News

Addition of New Clients and New Accounting Services Drives Growth

NEW YORK, N.Y. – (March 8th, 2021): The CFO Squad, (www.cfosquad.com), a premier provider of outsourced CFO and financial reporting services to both private and public companies, announced that its revenues increased by 15% in 2020 as a result of continuing growth of its client base and expansion into new accounting services.

“During the economic challenges caused by COVID, we remained focused and achieved our goals to expand and grow, while helping our clients overcome their own issues,” says Joseph Himy, Managing Director and Founder of the CFO Squad, adding, “Over the past year, we have steadily increased our staff by an additional 20% to meet the new client demands. We expanded our technical accounting capabilities, including assisting with SPAC transactions. We are also very excited to add our “cloud-based outsourced accounting service” to help clients with limited internal accounting resources, such as those served by our Philippines office in Davao City.”

Despite increased demands to support more complex accounting and financial reporting cycles, companies can no longer carry the burden of a large back office accounting staff in today’s marketplace. The CFO Squad’s team approach matches the specific need of each client, whether temporary or long-term, with seasoned CFOs, accounting, and financial experts at affordable prices.

The ongoing demand for its core services, coupled with the expansion of its technical accounting team and its new cloud-based outsourced accounting solutions, is continuing to fuel the CFO Squad’s growth in the first quarter of 2021.

“More and more of our clients are coming to us because they are feeling the pressure to better leverage their financial data and interpret business signals in an increasingly competitive market. Add to that the need to navigate a very complex, ever-changing financial reporting and regulatory environment,” said Mr. Himy.

In 2020, there is one statistic for the CFO Squad that Jeannine Zimmerman, VP of Operations and Human Resources, is especially proud of: the fact that there were no layoffs in 2020 at the CFO Squad. “We are, of course, committed to our clients’ success,” Jeannine observed, “but it’s our dedicated and talented team of accountants who assist our clients in reaching their financial reporting goals. I am delighted that our team members at every level continue to benefit from the dynamic and engaging career environment we provide. That’s a big plus when it comes to recruiting top-level people, too.”

Among our fastest-growing services in 2020 were:

• Technical accounting projects driven by the need to comply with new revenue recognition standards in accordance with ASC-606, lease accounting regulations (ASC-842); and accounting for income taxes (ASC-740)
• Accounting for business combinations in accordance with ASC-805
• Assisting SPACs with the process of going public, and preparing target companies for their first PCAOB financial audit
• Assisting public companies with their audit preparation and ongoing compliance to meet their SEC reporting requirements (S-1, 8K, 10Q, 10K, SOX 404)
• Launch of our cloud-based outsourced accounting services practice, helping clients automate financial processes and better scale for growth

ABOUT THE CFO SQUAD

The CFO Squad is an accounting consulting firm that specializes in financial reporting, technical accounting research, and CFO advisory services for companies of various sizes and industries. From complex technical accounting transactions to periodic financial reporting, our professionals can offer an organization specialized expertise and multilayered skill sets to ensure their accounting projects are completed timely and accurately. The CFO Squad provides tax compliance and advisory services for its clients, and can provide a full suite of Outsourced Accounting Services.

To learn more, please visit: www.cfosquad.com, or call us at 845-613-3394.

OFFICES

NEW YORK CITY, NEW YORK OFFICE
575 Lexington Avenue, 4th Floor
New York, NY 10022

WOODMERE, NEW YORK OFFICE
1024 Broadway
Woodmere, NY 11598

SPRINGFIELD, NEW JERSEY OFFICE
623 Morris Avenue
Springfield, NJ 07081

PHILIPPINES OFFICE
Buhangin-WVP Lopson,
Buhangin-Lapanday Road
Davao City 800