Connect with us

Latest News

Outsourced CFO Services Orlando



Outsourced CFO Services Orlando

For any company, solid financial management practices are necessary to ensure profitability. As a business owner, where should you focus your efforts- on client deliverables, or on managing your revenue well? Outsourced CFO Services Orlando could be a solution to that issue.

Management of Funds

CFO services involve scrutiny of your accounts, including profits and losses. Although this may sound obvious, it is easy to neglect regular account-keeping especially when your focus may be on meeting client requirements. Managing fund is an indispensable part of generating profits. Profitability does not come only from your customers. Practices such as managing costs, reducing unnecessary expenses, and enhancing productivity also play an active role in increasing your profits.

CFO services provide detailed scrutiny of your revenue sources, revenue generation methods, and costs associated with revenue generation to determine areas that may be leading to decreased profitability.

Managing Overheads

It is important to note that while overhead is necessary for a business to function, it may not be directly involved in revenue or profit generation. Thus, your travel expenses, phone bills, and client entertainment could all be categorized as overhead expenses. However, controlling overhead is not the only way to reduce costs; in fact, cutting too much overhead could negatively impact your revenue stream. For example, if your business offering is such that it requires significant client interaction, then reducing client entertainment overhead expenses may not be the best option for you. Professional CFO services can help you decide if your overhead requires curtailing or not; and if it does, you have access to the expertise to advise you in deciding on how much you need to reduce your expenses.

Managing Debtors

Each time you present a client with an invoice for services rendered, it means your customer is yet to pay you. Unless there is a very strict policy for Cash on Delivery, a business likely incurs several invoices per day, amounting to a significant number per month. Each invoice represents customers who are debtors of your company. A collection of these invoices, or a list of your debtors, can be termed a statement. A statement also contains other details, such as the amount owed, date, and amount paid. Debtor aging is an important aspect of this statement. Age here refers to the amount of time debt has remained unpaid.

When you hire professional CFO services, you are better informed about the state of your company’s finances, and hence better prepared to reclaim the money. When debtor age goes beyond a limit that you fix, 30 days, for example, you can contact your debtors and follow up on payment.

General Expenses Management

How do you decide whether your business is utilizing resources optimally? Or that the rates you have established for your services are competitive? When you hire professional CFO services, you are provided with informed advice on these types of questions. The CFO researches your accounts thoroughly and undertakes a detailed analysis of the general expenses incurred by your business. The professional CFO is well-positioned to guide you in managing your company’s general expenses, including taking corrective action when needed.

Outsourcing the CFO

If you are a start-up or a small to mid-size business, you do not need to hire a full-time Outsourced CFO Services Orlando. Instead, consider outsourcing this function. Ideally, investigate providers with experience managing requirements of businesses similar to yours. This will give you added leverage in the form of their experience and expertise.

Shop around before you finalize your decision on a part-time CFO services provider. Some providers also offer scalability – a big benefit for small to medium-sized businesses and startups. Scalability allows you to tap into industry-standard services and infrastructure while paying only for the services you use. Thus, it produces immense savings on investing in infrastructure costs and costs associated with hiring and retaining trained employees.

When you outsource your CFO requirements, you receive the dual benefit of direct profitability through smart financial management combined with savings on investment costs otherwise spent on funding a dedicated CFO position in your company.


Latest News

How to Prepare for a Long-Distance Move



How to Prepare for a Long-Distance Move

More than 27,059,000 people move each year, whether traveling across the state or the country. Regardless of when you’re preparing for a long-distance move, there are several things you’ve got to be aware of ahead of time.

We’ve created a checklist that you can use full of packing tips and other things you need to know, like the importance of hiring movers to aid in the big move. The more prepared you are, the easier and more stress-free the move will be.

Get ready to settle into your new home after you check out these need-to-know packing tips below.

Plan Ahead of Time

When moving to NY from California, you need to plan ahead. You need to do this to get everything in order, such as shutting off the utilities and turning it on at the new location before you’re scheduled to arrive.

The last thing you want to do is risk arriving at your new place and not having running water or working electricity when you get there. Another reason you want to plan ahead is that if you’ve decided to hire movers, you’ll need to coordinate the day they plan to pick up your items and deliver them to the new house.

Again you don’t want to arrive at your home and the movers not arrive with your items on the day you expect them to. Not only does this leave you without your necessities, but it could also mean you pay additional delivery fees that you’d not planned for.

If it helps, you could make a list of everything you need to do before you are set to move. We recommend making this list ahead of time so that you don’t feel rushed at the last minute to get everything completed.

Hire Professionals

Moving lots of items a long distance can be tricky, especially if you’re not used to driving a moving truck. Before you’re set to move, make a list of the best movers in your area.

You can do this by creating a list of mover names and estimates from your area. Ensure you have them clarify what you’re paying for because most rental companies provide a specific number of miles locally and out of state that could increase your overall rental price.

You’ll also want to inquire about the insurance needed to schedule movers to come and help transport your items. Ensure you get the estimates for each type of vehicle they offer.

When the move is complete, the larger the vehicle and the more movers you need, the higher the rental price. Once you’ve decided which moving company you’re going to work with, take the next steps to set your reservation.

If you’re making the appointment over the phone, ask the company to send you a confirmation email once the phone call has concluded. This will ensure you have tangible evidence of your appointment reservation just in case something comes up the day of the move where you need to contact the moving company.

Begin Packing Efficiently

When you move a long distance, it’s in your best interest to only pack the items you need and discard items you no longer use. The best way to do this is to take some time to declutter your home before you begin packing.

Make a pile of the items you need to get rid of, whether that means donating or discarding them accordingly. While it might prove to be a time-consuming process, in the long run, it will pay off when you don’t have to do these things while unpacking in your new home.

This is especially true if you’re downsizing and don’t have enough room to store all the items that you have currently in your home or apartment. Another reason to declutter your home is so that you can effectively determine how much packing material you need to pack, such as boxes and packing tape.

Check your local area for packing items because there are several places online where people want to get rid of their extra boxes for free. This can help you to save on packing expenses.

Forward Your Mail

When you move into your new place, the last thing you want to happen is for essential items to be mailed to your previous email. This means you need to take the steps necessary to forward your mail to your new address, which can be done online via the united states postal service website.

When forwarding your mail, ensure you list the names of everyone moving and the address of the new home. Then you will need to specify a date when you want the mail to begin being sent to the new location.

Along with forwarding your mail, you need to remember to change the address on other government documentation, such as:

  • Car registration
  • Drivers license
  • Voter registration
  • Insurance

When you don’t place your new address on these documentation forms, completing other things you need to complete after you’ve moved can become challenging.

When you’re moving a long distance, the last thing you want to do is travel back to your previous residence to take care of things that should’ve been completed before the move.

Preparing for a Long Distance Move & Things You Need to Know

When preparing for a long-distance move, you need to know several things, such as ensuring you forward your mail ahead of time. You should also remember to schedule movers and request estimates to help move your belongings from one place to another.

If you want to know more about this topic, continue to scroll through the posts in this section.

Continue Reading