Are you debating whether your company needs to upgrade your financial and accounting staff? Below are a few questions to consider that may help you decide. After you determine whether you need to upgrade your team, then you can consider whether hiring or outsourcing your bookkeeping, financial, and accounting makes the most sense for your business.

Are you getting monthly financial reports?

  • And do these financial reports provide you with insights that help you make decisions for your business? If not, you are not working with the necessary information to make informed business decisions.
  • Do you spend more time trying to understand your monthly reports than you should? Your financial reports should be clear, concise, and not take away from the time you need to run your business.

Do you know what your cash balance is projected to be in 3 months?

  • If you don’t, there is no way you can make proper decisions for your business.
  • Knowing your cash flow projections helps you anticipate shortages and surpluses.
  • Cash flow analysis is a time-consuming process and costly if it is done incorrectly. Outsourcing to a financial service team can provide assistance with this important business function.

Have you established financial KPIs (Key Performance Indicators)?

  • If you or your financial team haven’t, you will struggle to make smart long-term strategic decisions that could impact the financial success of your business.
  • Five key financial KPIs include: Revenue growth, income sources, revenue concentration, profitability over time, and working capital.
  • The Agile CFO team can help you establish and monitor your company’s financial KPIs to improve your decision-making.

Are you still sending paper checks?

  • Continuing to send paper checks may cost your business unnecessary time and resources.
  • By switching to e-payments your company will reduce costs and refocus time to more valuable activities.
  • If you need assistance making the transition from paper checks, the team at Agile CFO Solutions can help make the transition smooth and seamless.

Do you utilize a financial system like QuickBooks?

  • Operating your business with outdated manual bookkeeping consumes extensive work time that is open to financial errors that may place your company at risk.
  • With an online accounting system like QuickBooks, your business can develop a cost-effective and efficient financial system that is easy to track and maintain.
  • Integrating financial software into your business model is a smart and strategic decision.
  • Agile CFO Solutions has team members that can assist with implementing, training, and/or managing QuickBooks for your organization.

Do you keep repeating the same financial mistakes?

  • Often the culprit of repeated financial mistakes in business stems from the lack of a documented and functioning fiscal management system. These mistakes can cost money, damage your business, and put your company in financial risk.
  • Where to start creating that system and knowing how to maintain it can be daunting and beyond the skillset of your financial team.
  • What system would work for our business? What is the initial and ongoing cost of maintaining the system? Are our employees qualified to oversee the system? If these are questions you are asking, Agile CFO Solutions is ready to be your guide and partner in establishing a successful financial management system for your business.

Is your business growing or changing?

  • If your business is experience growth or change, it is critical to leverage those adjustments positively. It can be a complex task to manage the financial demands of an expanding business.
  • It may be beyond the scope of your financial department to adjust to the quickly changing needs of your expanding business. With the assistance of a financial outsource company like Agile CFO Solutions, businesses can direct their focus on the core activity of their organization while knowing that an experienced financial team with extensive resources is effectively managing the fiscal aspect of the company.

If your company needs assistance enhancing or supplementing the financial work of your business, Agile CFO Solutions offers a comprehensive suite of financial services. From bookkeeping and accounting to financial analysis and forecasting, our team is ready to help your company on a pathway to success. Contact us to learn more.