Female leaders are making a big impact today, and no one exemplifies this more than Isobel Darmody, founder of Maple Management, offering Outsourced CFO services. In a male-dominated industry, Isobel offers a more nurturing approach to business growth through financial clarity, and she’s earning her place because of it.
What’s the difference between an outsourced CFO and an Accountant?
While both deal with the numbers behind a business, Accountants work retrospectively, tracking taxation and regulatory requirements at the end of the financial year. An outsourced CFO works proactively to handle finances throughout the entire business process.
I’ve found that most business owners understand the importance of finances, like cash flow, revenue and profit, but aren’t sure what to do with that information. A CFO offers you their knowledge of finance and business strategies and understands how to apply these to make well-informed decisions.
My team and I work with our clients to ensure we’re there whenever you need us.
What financial management foundations should businesses have in place?
Generally, the foundation starts with utilising full-costing and budgeting platforms so you can see what is happening, what money is coming in and where it is going out. This is a good start, but once you decide to make use of the numbers for insights to grow, all of that data can be a little overwhelming, especially when you’re trying to make sense of how to apply it to practical decisions. That’s when you can get a CFO to help you.
What type of organisations benefit from an outsourced CFO?
Really, any business that is ready for expansion should be exploring a relationship with a CFO. A CFO doesn’t just handle finances. We use it to empower business direction, taking away the worries of handling numbers and providing a cost-effective solution to increase business productivity.
When you start a business, your operations are manageable. But as you expand, the scope becomes large quite quickly and you suddenly find yourself making a lot of assumptions!
It’s normal. However, those assumptions can actually hold your business back from its full potential. So, if you have a vision to grow your business but you’re not quite sure how, that’s when you need the help of a CFO.
How does business growth affect business and financial management infrastructure?
A business grows at different levels. At first, it’s organic. But as you hire, you create new roles and divisions. Each new department has a financial aspect to it. For instance, Sales need financial targets, Marketing needs a budget and KPIs, Recruitment needs salaries, Development needs funding and so on.
This expansion means there’s a lot more to manage to make everything work efficiently. It might seem overwhelming, but it’s a sign of success! So long as you are in control and making smart decisions based on what the numbers are telling you, you’re on the right path.
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