So, you’ve got a new startup. You run the company may be as a CEO or a Partner and you’ve got a small team. You are managing the finances of your business because no one else knows how to, but your only experience is from a few courses or maybe you find solutions based on what you read online.

How do you know if you need a CFO or hire an outsourced CFO services company? Here’s a short article on what you need to know to bring in the financial help.

Why do you need a CFO for your start up?

Finance departments play an important role in the company these days unlike earlier. Once “bean counters”, these days CFOs not only acquire and package the right data, but also to model, forecast, and strategize across the organization.Due to these major changes in the finance departments across organizations, startups can especially benefit from hiring a CFO early.

Because of the various roles CFO’s play, you can take advantage of opportunities & be a step ahead in identifying the financial threats by hiring a right CFO early on in your start up. In many Cases, this additional step of long-term and short-term financial planning and analysis could be the differentiating factor between a failed startup and a successful one.

Explore Outsourced Services

One of the great options for startups are Virtual CFOs. Outsourced CFO or virtual CFOs are highly experienced CFOs who work on a hourly or fixed basis. Most do part-time,full-time or interim CFO work, depending on the needs of the company.

Hiring Virtual CFO is not only cost effective in the long run, but you’ll also get access to some of the most experienced & qualified professionals who have the industry expertise and who have worked with several other organizations and are more equipped to spot opportunities and threats, then to act accordingly.

Advanced CFOs offer a full suite of financial services, from CFOs to Controllers, Bookkeepers etc. This enables you to take your business to the next level given your business is in the hands of seasoned veterans. Whether outsourced or in-house, a right CFO can be a game changer for your business.