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Outsourced CFO: The Secret Every Insurance Agency Needs

Your Chief Financial Officer helps keep your insurance agency running smoothly. They make sure that there is enough money to pay for salaries, bills, and other expenses. They also help businesses plan for the future by forecasting sales and investments. A good CFO can spot problems before they become big issues and help prevent them from happening in the first place. 

If your business needs help managing finances or forecasting its future growth potential then hiring an outsourced CFO might be right for you. Outsourcing your CFO can be a great way to save time, energy and money. 


What is an Outsourced CFO?

Chief Financial Officers play an important role in any business. They oversee the company’s finances, helping to set budgets and make strategic decisions about where to allocate resources. 

An outsourced CFO, also known as a virtual CFO, is a person or company who is brought in to provide the same financial and accounting services but does not work directly for the company.


What Do Outsourced CFOs Do?

The first step to determining whether an outsourced CFO is right for you is to understand what they can do. At Club Capital, we've been providing outsourced CFO services for over 5 years and we understand that working with an outsourced CFO can be overwhelming at first. That's why we want to make sure you have all the information you need before making your decision about which option is best for you.

Our CFO services are specifically designed for insurance agencies that need help with their finances, but don't have the time or resources to hire a full-time CFO. We'll take care of everything from delivering monthly financial reports to every month with a custom chart of accounts built for the industry, allowing you to benchmark your results to your industry peers, and providing “CFO-lite” dashboards to stay on top of your agency’s key financial metrics.

When you partner with us, we'll provide regular updates on your financial metrics, guide plans for future growth, and regularly evaluate your financial hygiene and recommend best practices.


Why outsource a CFO?

If you’re an insurance agent, you know the feeling of wearing multiple hats at the office. You’re in charge of all facets of the business as the CEO, COO, VP of Sales, and, yes, even the CFO. You have a wide range of responsibilities including driving and converting leads, training new hires, recruiting, and nurturing relationships with existing clients. 

Outsourcing a CFO can help you focus on what’s most important, attracting new clients and growing your agency.

Our CFO services allow you to:

1. Plan For What’s Ahead

Streamline your planning, budgeting, and forecasting so you can make better decisions. 

    • Line-by-line forecasting for revenue and expense accounts
    • Link your forecast to your budget to see how your agency performs against projections
    • Understand the financial impact of your plans
    • Model if/then business events


2. Plan For Every Possibility 

Create and compare custom scenarios to find successful growth strategies. 

    • Compare Data to Forecasts
    • See how the agency is performing according to plans and scenarios
    • Review the assumptions for the forecast on each report
    • Closely track your agency’s performance and adjust your forecast
    • Plan to quickly adjust and visualize financial impacts to guide your decisions and create best-case and worst-case scenarios


3. Plan Quickly 

Create more meaningful reports faster with reports that combine your agency’s actuals with planning data.

    • Model each of your initiatives
    • Identify revenue and expense drivers
    • Understand the bottom-line impacts of your financial decisions including: 
      • Hiring new team members 
      • Investing in new marketing initiatives 
      • Purchasing a new asset (building, vehicle, etc.) 
      • Taking out a loan (plan for principal and interest payments)

If you're not sure if hiring an outsourced CFO is right for your agency, chat with us. We'd love to tell you more about how we can help your business grow.


Your one-stop shop for all your financial needs.

Is your agency growing, but the stress of managing your finances is getting to be too much? Do you have questions about cash flow and where to invest, but no one is around to answer them? Club Capital is here to help! Our CFO Services are specifically designed to help insurance agencies like yours get the financial expertise you need.

Schedule a demo to meet your new CFO today.


By Club Capital | December 22, 2022 | | 1 Comment

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