Outsource Your
CFO / Consultant

Get the expertise you need to succeed.

Get the best of both worlds.

When an entrepreneur’s vision transforms into a profitable venture, continued success depends not only on proper financial management, but on a strategic and innovative approach. Your growing company needs to develop a strategy around its future growth. It should also be able to forecast financial needs and arrange for proper funding to eliminate any potential limitations.

Hiring a Chief Financial Officer or Controller is a smart way to deal with some of the nuances that a growing company may face. But hiring a full-time CFO or Controller is not the most cost-effective solution. And yet, not hiring a CFO or Controller can be a detriment to any future success that a thriving business aspires to attain. An outsourced CFO or Controller can give small to midsize businesses the best of both worlds. It allows a company to hire a qualified CFO or Controller without the costs that come with an in-house hire.

When is the right time to outsource?

There are several reasons a company may need assistance, which we have outlined below. Along with the benefits of hiring an outside resource, Marino Advisory Group (MAG) proudly serves businesses, not-for-profits, and individuals in Rochester and its surrounding areas, offering On-Demand services which can provide insight into your current financial picture, and a clear plan for your financial future.

Company Growth: Annual revenue growth and/or an increase in workforce are signs of a healthy business. An On-Demand CFO or Controller can make the proper budget corrections and calculations to verify you are accounting for growth in your budgets.
Acquisitions and Mergers: Acquiring or merging with another company can disturb business finances. A On-Demand CFO or Controller will help keep the finances in order before, during, and after a transition.
Other signs of when the Right Time is to Outsource include:
- Lack of Resources/Skills without requirements of a Full-time position
- Incomplete and/or untimely reporting of Financial Information
- Decreasing Financial Performance and/or Cash Flow Problems
- Sudden Vacancy in CFO/Controller/Bookkeeper Position
- Lack of lender and or Investor Confidence in Financial Info
- Finance/Accounting Department is under performing
- Start Ups, New Ownership, Expansion and Growth Mode
Once you have recognized the need for an outsourced CFO or Controller, you must decide who has the right skill sets and vision to help lead your company.
Our CFOs and Controllers have a master's degree and/or a CPA certification. Some other qualifications or characteristics include:
- Knowledge of various industries
- Complete understanding of all finance department operations
- Ability to identify and solve problems
- Ability to clearly communicate verbally and in writing
- Ability to lead and innovate
- Experience in other financial sub-industries/sectors

Benefits of Outsourcing

One of the greatest advantages of working with a third-party CFO or Controller is the money a company can save. Paying a full-time salary with benefits is an expensive investment. However, an outsourced CFO or Controller can be kept for as long or as short as the business needs. Created cash flow can be reinvested into products, services, or new projects.

A Chief Financial Officer or Controller can free other C-level executives, as well as employees, from financial details so they can focus on day-to-day operations, marketing, and other core competencies.

Fresh Insight

Most outsourced CFOs and Controllers bring the experience of working with several businesses outside of your industry. This added knowledge and experience brings objectivity and new perspectives to your company.

An On-Demand CFO or Controller is not only responsible for the financial well-being of a company, but also for inspiring and molding a vision for future success. Whether you are experiencing revenue growth or increasing your internal workforce, he or she can ensure your growing business does not endure needless growing pains. Unlike an in-house hire, a third-party financial officer will have a broader range of skill sets, knowledge, and experience. These attributes make the company flexible and efficient.

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