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Outsourced CFO Service: Dangers of Not Preparing Soon

Outsourced CFO Service: Dangers of Not Preparing Soon

  • May 17, 2023
  • CFO TipsCommunity

It is not unusual for early-stage companies to lack a finance chief or other financial professionals, as their primary focus is often on growth. Some startups depend on their venture-capital investors or banks for financial guidance. While there is no data available to determine the exact number of startups without a finance chief or other financial professionals, a specialist who offers financial services to startups approximates that around 80% of early-stage companies do not have a CFO or an outsourced CFO service.

What Could Go Wrong?

In March 2023, within a span of only 48 hours, Silicon Valley Bank’s financial stability deteriorated rapidly as account holders hurriedly withdrew their money, causing the bank to go bankrupt. This led to the bank being permanently shut down by federal regulators on March 10, 2023. SVB’s failure was the second biggest bank collapse in American history, trailing only the 2008 downfall of Washington Mutual.

Operating without a Chief Financial Officer (CFO) can be a dangerous move for businesses of all sizes and industries. An outsourced CFO is responsible for managing a company’s finances and ensuring that its financial strategy aligns with its overall business objectives. Without an outsourced CFO service, businesses may lack the necessary financial oversight, leaving them vulnerable to poor financial management and risk.

Financial Mismanagement

One of the most significant risks of operating without a CFO is the potential for financial mismanagement. Without a dedicated financial professional overseeing financial affairs, businesses may struggle to manage their finances effectively. This can lead to problems such as cash flow shortages, missed payments, and an inability to meet financial obligations. Ultimately, this can lead to financial losses and damage to a company’s reputation.

Outsourced CFO Service: Prevents Lack of Direction

Another potential danger of operating without a CFO is the lack of financial strategy and planning. Outsourced CFO service plays a critical role in developing financial strategies that align with a company’s overall business objectives. Without a CFO, businesses may struggle to develop financial plans that effectively allocate resources and maximize financial performance. This can lead to missed opportunities, financial losses, and an inability to grow and scale the business effectively.

Vulnerability to Fraud

Furthermore, operating without a CFO can leave businesses vulnerable to financial fraud and embezzlement. CFOs are responsible for detecting and preventing financial fraud and ensuring that financial controls are in place to prevent unauthorized access to financial assets. Without a CFO, businesses may lack these essential safeguards, leaving them vulnerable to financial crime.

Find an Outsourced CFO Service With Next Level Now

Operating without a CFO can be a dangerous move for businesses. CFOs play a critical role in managing a company’s finances, developing financial strategies, and detecting and preventing financial fraud. Without a CFO, businesses may struggle to manage their finances effectively, develop sound financial strategies, and prevent financial fraud. For these reasons, it’s essential for businesses to ensure that they have sufficient financial oversight in place to mitigate potential financial risks and ensure the long-term success of their business.

Ask about our fractional CFOs today!

Next Level Now Partners to Create The Executive Series

  • January 22, 2020
  • Uncategorized

 

 

 

 

We are happy to bring a new business series to the Seacoast. The Executive Series – learning and networking event. Our inaugural event kicks off with an interactive talk with a Panel of M&A professionals.

Our inaugural event starts off with the topic Mergers & Acquisitions on Wednesday, January 29, 2020.

The Panel:

John-Michael Girald – Founding Partner of Peloton Advisory LLC

Julie Morse and Peter Burger – Business Attorneys at Orr & Reno 

Brandi Bonds – CFO at Next Level Now, Inc.

 

If you are thinking about selling your business in the future, you won’t want to miss the first Executive Series event, Mergers & Acquisitions.

Click here to learn more & register

January 29th at 7-9am at Grill 28 at Pease Country Club in Portsmouth NH

–––––––––––––––––––––––––––

Calendar & Topics for 2020:

January 29th – M&A Panel
March 25th – How to Eliminate your Close
May 20th – Software Technologies
July 22nd – HR (Trends, Strategies, Rules & Compliance)
September 23rd – Change Management
November 18th – Year-End Planning & Projections

Come join us for our first event as we kick off the New Year! Free breakfast buffet, networking, and presentation!

+1.5 CPE for CPA/CMA

Is it Time to Hire?

  • July 9, 2019
  • Uncategorized

Do you know when it’s the right time to hire additional employees? How do you know that you have enough employees? Are all current employees productive? What does the cost vs. return look like? We’ll provide the answers to these questions and help you SOAR!  #soar #cfos #bookkeeping #outsource #answers https://nextlevelnow.net/strategic-outsourced-accounting-resources/

Accountant Bookkeeping Services From Next Level Now - Bird of Prey Against Blue Sky

Next Level Now Partners with LANDFALL Solutions

  • June 18, 2019
  • Uncategorized

LANDFALL Solutions Logo - Finance Managed Services Partnership

Top Financial Solutions Companies, Next Level Now and LANDFALL Solutions form Partnership to Elevate Client Services

A Partnership that will Provide a Deeper Level of Financial Expertise for Clients

Next Level Now, a top provider of high-level strategic financial services announces a new partnership with LANDFALL Solutions, a leading accounting, and ERP technology consulting firm. This new partnership expands both firms’ services to help organizations focus on accelerating their businesses while improving their financial management and overall financial stability.

