funded and solvent. He or she acts as a sounding board and advisor to the company’s CEO, with the goal of growing the business. CFOs also create and nurture relationships with capital sources to relieve the CEO of the burden of dealing with investors, lenders, and key partners.
Your CFO will also provide analysis into financial data, and offer key insights that help your company grow and thrive. A CFO may be needed most during periods of rapid growth, to develop new products, markets, or offerings, for mergers and acquisitions, outside investors, or debt facilitation, or when profitability isn’t at a desirable level and you aren’t sure why.
CFO duties include tracking cash flow, managing financial planning, analyzing the company’s financial strengths and weaknesses, proposing corrective actions, and managing the finance and accounting divisions to ensure the company’s financial reports are accurate and completed in a timely manner.
A CFO, or Chief Financial Officer, is a senior executive who is responsible for managing all financial actions of a company. CFOs typically have an academic or professional background in finance, economics, or analysis. A company’s CFO works closely alongside other senior executives, including the Chief Executive Officer (CEO), Chief Operating Officer (COO), and Chief Information Officer (CIO). The CFO typically has an advanced degree, perhaps in finance or economics, as well as multiple certifications.
Have Another Question? Call Us Today to Learn More!
If you have a question about fractional/virtual CFO services in Phoenix that wasn’t answered on this page, feel free to contact us today at CFO For My Business. We have over 35 years of experience in providing industry-leading CFO solutions for small and medium-sized businesses around Arizona. Our proven, three-step methodology can help businesses increase profits, eliminate financial challenges, and adopt a proactive and holistic approach to your business strategies. If you’re ready to take your business to the next level, book a strategy call online today.