As a business owner, where should you focus your efforts, the end products for the customer, or the good management of your income? CFO services could be a solution to that problem.
CFO services involve careful scrutiny of your accounts, including profit and loss. Although this may seem obvious, it's easy to neglect regular account maintenance, especially when your focus may be on meeting customer requirements. Fund management is an indispensable part of generating profits. Learn more about virtual cfo services via https://www.ikeep.com.au/virtual-cfo.
It is important to note that while overheads are necessary for a business to function, they may not be directly involved in generating income or profit. Therefore, your travel expenses, telephone bills, and customer entertainment could be classified as general expenses.
CFO professional services can help you decide whether or not your overhead costs require a reduction; And if you do, you have access to the experience to help you decide how much you need to reduce your expenses.
Anytime you present a customer with an invoice for services rendered, it means your customer hasn't paid you yet. A statement also contains other details, such as the amount owed, date, and amount paid.
The aging of the debtor is an important aspect of this statement. Age here refers to the length of time the debt has not been paid. When you hire professional CFO services, you are better informed about the state of your company's finances and therefore better prepared to claim the money. When the age of the debtor exceeds a limit that you set, 30 days, for example, you can contact your debtors and follow up on the payment.