What is a fractional CFO?
Many businesses out there – maybe even yours – have risen to a level of $500,000 a year, and, at about that time, there is a huge need for someone who can help review your accounting and tell you what all of it means, but there is not enough cash flow to cover a full-time employee.
What a fractional chief financial officer does is work on a part-time basis to provide those services, without being on a full-time payroll. They work as needed, and you still reap the benefits of having someone come alongside you and help you grow your business, as well as decrease expenses.
We all know that cash flow is the lifeblood of a business. If you do not have enough cash flow, your business will not make it for long. Your business may be just starting up, or you’re making lots of money, but where is the money going? What are your profit margins? How are you doing compared to your budget, if you even have a budget? What are your prior year comparisons? Are you increasing sales but, at the same time, increasing expenses as well?
Our mission is to help businesses like yours save money by combing through all of your bookkeepers’ and accountants’ work, look at every aspect of your business, and determine where they can save you money. But perhaps the biggest area in which a fractional CFO can help is to uncover your nest egg of savings and taxes, once systems and strategies are in place.
Throughout the year, you may think you made a lot of money until tax time comes and you find yourself paying 40 to 50% of your hard-earned money to the government. Forbes says that about 95% of all businesses overpay in taxes. This can be the case even with a great bookkeeper, accountant, payroll company, and coach or consultant, all because the company failed on the tax planning and strategy portion of the business.
OTB Tax provides you and your business with a fractional CFO also that provides another level of accountability and makes sure your team is on the right track in doing what it takes to not only save money, but maximize profits, and this is the part that you do not want to overlook. If you do, it will cost you the most.