Why Your Business Doesn’t Need a CFO
CFO or Chief Financial Officer is a job that requires duties that are as intimidating as its name: controllership, capital structure overseeing, risk and liquidity consideration and other terms that can confound those living outside the world of high finance. The salary that goes into being one is also as big as its responsibilities. But not every business needs a CFO, especially small businesses.
What’s a CFO?
To break down a CFO’s job into a simple statement, you can come up with the following: A CFO can tell you how much money a business has, where it is, and where it should be going. A big company might have a complex money structure that needs constant analysis and updated interpretation to be able to do this. A small business doesn’t always have one. It just needs a competent accounting firm to be able to do exactly that. In fact, it’s a trend nowadays. More and more business hire a CPA firm, like MKS&H, to work on and manage their financial needs.
Why Small Businesses Are Better Off with Accounting Firms
Why? The services MKS&H offers are more affordable than paying for an executive-level position like a CFO—which is a regular position in the company. A CFO can cost a business as high as 150k annually and losing that price tag can save the business a large amount of money. The US economy has not been doing very well well since the recession and cutting costs is a wise financial decision. However, smart financial planning should not fly out the window along with the high salary. Where tax planning, tax returns preparation, audits, accounting services, consulting, and acquisition accounting are concerned, MKS&H get these jobs done. Our work is performed quickly, accurately, efficiently and at a price that will not hurt your business’ budget.
You might think you still need a CFO because a person will always put a big level of commitment and passion towards their job. Since doing it well means keeping the business, his job, and his reputation alive as well. However, the staff at MKS&H are known to be just as committed and passionate to your business’ financial success.
What You Gain with MKS&H
With MKS&H, you just don’t get one brilliant person but one brilliant team. Our investment in our people, young workforce, and flexible work environment, innovation, entrepreneurial spirit, team approach, commitment to quality, and its service model–responsiveness and on-time delivery—are just minimum expectations.
Controllership, capital structure overseeing, and risk evaluation are what the CFO is in your business for. With MKS&H, these issues in your business also get attention. And with the highest standards of scrupulousness because MKS&H makes sure that your business gets advantageous structures for holding assets, after-tax impact of proposed transactions, corporate acquisitions and reorganizations, planning to maximize key employee income and succession planning.
MKS&H also reviews internal controls to protect cash, conducts analysis and allocation of a company’s profit center. We evaluate key performance indicators to assist in managing operational issues, and analyze trends to determine their impact on business. We prepare, compile, review and audit financial statements, as well as examine budgets, operating expenses, cash flow, and so much more—including taking care of your taxation needs. With all of that, who needs an expensive CFO?
If you would like additional information about our financial services and how we can help your company, contact the MKS&H consultants today!
