How Much Are Our CFO Services?
Our monthly CFO services are valued between $750-$2,500 on average. This price varies based on the number and types of reports you want prepared as well as the level of involvement of our CFOs.
We don’t charge our clients hourly because we believe in value adding and work-based pricing.
Our monthly CFO services include monthly consultations with our CFOs to address your company’s financial performance and reports, goals, and any questions or concerns. This can be in form of phone calls or emails. It is completely up to you.
There is a one-time setup fee of 50% of your monthly fee associated with our CFO services. This fee compensates for the time it takes to connect your online accounting records to our CFO platform. It includes the time for your initial consultation and developing a strategic plan for your company.
Our CFO services fees are fixed. There will be no surprises on your bill.
No Long Term Contracts
Contracts with LYFE Accounting are month-to-month. Meaning we do not sell long term contracts. Our belief is that we do not need to lock you into our services for you to see the value we add. We want to build a trusting and lasting relationship with you and your business and we do not need long term contracts in order to accomplish that.
What Does a CFO Do?
Chief Financial Officers (CFOs) are involved in the short and long term financial responsibilities of a company. This means the day-to-day functions like overseeing financial operations by tracking cash flows and ensuring the financial accuracy of financial statements and their timely distribution to stakeholders.
You, investors, and lenders rely on financial statements to make decisions so it is vital they are correct.
CFOs are also involved in the long term duties like developing and monitoring the strategic and financial vision of a company.
There’s no surprise why most large corporations have a CFO to take on these responsibilities. In a constantly changing economic and financial environment, businesses need an expert individual to stay on top of their finances.
Because of all of the duties of a CFO, the average salary of one is over $300k. Might be a drop in the bucket for some companies but for many small businesses, it is out of the budget. However, CFO services like the ones offered at LYFE Accounting provide an economical way for small businesses to have a CFO working for them.
Value of Monthly CFO Services
The value a CFO brings is limitless because of the knowledge and expertise they bring to the table. By implementing CFO services in your business, you could see growth upwards of 5% in revenue.
Let’s say CFO services cost you $1,000 a month. If, in turn, that CFO produces information that increases your revenue by $50,000, isn’t it worth it? Not only does the CFO service pay for itself, but it increases your bottom line.
Benefits of CFO Services
By outsourcing CFO services, your business is receiving qualified and expert knowledge into its financial situation without paying the high salary and benefits of an in-house CFO. Most small businesses cannot afford the high costs of a traditional full time CFO, but outsourcing makes it possible.
CFO services provides your business with quality advice from a highly qualified individual. The level of qualification goes beyond those of a bookkeeper or accountant.
Recording transactions is not the same as being a CFO in a company. More often, the bookkeeping provides information to the CFO to work with. The CFO’s role is meant to be more analytical rather than routine and predictable.
Having an outsourced CFO ensures that your financial statements are accurate and complete.
Financial statements are used when making decisions regarding the company. Owners, investors, employees, lenders and others are just a few parties that would be interested in the financial statements of your company.
When you outsource CFO services, you receive confirmation of the accuracy of your financial information. In addition, CFOs provide recommendations on improving business processes and procedures that allows your business to be more streamlined.
CFOs provide an objective perspective into your company. When you hire outside of your business, you bear the benefits of a fresh perspective on the issues you currently have.
Sometimes business owners and their employees may work too closely inside to be able to develop solutions to ongoing problems.
As a small business owner, you spend a lot of your time managing different elements of your business. It can be easy to negate or rush through the task of analyzing your financial data even though this is the area that poses the most problems for you.
With outsourced CFO services, you have the peace of mind knowing someone is looking over your financials managing the financial aspect of your business.
What to Expect When You Outsource CFO Services to LYFE Accounting
Expect a trusted addition to your business team. Our goal is make your business more profitable.
We start with an initial consultation with you and your assigned CFO so we can gain a detailed understanding of your business and industry. Within this consultation, we help you develop goals, provide some financial strategy and discuss next steps.
After our initial consultation, your assigned CFO will review and analyze your current financial information. We need to know where you are at to direct where you should go.
Next, we start developing budgets and forecasts based on your goals. Periodically, we will provide easy to read reports that outline your company’s performance.
Moving forward, we monitor and report on your company’s progress. Our CFOs are also available via phone or email to discuss questions or concerns.
Why Use LYFE Accounting For CFO Services?
LYFE Accounting is your trusted partner in business. We are experts in business and financial related matters.
We provide relevant and useful information that will take your business to the next level. Our CFOs have experience in accounting, finance, marketing (just to name a few) that enables them to provide a holistic approach when advising you on your business.
We deliver the best customer service and are responsive to all of your questions and concerns. Let us show you how simple and awesome it is to work with us!
Ready to outsource your CFO duties? We are ready. Get in touch!