5 REASONS YOUR START-UP NEEDS A CFO (Part 1 of 2) 

In this two-part blog series, we explore the 5 top reasons why your start-up needs a CFO and when to bring an outsourced CFO into the team.

Whether or not a business start-up needs a CFO largely depends on the size and complexity of the business.

In the early stages of a start-up, the financial needs may be relatively simple, and the business may not require a full-time CFO. Instead, the business owner or a small team may be able to handle the financial management tasks. However, as the start-up grows and becomes more complex, then having access to an experienced CFO to oversee financial planning, analysis, and reporting can be very beneficial. 

Outsourced CFOs are finance professionals who work remotely, typically on a part-time or project basis, and provide strategic financial advice and support to a variety of businesses.  

Outsourced CFO’s can provide valuable expertise and guidance on financial matters, such as budgeting, fundraising, cash flow management, and financial risk management. A CFO can also help ensure compliance with financial regulations and assist with strategic decision-making. 

Here are 5 key advantages of hiring an outsourced CFO for your start-up include. 

1. Cost-effectiveness: Hiring an outsourced CFO can be more cost-effective than hiring a full-time CFO. With an outsourced CFO, you only pay for the services that you need, which can save your business money in the long run.

2. Flexibility: An outsourced CFO can provide flexible services tailored to the specific needs of your start-up.  As your company grows and evolves, you can adjust the CFO’s services to match your changing needs.

3. Expertise and Know How: An outsourced CFO can provide specialized financial expertise and experience that may not be available within your start-up. Our team of CFOs have experience across a multitude of industries ranging from I.T., engineering, consulting, health care, retail, franchise networks through to property development.  Chances are that they have encountered and consulted on your most pressing issues within your industry.   They can offer valuable insights and guidance on financial management, strategy, and risk management.

4. Time-saving: With an outsourced CFO, you can save time on financial management tasks, such as budgeting, forecasting, and financial reporting and they can present it in a way that allows you and your team to focus on making informed decisions about your development and growth.

5. Access to technology:  Outsourced CFO’s often come across a plethora of software platforms that help their clients run efficient and streamlined businesses and provide real-time insights into a start-up’s financial performance. This will help you make informed decisions and stay ahead of the competition.

Deciding on the right outsourced CFO is critical to the success of your start-up.   At Square Penny we have experienced CFOs who have worked with start-ups across a variety of industries.  We can help you with the right CFO with relevant experience and expertise in working with start-ups in your specific industry.  At Square Penny, we pride ourselves in working closely with your team to understand your financial goals and challenges and provide customised financial solutions to achieve them. 

Still have some questions?  

Simply call 1300 472 412 to speak with one of our friendly team and move your start-up forward faster today.