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the ideal accounting and finance team structure

The Perfect Outsourced Accounting Team Structure in 2021

As the world and economy constantly grow and become more competitive, finances become more complicated within a company and an outsourced accounting team is becoming the preferred method to take care of an organization’s financials. When the realization comes that there are financial consultants out there who are valued throughout the financial world, that do not require a full-time salary, it can be a game changer for business owners.

Many businesses are paying for a CFO or Controller to do simple accounting tasks such as a month-end close that do not need to be done by such a high level financial professional.  Often, a low-level bookkeeper will be needed for a few months, but as a business grows and gains momentum, there will eventually be a need for a Controller or CFO.

Some businesses may not be aware of the amount of work that needs to be done with their financials, or what role is going to be the best fit for their current situation. It is important to assess the needs and wants of a company to be informed of which position or positions will be needed to get the work done.

 

The People

A typical accounting team will consist of the following positions. Some roles such as an SEC reporting manager, may vary depending on what goals the company wants to accomplish, such as if they are planning to undergo a SPAC or IPO.

  • CFO

A Chief Financial Officer (CFO) will manage all accounting and finance personnel in an organization. They are responsible for the financial risks and planning of a company. A CFO can make decision making in a company much easier to help the company achieve their goals quicker. Interim, part-time, or fractional CFO services could be the answer to a lot of company’s questions since CFOs offer in-depth operational, strategic, and funding transaction experience.

  • Controller

Financial Controllers will work hand in hand with the CFO to provide financial visibility to results and information required to make better financial decisions. They will manage financial and accounting operations and reporting and report directly to the CFO.   No matter the size of the business, a Controller, CFO, or both will be crucial.

  • Accounting Manager

An accounting manager will work closely with and oversee the staff accountants. Their primary role is supervising the day-to-day activities and tasks of the accounting department. Although NOW CFO is not a CPA firm, our outsourced accounting managers typically are CPAs and are fully invested members of the accounting profession.

  • Staff Accountant/Bookkeeper

Staff accountants are responsible for posting all transactions into the general ledger, as well as managing cash transactions. They will report any issues to supervisors or Controller in a timely manner. An outsourced staff accountant will be an integral part of your outsourced accounting team.

 Depending on the goals of the company, a specialized financial professional may be brought in such as: Cost accountant, Financial Reporting Manager, or an SEC Reporting Manager. An outsourced accounting team works not as a replacement but an extension of your team. On an hourly basis, positions of a staff accountant all the way up to a CFO are available at a significantly lower cost than a full-time employee on a as needed basis or long-term if determined that will be necessary.

How it Works

1. After we learn about your business by discussing your needs, wants, and challenges, we will assign you an experienced financial consultant that best fits you and your company. This step is crucial, as we want the consultant to feel like a genuine part of your team. Your consultant will have the necessary experience to address the specific needs of your company, such as a system implementations or financial reporting.

2. Your financial consultant will work with and help to manage the current team. They will take a deep dive into the company and its finances and analyze current systems and processes. For each step of the way, the consultant will proactively communicate, maintain transparency, and provide you with visibility into the work being completed.

3. Your consultant will become a part of your daily workflow. They will provide a strategies, guidance, recommendations, and an action plan for your business as it grows—setting you up for the highest level of success.

Example Scenario:

You have a specific need:

Your company may have not had a CFO or Controller for a few months and has not been able to hire someone. This comes at a time when your company needs audit preparation services, a breakeven analysis and to provide information to the company’s bank to ensure compliance of covenants.

What you get:

With an outsourced service, you will get access to a CFO, Controller and Staff Accountant who will work with the current accounting staff to catch up on months of work while working with the auditors and the bank to ensure the client stays in compliance with their debt covenants.  If needed, the outsourced team can bring in a placement to be there full-time if it is decided that is the best option for the company.

With NOW CFO, you can outsource a part-time solution with the same high qualifications for a fraction of the cost of a full-time employee. In fact, this is our main value proposition. You only need a portion of our consultant’s time, but you get all their experience and knowledge to complete your accounting team and gain financial visibility.

Get Your Free Consultation

Gain Financial Visibility Into Your Business

We provide outsourced, fractional, and temporary CFO, Controller, and operational Accounting services that suit the needs of your business. 

  • Hourly Rates
  • No Hidden Fees
  • No Long Term Requirements

NOW CFO provides the highest level of expertise in finance and operational accounting to accelerate results and achieve strategic objectives for sustainable growth and success.

After completing the form, a NOW CFO Account Executive will reach out and learn more about your needs so that we can pair you with the right Partner.

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