To succeed in today’s ever-changing marketplace, it is important for a company to both gain and sustain its competitive advantage. An important ingredient in achieving this edge is an effective Chief Financial Officer (CFO) function. The role of the CFO has evolved from being a backward-looking financial policeman to a forward-thinking strategist whose main job is to provide advice on a wide range of issues. The required skill set includes an ability to set strategy, lead change initiatives, and prepare value-added analyses to enhance the Company’s value. Yet most small businesses are often stuck in a quandary — they often need the help of financial professionals to take their business to the next level, yet they cannot afford nor do they need, a full time executive.
One excellent solution? Engage a part-time chief financial officer (CFO). This relationship offers many benefits and very little downside to the small company. A part-time CFO offers companies the opportunity to have a top-level CFO and Controller with experience in a large company and an entrepreneurial spirit, all for a fraction of the cost of a full-time hire.
61% of small businesses regularly struggle with cash flow.
82% of business failures are due to poor cash flow management skills / poor understanding of cash flow.
69% of small business owners have been kept up at night by concerns about cash flow.
43% of small business owners have been at risk of not paying employees by payday.
Bayside has the tools and knowledge to assist you in seeing your future, eliminating surprises and making quicker decisions when it comes to your business's cash flow.
Need help deciding which entity and tax structure is right for your new business? We can help with that. And we can complete the paperwork necessary for you to be an official business.
Bayside Accounting and Consulting is much more than just a business accounting or tax services firm. To find out how we can help position your business to reach its goals, call our office today at 410-703-0087.