A quick glance at the IRS small business information page is enough to scare anyone considering getting their own business off the ground. From filing taxes to managing gains and losses, managing your company’s finances is no small task. 

But, hiring a chief financial advisor (CFO) to help manage your finances is a big investment. No matter how much work they perform for you, it might be a hard pill to swallow. 

A CFO can benefit a business in the long term by ensuring you are in the green rather than the red. A small business CFO could be one of your best decisions financially speaking. 

Here are the top five signs it’s time to hire a CFO.

Small Business CFO For Proactive Business

The overarching necessity of a small business CFO is to ensure a business is proactive in its money matters. This means CFOs help you analyze your situation and react in a manner that benefits your company. 

The aim is to prevent your business from getting bogged down with overdue tasks. These can include anything from overdue taxes to poor management of paperwork.  

You Are Behind or Unsure of Your Taxes

One of the main signs you need a CFO is you are falling behind or uncertain of your taxes. Managing your bills and expenses is essential for getting the money you need. 

Also, tracking the taxes you owe is important in staying on good terms with the IRS. It’s one of those areas where the longer the wait the worse it gets. 

Rapid and Sudden Growth

You may want to hire a CFO if you notice a sudden boost in your company’s financial growth. Maybe you’ve needed to bring in new talent for your company to bear the load? These are all signs of growth and the need for a financial officer. 

You Are Experiencing Stagnation

This may seem like a strange option in light of the one above. However, if your business is failing to grow it could mean you are investing your money poorly. A CFO can help you rearrange your finances so they are utilized properly. 

You Feel Overwhelmed

This one is a bit vaguer, but should not be ignored. If you notice you are always at the office and feeling stretched too thin, you may need a CFO. Your mental health and well-being matter. Not only to yourself but also to your company. 

You Are Not Meeting Your Customer’s Needs

Two of the most important parts of your business are your customers and your employees. Maybe lately you’ve been unable to send bills to your customers? Or, perhaps you lost the paperwork on the work performed? 

All of these factors contribute to a loss or delay of revenue and frustration for your customers. Hiring a CFO can help you manage this. 

Should You Hire a Small Business CFO?

It is a big step, but hiring a CFO can help you solve many of the common issues which plague businesses. 

As trusted advisors, they do not simply manage your assets and expenses. They help you plan for the future and prepare for upcoming surprises.

AccFin Group has the services you need to keep your business running and growing smoothly. Contact us today to schedule your consultation.