How SMBs Are Experiencing Growth by Outsourcing their CFO Services

Outsourcing your CFO services is an excellent strategy that will help you stay laser-focused on building strategies and growing your business. By delegating the pivotal role of a CFO to an outside firm, you are free to redirect your time and attention to expanding your business and increasing revenue. And you won’t miss a beat, as your CFO will simultaneously deliver critical financial insights to you about your company. Alongside providing financial insights, this professional can effortlessly streamline inventory and warehouse management processes and has the intellectual capacity and mindset to guide you in making the right operational decisions that are best for the future of your business.

Due to its cost-effectiveness and reduced overheads, the outsourcing CFO business model has become wildly popular in recent years and the trend is showing no sign of reversing. Businesses in all sectors, including but not limited to the manufacturing industry are now adopting this trend and are reaping significant benefits.

Tale of Two Businesses that Benefited from Astute’s Outsourced CFO Services

A well-established company that designs and manufactures custom workbenches for various industries engaged Astute to assist with CFO Advisory Services. Missing the value-add services from their former CPA firm, they were forced to look for other options. Change is never easy and transferring years’ worth of financial information is daunting, which had stopped the client from making the BIG change. Realizing the need for this transition, they took a leap of faith in Astute. Our CFO Advisory experts made the transition easy and less painful and gave a turnaround of financial information within 4 months. As the relationship progressed, the client’s time freed up from many financial management responsibilities and they could work effectively on more critical things within their business. The client now relies 100% on Astute for financial and operational guidance and can see the true benefit from Astute’s CFO Advisory.

As time progressed, the client leveraged Astute’s CFO expertise to streamline their financial processes, establish a well-designed inventory and manufacturing management system, and perform a full-fledge Research & Development Tax credit for their continuous engineering innovation and customization of workbenches. Astute’s holistic approach to CFO Advisory services has helped them leverage their newfound time to collaborate, brainstorm, and generate more business.

Thanks to the monthly financial analysis and KPI Dashboard received from our CFO experts, they are more cognizant of the strength of their Balance Sheet and are confident in going to market and closing more sales.

Another client, a non-profit organization, retained Astute two years ago to assist with their accounting system, build cost-saving strategies, and optimize processes. Once onboard, we transformed their entire accounting practices and systems – creating a dynamic system and implementing key processes and controls to mitigate risks and transparency in Finance and Operations. Further, we instituted cloud-based accounting, document repository systems, and financial controls. This has greatly diminished their costs and eliminated a string of redundancies.

The professional team at Astute understood the needs and shortfalls in their revenue. Armed with this insight, we guided them to secure additional funding through Government initiated programs (PPP & EIDL) to sustain their operations. Additionally, we assisted with all CFO/Controller responsibilities, including review of strategy, financial planning, budgeting, and reporting to provide expert advice for their operations. As part of monthly reporting Astute has established a reporting package for their Board outlining KPI dashboard and Financial analysis, providing the Board members insights into the successful operations of this non-profit.

These are two prime examples – of two small companies in different industries – that demonstrate how Astute helped them improve liquidity, increase cash flow, boost productivity, and reimagine their future.

The CFO Solution

An in-house CFO’s annual salary can easily exceed six figures and paying an exorbitant salary can throw a wrench into most small and medium-size company’s budgets. However, by outsourcing this essential role to a professional accounting firm, you only pay for the services required – saving you a bundle in salaries.

It may sound too good to be true, but it is. The reality is that Astute can help you get premium insight without breaking the bank. We are a “think outside the box” accounting firm and we sincerely want to help you and your business succeed. And Astute’s success is only dependent on our Client’s success.

Astute has helped many businesses grow through our vast array of CFO services, which are rooted in years of accounting and consulting expertise. We invest the time necessary to fully understand the vision for your business to ensure your financial strategies, plans, processes, and actions are in sync. Ready to get started! Contact Us today.

Ashwini Vasudeva

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