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remote cfo

5 Clear Business Advantages to Hiring a Remote CFO

When your company is growing exponentially, it’s easy to make the business case for hiring a remote CFO. According to Salary.com, a Chief Financial Officer earns between $177,928 and $473,450 per year, not including benefits and bonuses. Even with significant growth, that’s not a salary the average small business can sustain, especially in the early stages of building a company.

 

Business owners usually handle the majority of financial tasks, but when drastic growth takes place, it can be difficult and maybe even impossible to keep up. A remote CFO is an ideal balance: you don’t have to pay a full-time, hefty salary, but you also don’t have to spend your own valuable time on financial projections and accounting tasks, an area that might not be in your wheelhouse to begin with.

 

With a remote CFO on board, your business enjoys these five clear advantages:

 

1. Improved Cash Flow

One of the top reasons small businesses fail is due to cash flow mismanagement. This is one of the first areas your remote CFO will analyze. Where can your business free up funds? Where are you spending too much, with not enough potential for a profitable return? When business owners are both the financial controller and the day-to-day manager, it’s probably easy to recognize you have a cash flow problem, but sometimes it takes a third party analysis to figure out how to resolve it.

 

2. Make Informed Business Decisions

Move from, “I think we can,” to “I know we can” with the help of a remote CFO. Don’t assume your financials can withstand a big purchase or a new hire – get assurance and peace of mind you’re making the right move.

 

3. Enjoy Financial Assistance During Times of Major Change

Are you about to acquire another company? Are you working on a detailed merger? These occurrences often present in-depth financial questions and you can’t find the answers through a quick online search. It’s often where a business owner’s DIY capability ends, but that’s where your remote CFO can step in to handle the details. Change means growth, and growth is good, but from a financial standpoint, it’s essential to ensure it’s healthy growth.

 

4. Prepare for Tax Time All Year Long

When you realize tax time is on the horizon and there are mountains of paperwork and receipts to locate, you might start to feel overwhelmed. Preparing for tax time isn’t simple when you’re a business owner, but if you have a remote CFO on retainer all year, the burden is no longer on you alone. You don’t have to get involved in tax time details at all. Better yet, your remote CFO does everything they can to make sure you pay as little as possible!

 

5. Depend on an Experienced Strategy Partner

The best part about a remote CFO: you’re getting more than basic accounting help. You’re able to rely on the time-tested experience of someone who has been there before. With a wealth of financial industry knowledge plus business growth experience gained from thousands of hours helping companies similar to yours, you get granular and high-level strategy feedback, which helps you avoid common pitfalls and ultimately reach your business goals faster.  

Build a consulting and services package tailored to your company’s exact needs. Contact the team at Robert L. Coval, CPA to learn more about our specialized remote CFO services.

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good cpa

How a Good CPA Supports Your Business

A good CPA can clear up confusion on business financials and taxes, which is an invaluable resource for business owners. However, a trusted accountant does more than answer tax questions and file paperwork on time. They offer foundational support that lays the groundwork for healthy business growth and longevity.

Here are four ways an expert CPA is an asset to your business:

 

They Act as Your Advisor

It’s important to keep a business’ books in order and file taxes promptly and accurately, but an experienced CPA has skills that extend beyond these tasks. When your CPA takes the time to fully understand how your business operates and sees your short and long-term goals, they can help you manage cash flow and execute smart growth strategies to help you get where you want to be. Underestimating costs and mismanaging expenditures can be harmful to a business’ present and future success, but making accurate forecasts and projections sets businesses up for success.

 

They Help You Balance Personal and Business Finances

In many cases, the small business owner juggles their business and personal finances. A good CPA can help sole proprietors, startups and small businesses find a balance and make the right financial decisions in both personal and professional areas. While this is true for businesses of all sizes, new business owners will especially have plenty of questions on how to structure their company and protect their interests. You should be able to depend on your accountant as a resource during this learning curve.

 

They Enable Faster Growth

Does your business structure support expansion? Can you afford to hire another employee? How can you compile financial statements that will appeal to investors? Trust an experienced CPA with these questions and you’ll be in a position to grow faster and bigger. Whether you’re contemplating a merger or an acquisition, depend on an expert in the field for real-time financial analysis.

 

Their Network Offers Further Support

You can trust your CPA’s recommendation on payroll providers, attorneys, investment managers and more. A good CPA always establishes a solid network of supporting providers to help their clients reach their goals. Whether you need business insurance or a litigation attorney, bring your request to your CPA and get high-quality referrals to the additional professionals you need.

 

How We’re Different

Is there a CPA firm that offers all of the above? Yes: the team at Robert L. Coval, CPA.

If a hands-on, hardworking accounting team is what you and your business needs, call the team at Robert L. Coval, CPA. We take care of the numbers and let you focus on your business, offering data-backed advice and suggestions along the way. When you’re ready to take the next step towards growth and long-term stability, get in touch with our team for a free consultation.

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Coval Feb Blog Graphic

Six Small Business Tax Deductions and 2018 Tax Deadlines

One of the most effective ways to increase business revenue is by taking advantage of all available small business tax deductions. You will make informed decisions on managing the current year’s expenses and smartly allocate funds for next year.

The following is a helpful list of small business tax deductions that can significantly lower your company’s taxable income for 2017 filings:

1. Insurance

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