Many business owners who retain such individuals fail to look at all the components. To compute the real cost of a CFO or bookkeeper, a business owner must add their salaries, payroll taxes, worker’s compensation charges, sick leave, vacation leave, training, parking, to name the basics. Then, you may send your CFO or bookkeeper to seminars or outside training. That’s a double-whammy.
But now comes a cost of an internal CFO or bookkeeper that is new to smaller owners, health insurance. Under the new laws, most smaller businesses will be required to provide health insurance. Even with the credits, probably not available to a company for a CFO, the cost will take a chunk out of the bottom line.
Now some businesses need an internal controller, a CFO, or a bookkeeper. They function quickly with inventory shipments and cost analysis. But many companies don’t need both a CFO and bookkeeper because of the advancement of technology and the web.
Many business owners are not familiar with paperless and remote accounting technology. As a firm that provides outside CFO and bookkeeper services, we do. We fill that gap for the business owner, usually at a fraction of the cost of a CFO and bookkeeper.
How do we do it? Our bookkeepers are trained like the staff accountants. They provide the small business owner with the skill set to manage the bookkeeping function while being guided by our accountants who act as outside CFOs. A client does not need the constant skills of a CFO and bookkeeper if they have other employees, like an office manager that fills the day to day functions. As outside CFOs and bookkeepers, we provide a specific skill set that targets the needs of the business owner from bookkeeping to accounting, and tax services to strategic planning. As outside CFOs and bookkeepers, we help manage your business. Our business connections provide a whole host of referrals for such things as insurance, financial planners, pension consultants, etc. Our skill set provide the business owner with much more than an accounting function like a CFO or bookkeeper, we provide a whole business startup and operation specialty.
But we don’t stop there. Within our function of acting as an outside CFO or bookkeeper, we help owners increase their top line by strategic planning. Unlike a CFO or bookkeepers who restrict themselves to historical information, we look to the horizon and strategically help the business owner grow their business. Yes, we provide the usual function of a CFO or bookkeeper in this manner, but how does that help a business owner grow his or her business?
The time has come of age for the external CFO and bookkeeping staff for many companies. The cost of keeping such a staff in house does not make sense for the on-hands business owner who is trying to get to the next level.
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THELACPA