Outsourcing a CFO - A Great Idea for Private Businesses - Presley & Partners - Presley & Partners

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September 11th, 2018

Outsourcing a CFO – A Great Idea for Private Businesses

Mike Bannerman, CPA, CA

CEOs and CFOs aren’t just for the big guys

CEO, CFO, COO and CIO.

Hear those terms and visions of large, public companies with thousands of staff come to mind. But the truth is, the size of the business doesn’t alleviate the need for these clearly defined roles. It’s just that usually it’s only one or two people that hold all of them in the private owner/operator businesses.

As an owner/operator, the responsibility for running the operations, marketing, IT, finance and personnel often falls directly on your shoulders.

The result is often that with so many hats to wear, your ability to focus properly on any one area is hampered. Instead of looking forward and determining strategies like a CEO, you end up putting out fires in all the areas of your business.

Why an external CFO might be right for your business

Leaning on an external advisor can be a very important step to moving some of your tasks to people that will be dealing in your best interest. This, in turn, frees you up to do what you do best for your business. Plus, it gives you perspective on how you can further grow the business you own.

There are various things your accountant can do as an “external CFO” to help you, such as, analyzing and designing financial controls to reduce the risk of fraud or errors; determining the best accounting software for your business; analyzing and summarizing your financial results and key indicators so you can review the information that’s most important; and dealing on your behalf with any matters you may have with the Canada Revenue Agency.

If you can delegate these tasks to a trusted advisor, they can both breakdown the information that’s most relevant to you, as well as provide insight from their experience. This will help you to both free up time that you can spend in other areas of the business and provide you with a new perspective to move it forward!

Think an external CFO might be a good idea for your business? Get in touch with your accountant to see how they can help.

Mike Bannerman is a Chartered Professional Accountant, CA and Partner with Presley & Partners, CPAs and Business Advisors, in Courtenay, BC. He can be reached at 250.338.1394 or mbannerman@presleyandpartners.com.