How Group CFOs leverage outsourcing in periods of high growth

Do what you do best and outsource the rest!

Legendary business consultant Peter Drucker

The growth and expansion phase is an exciting time for any company. However, companies often underestimate the intense pressure that accompanies rapid business growth. As Group CFO, you are responsible for overseeing high-level financial functions within your operation, but when established companies grow faster than 30% to 50% year-on-year, it’s hard to stretch the capacity and capabilities of your accounts department accordingly.

As the head of finance, your tasks are the most complex and your demand the highest, making your time a highly scarce resource. Having to oversee everyday administrative work can draw your attention away from vital higher-level financial functions, such as the direction of the company’s financial forecasting and projections – the cornerstone for sustainable growth. But how do you avoid this and free up your time? Get access to expert help by outsourcing! Enlisting the help of an outsourced CFO will allow you to focus on your core skill set when looking to drive revenue and growth.

We’ll walk you through the common hurdles faced by startups and scaleups, then show you how an outsourced CFO team can help ease your burden and increase capacity, allowing you time and space to focus on the more essential tasks at hand.

1. Month-end close support

Month-ends can be chaotic and demanding as a lot of procedures need to be executed in a short amount of time. On top of this, the board wants to see the numbers. We help alleviate the pressure on internal accounting teams around monthly and quarterly reporting. This way you can bolster your finance team’s execution ability to help get your next sprint to the finish line. Here are some of the ways that we can assist:

2. Audit services

Getting through an external audit is a big project. It requires a large amount of finance team bandwidth to help prepare for, work on, and finalize with your auditors. Many businesses have been in the catch 22 of having to conclude last year’s audit without allowing the focus to slip on this year’s accounting and reporting priorities. This often leaves finance teams feeling overwhelmed. By calling in a few sets of extra hands you can take the heavy lifting involved with the audit process, preparation of audit packs, answering the multitudes of audit queries, and everything else required to complete the audit, off your team’s shoulders. This can help avoid pushing your team towards burn out during crunch time.

3. Financial planning and analysis support

Budgeting, forecasting, financial analysis, performance reporting… big responsibilities and a lot of pressure. Your finance and accounting team has a lot on their plate and their ability to keep up and produce quality insight to the executive team has a major impact on organizational performance in a high-growth environment.

For periods of exponential growth, having access to flexible finance professionals who can help execute on key deliverables can make all the difference. Reinforce your team with additional support and expertise, and they will reward you with razor-sharp insights delivered at the right time.

4. Internal controls support services

Every time your company increases in size, internal controls fall behind. New business lines, new jurisdictions, new bank accounts, and business model changes all require updates to existing internal controls as well as the design of new ones. In order to scale up sustainability, continuous improvement and addition to the internal control environment of an organization is required.

At this point it would make sense to outsource the analysis, design, and implementation of internal controls to professionals who love procedures. This will provide you with the opportunity to create a strong internal control environment, making audits less painful and operations more streamlined. Thereby lowering business risk, which in turn increases valuation.

5. Compilation and consolidation of financial statements

Our internal finance team works hard to get each and every transaction of the whole year summarized to trial balance level. Compiling financial statements on global financial reporting standards is, however, a fairly specific task. This is where outsourcing can come in handy, by allowing experienced professionals to draft and consolidate on behalf of the senior finance team.

Our team also specializes in compiling sets of financials at full IFRS or IFRS for SMEs level that will pass the standards of any top 10 audit firm. Further support on adjustments, audit queries and finalization of financial statements enable your team to stay focused on the current financial year’s mission, without being tied down by the previous one’s reporting requirements.

6. System transition and project support

A continued phase of expansion often leads to the need for new accounting and operational systems. Making the transition for an old system to a new often requires many hands and much time from key personnel. Overall, it can prove to be a massive task. Dedicated finance and systems expertise will be required, but internal resources are are often limited and tied down with the operational needs of a growing organization.

Just like the implementation of a new accounting system, various other projects can also land on the finance team’s desk. Whether it’s the digestion of an acquisition, the launch of a new jurisdiction, or the process of preparing to raise capital, having access to a team of finance and accounting professionals that can help execute on important projects is invaluable. Internal finance team capacity and expertise is now no longer a constraint to your group’s growth and success.

outsourced accounting

Why Outsourced CFO?

We help Group CFOs and heads of finance increase their bandwidth in times of high demand. Access to flexible fractional CFO talent means that a team of other highly qualified finance professionals can help you meet deadlines and crush goals. We understand that business is about people.

When you partner with Outsourced CFO, a finance professional or team with the right mix of knowledge, skills and experience is personally matched with your company – working with you to create a world class finance function for your growing organization. Your success story is our success story. Bolster your finance team’s execution capabilities with a committed team of accountants and financial controllers who can help get your next audit over the line. Reach out to us today.

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