If your accounting is questionable, hiring an outsourced CFO is probably the most expensive bandaid you can buy and it may not necessarily solve the problem. You could be paying an outsourced CFO to analyze bad data. When further insight and intense cash management is needed, bookkeepers and CPA firms can fall short, since daily operational accounting isn’t their focus.
Many CEOs look to outsourced CFOs when they are at a loss in the finance area. They often want to simply hire an outsourced CFO and get the financial issues taken care of. In the Colorado area, for about $170 to $200 an hour, you can have an outsourced CFO . . . that could be weak in accounting. Often, outsourced CFOs consider themselves consultants and strategists and at that price, that makes sense. Others further outsource the accounting function to expensive outside contractors or CPA firms.
In 2005 I began working as an outsourced CFO. I was the highest paid hour on the accounting totem pole and that has now changed. I didn’t have all of the answers to how to piece together CFO consulting with lagging accounting, but eventually, the lack of quality was more than I could handle, so I had to make my own solution.
I rebranded CFO Services as VenturePack in early 2016, so that I could offer fully integrated and managed accounting and CFO service packs – customized for small and mid-sized business clients, more cost effectively. I am building my own motivated team and running it as a CFO would a quality accounting department for a mid-sized company.
Multiple clients are using us for everything they need from accounting to negotiating and forecasting. Our team takes pride in being able to step up to the fast paced and broad range of demands from our clients, because that’s what they really need.
Maybe the best part is that our clients don’t need to worry about how to keep accounting folks happy and inspired. It’s done!