As businesses attempt to cut payroll expenses, many have looked to outsourcing the role of a CFO. Whether the company currently has a CFO and wants to cut back or needs to add outside talent to the existing organization, many companies are turning to an outside CFO.
Most businesses, including tire dealerships, often reach a point where they need professional financial advice, but can’t afford to hire a full-time CFO or controller.
If you’re in this position, one solution is to use a part-time CFO service that will give you a professional financial manager who works with you to help guide your shop to success.
The cost of hiring a full-time CFO can range from $90,000 to over $200,000 per year, in addition to bonuses and benefits. A part-time CFO service provides you with experienced support at a small fraction of that cost.
A reputable part-time CFO service will be able to provide you with the following:
• More time to focus on new services, new customers and other core business issues
• Better understanding of the financial side of your business, so you have less surprises and more control over the money
• Improved decision-making capabilities from clearly seeing the hard and true numbers of your business
• A readily available sounding board to help you with those tough business decisions, thereby helping you clarify your business plans
• The comfort of knowing that a professional is overseeing, protecting and constantly improving the financial side of your business
• A professional who establishes strong financial controls in your business to reduce employee theft and increase profits
• Training and managing your accounting staff
• Improved quality and timeliness of financial information
• Budget preparation and monitoring
• Profitability analysis by service or product line
• Tax-saving strategies
• Trend analysis
• Assistance in defining long-range plans and the quantification of goals
• Cash management
• Liaison with bankers, attorneys, vendors, insurance agents, etc.
• Assistance in obtaining financing from banks, including assistance with negotiations
• Review/negotiation of insurance policies
• Development of company accounting procedure manuals
• Analysis of equipment purchases, expansions, etc.
• Mergers and acquisitions assistance
• Custom-designed collection policies and procedures
For more information on whether a part-time CFO is right for your business, contact Rich Lipton at (973) 520-8123 or [email protected].
RichardL. Lipton CPA & Associates LLC, located in Florham Park, N.J.,draws on its founder’s 10 years as a stockholder and manager offamily-owned Sam’s Tire Co. in Paterson, N.J.
RichardL. Lipton CPA & Associates LLC “is structured to personally servelarge and small clients who have a need for business consultingservices as well as accounting and tax services. We have even developeda niche in the area of forensic accounting. Our clients have realizedthat this combination of skills is extremely valuable in providing thehighest quality professional services in today’s and the future’seconomy.” – Richard L. Lipton CPA
Contact Richard L. Lipton CPA & Associates LLC:
E-mail: [email protected]