Especially in the time of COVID-19, it's essential to have a solid financial leadership to guide companies through the regulations and processes needed to recover. Often this role falls to a CFO, but they are often difficult to maintain and retain for young or transitory businesses due to their high levels of education and experience. Accounting firms have an opportunity to help their clients succeed by offering outsourced CFO services.
William Slaughter, a professional in UHY's Missouri region, wrote an article for CPA Practice Advisor detailing all the advantages of offering outsourced CFO services. He breaks these benefits into five areas: professionalism, strategic planning, experience, continuity, and network. Slaughter said these services are a practical alternative for some businesses, and "As the demand for experienced finance leaders increases, outsourcing the CFO role will continue to gain acceptance as a practical way to bring effective leadership and continuity to the finance function while managing costs."
For the full article on CPA Practice Advisor, click here.