Next Level Now Founder/CFO Ken Peterson said he is thrilled to partner with the team at LANDFALL. “Our partnership with LANDFALL is about expanding our service to help our clients succeed, we know we are successful when our clients are matched with the best technology solution that fits their needs and enables growth – it drives us.”

Mark Solberg, President of LANDFALL Solutions adds “We are excited to be working with Next Level Now. Their service provides a lot of value. We are confident that Next Level Now will be able to help our customers have greater insight into their businesses, be able to make better data-driven decisions, and grow their businesses effectively,” stated.

Next Level Now is a team of strategic CFOs, LANDFALL Solutions is an experienced VAR and Accounting Specialist. Together, the two partners have over 50 years of combined finance expertise.

 

About LANDFALL Solutions
LANDFALL Solutions provides accounting and ERP business technology solutions for small to mid-sized companies as well as large multi-national companies with complex requirements. In addition to being a Sage Intacct Partner, Acumatica Gold Certified Partner, and a Microsoft Silver Certified Partner, LANDFALL is an Independent Software Vendor (ISV) and offers its own suite of productivity applications designed to improve the operations of accounting and ERP solutions. LANDFALL offers its clients complete guidance to implement modern, stable and efficient business information systems.

Next Level Now Brings the Party to Nathan Wechsler & Company

  • June 12, 2019
  • Community

Tax season can be long and hard for CPA firms. In honor of all the hard work, we decided to bring a party to our friends at Nathan Wechsler & Company to celebrate all their great work on behalf of many mutual clients. Great food by Rustic Crust/American Flatbread with their mobile pizza truck and refreshing beer from Smuttynose Brewing Company made for an awesome time! 

Next Level Now and Nathan Wechsler & Company Party

Our Clients’ Successes Are What Drives Us

  • May 22, 2019
  • Uncategorized

Working with NLN has taken almost all the financial uncertainty out of my decisions. I literally have a road map for my year before it starts. I just have to hit my targeted goals. The other value NLN brings to the table is that they are part of my management team. I often go to them for questions related to financial and business management or when cash flow is tight or projections change. I would not be where I am today without Next Level Now and can’t imagine being in business without them.”

Do you have a Trusted Advisor to get you where you want to be?

#soar #cfos #trustedadvisor

NLN Founder and CFO Ken Peterson Speaks to the IMA

  • April 15, 2019
  • Uncategorized

More than ever, the pressure is on for faster insights and clear visibility to drive organizations forward. On April 23, NLN Founder / CFO Kenneth Peterson will speak to the NH Chapter of the Institute of Management Accountants (IMA) about Financial Dashboards and how they help create visibility. 

#CFOleaders  #financialdashboards  #outsourcedaccounting #leadthefuture

https://lnkd.in/eQysSJ2

Ken Peterson

Next Level CFO Brandi Bonds Panelist for TMA Presentation

  • March 8, 2019
  • Uncategorized
The Turnaround Management Association – Northeast Chapter presented an in-depth look at Challenging Times for some US Beer Companies, March 7, 2019 at Rising Tide Brewery, Portland Maine.

Panelists; Brandi Bonds, CFO – Next Level Now, Dan Sklar, Partner – Nixon Peabody and Peter Tamposi, Attorney – Tamposi Law Group

Is “beer” in an unstable position?

“2018 was undoubtedly a challenging year for a number of U.S. beer companies. …marked by layoffs, brewery closures and sluggish sales as more than 7,000 breweries battled for shrinking market share.”  Brewbound Article: 3 Big Storylines that Defined Beer in 2018
2018 with Hand Filling Beer Glass

A Trusted Partner

  • March 6, 2019
  • Uncategorized

Having a trusted partner is so important.

“I would like everyone on my team to know they have a resource like Next Level Now. It’s refreshing to know, I can pick up the phone and reach an experienced CFO when I have questions – NLN is our trusted partner.”   – Matthew Sylvia, Eastern Bank

#cfoleaders #leadthefuture #finance #soar

Trusted CFO Partner for Outsourced CFO - Man Standing on Hill with Hands Raised to Sky

Seacoast Eat Local

  • January 21, 2019
  • Uncategorized

We are very happy to support community events like Seacoast Eat Local’s benefit dinner this Monday, Jan. 21 @ the beautiful Black Trumpet on the waterfront in Portsmouth. Chef Evan Mallet, a James Beard semi-finalist in 2011, 2013, 2014 and 2017. Our company purchased 16 tickets to support the cause and celebrate 2018 as a team. #eatlocal

To learn more about Seacoast Eat Local, click here to visit their website.

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