Most would agree that a CFO’s job typically isn’t an easy one. They are in charge of everything from overseeing the financials and operations of their organization as well as providing short-term and long-term analysis of all financial aspects of the business. As both a partner and an advisor, a CFO keeps a business on solid financial footing while moving the business forward. They improve operations, increase cash flow and increase revenue.
Breaks Down ALL The Figures
Because of the intensive financial aspects of a CFO’s role, bringing in a consultant can become a great resource to an organization. For example, a tax consultant spends the majority of their time working on the tax accounting and historical numbers of a business, whereas the CFO focuses on the more broad business financials. When these two aspects can come together, the organization gains tremendous insight into the historical and present financial details of the organization and what decisions should be made going forward.
Data Evaluation Assistance
A consultant helps their clients work through tax and financial data, they pull important information and provide insight into it. Often times, when a CFO is overloaded with data and reports from all ends of the business, it can be difficult for them to take necessary action on specific items. Using a tax consultant can help the CFO translate the data into what is truly relevant for the business so important changes can be made promptly.
Helps Make Short and Long-Term Decisions
A consultant can also assess the current financial numbers for the business, advice for the future and use the data for more immediate business and tax strategies. Meanwhile, the CFO can be using this information to plan for growth and forecast for the strategic goals of the business in the future. So although a tax consultant may focus more on the taxes and the books, the CFO uses that information to form the strategic goals.
Keeps Complex Tax Issues Under Control
It may be easy for some to confuse a tax consultant with the job of a CFO, but they are very different when it comes to the roles of the financials. Having a tax advisor available can help keep a business out of trouble with tax authorities both at tax time and throughout the year. They can also advise a CFO on changing tax laws and credits they may not have been aware of due to the large amount of other financially-motivated responsibilities at the business. Tax laws are constantly evolving and changing, and a tax consultant can be the easy resource for a CFO to ensure the decisions being made are the right ones for the overall financial picture of the business.
Provides A Trusted Partner
At Acena Consulting, we work diligently within our CFO partnerships to help them take their financial business decisions to the next level. We want to become the trusted tax advisor that helps your CFO make the best decisions towards measurable growth for the organization.
Join us for one of our free webinars on tax incentives that can make a material impact on your business. Our next webinar is scheduled for Wednesday, November 30th. You can get more information and registration at the link below.
Webinar: R&D Tax Credit Boot Camp
