Outsourced Accounting & CFO Services FAQs

The Whitlock Co. is a full-service accounting firm that handles the financial aspects of a company’s assets. One of our specialties is outsourced accounting and CFO services, offering the full spectrum of financial acumen for your business.

Our experts answer several frequently asked questions about this vital service.

What is an outsourced CFO?

This individual serves as a finance leader outside of your organization and the financial expert for your business. Think of this service as hiring a CFO to help you make the best decisions for your company’s financial health.

What does an outsourced CFO do for accounting purposes?

Accounting duties of an outsourced CFO include but are not limited to:

1. Offering sound guidance and strategic advice for your firm’s finance, accounting, operations, and business planning.
2. Helping you file your business tax returns with the IRS and state revenue agencies.
3. Handling ordinary bookkeeping duties on a daily, weekly and/or monthly basis.
4. Providing insights to help your company reach stated goals or alter goals based on the current financial climate.
5. Identifying key metrics to monitor as indicators of growth.
6. Managing the budgeting process.
7. Overseeing cash flow management.
8. Participating in meetings with stakeholders to speak on the financial health of the company.
9. Discussing options for additional financing with banks and potential investors.
10. Assisting in mergers and acquisitions from start to finish.
11. Coaching business owners on fundraising strategies.
12. Interpreting financial results.
13. Consulting on all financial aspects of a business.
14. Giving you a big picture view of your business finances.

How much does an outsourced CFO cost?

Costs depend on how much you need an outsourced CFO to handle your company’s finances. Outsourced CFO packages at The Whitlock Co. start at $1,800 a month.

What does my company get from The Whitlock Co.’s outsourced CFO package for accounting?

1. A team of financial experts
2. Financial reporting such as entity balance sheets, income statements, and other reporting to track your company’s bottom line. We can track multiple locations.
3. Software support
4. Bank and credit card reconciliations
5. Cloud-based, real-time transactional processing
6. Business planning strategies for achieving your desired goals while assisting your company in reaching the goals.
7. Accounts payable service.
8. Accounts receivable service.
9. Dashboard analysis, which means providing at-a-glance views of key performance indicators (KPIs) relevant to your business.
10. Budgeting and forecasting to help you with cash flow needs by projecting future expenses and revenue for short-term operations while comparing actual results from the expected performance.
11. Customized KPIs that are most relevant to your business, which helps you identify what metrics you need to look at in terms of strategic goals and action items for the financial health of your business.
12. Software applications for QuickBooks Online, Bill.com and Dext.

What levels of outsourced accounting does The Whitlock Co. offer?

We offer three main service plans:

1. Accountant: Starting at $500 per month, you get a team of professional experts on your side to help with financial reporting, software support, bank and credit card reconciliations, and access to three major accounting/finance software tools.
2. Controller: Starting at $850/month, you get everything at the Accountant level plus cloud-based, real-time transactional processing, business planning strategies as well as accounts payable and receivable services.
3. CFO: Starting at $1,800 a month, you receive everything from the Controller level plus customized KPI analysis as well as budgeting and forecasting that affect your business.

Are outsourced accounting and CFO services cost-effective?

Absolutely. The average annual salary for an accountant is around $55,000, while a CFO’s salary averages $375,000 a year. These figures don’t take into account benefits for these financial experts.

For a fraction of the cost, you get an entire team of financial experts and analysts working with you to achieve success. Combined, our team has more than a century of experience in a wide range of accounting services.

Outsourced accounting and CFO services make financial expertise an affordable option for small and mid-sized businesses that need expertise in their corner as they seek growth opportunities.

What is outsourced accounting?

Outsourced accounting provides the services of a full accounting department without the need to hire someone in-house.

What are the advantages of outsourced accounting and CFO services?

Your business gains several advantages by hiring a firm to perform accounting or CFO services, including:

1. Experts in your corner. Accounting firms are experts in their fields. It’s vital that you hire a firm with experienced individuals who can analyze your company’s finances and give you relevant recommendations.
2. Big-picture, strategic thinking. Accounting firms can look at details, but they can also translate financial statements into a big-picture strategy and long view to help you achieve success and outline goals in future years.
3. Reduce workload. Having financial experts on your team lets you focus on your core business model.
4. Fostering relationships and partnerships.

Who benefits from outsourced accounting and CFO services?

Several people and businesses benefit from outsourced accounting and CFO services, including:

1. Startups: You just started your company, and you need every advantage you can get in a highly competitive market. An outsourced accountant helps you identify ways to grow your business without spending time hiring someone.
2. Private equity-backed businesses: When you have private equity, your investors need progress reports and updates about profit margins and other KPIs. An accounting firm can help you find and organize relevant information for investors to examine.
3. Companies looking to grow: You want to grow your business, possibly by acquiring another company or creating a strategy for growth. A full-service accounting firm can help you identify opportunities by looking at your current financial situation. Perhaps your business isn’t performing as well as you want. An accountant can identify weak points to help you bolster your bottom line with an eye toward growth.
4. Businesses in transition between staffers: Your full-time finance person just put in two weeks’ notice, and your busy season starts in a month. You can hire an accounting firm to fill in the gaps while you look for another staffer.
5. Entrepreneurs looking for investment opportunities: Do you want to invest in a small business? We can look for those opportunities.
6. Small and mid-sized businesses: Are you a small business looking for a competitive advantage? Having an experienced accounting team on your side can help you save money while helping you compete with others in your target market.

Who can I contact for outsourced accounting and CFO services?

The experienced team at The Whitlock Co. offers outsourced accounting and CFO services for your business. Contact us to request a consultation and we’ll start the conversation.