NOW CFO expands into Las Vegas

NOW CFO – a national consulting firm which focuses on outsourced, fractional, and interim chief financial officer, controller, and accounting service needs – has launched a new office in Las Vegas, Nevada.

The consulting firm, which has grown into 28 markets and 12 states since its founding in 2005, will look to help Nevada businesses shore up marginal resilience in preparation for an upcoming downturn.

"Las Vegas is best known for The Strip," Brian Hayes, regional partner at NOW CFO, said. "The 2008 financial crisis struck this city hard, largely because the economy was overly reliant on tourism and construction."

Since then, the State of Nevada has worked hard to diversify its economy, shifting focus to high-growth industries like healthcare and technology, while endeavoring to reduce reliance on gaming.

Tourism, nonetheless, remains a huge part of the state’s economy. Stats from the Nevada Resort Association say that gaming, hospitality, and leisure generated an economic impact of $67.6 billion last year – supporting more than 450,000 jobs and $18.8 billion in wages.

Tourism is, of course, one of the first areas to take a hit when a recession arrives, constricting consumers’ non-essential spending.

“As long as the economy is driven by tourism, Las Vegas will have an above-average risk during economic downturns," Jim Bennett, managing partner and CEO, said.

NOW CFO will aim to help companies in Nevada be better prepared for a recession by implementing strong financial strategies. In addition to its interim, outsourced, and fractional CFO, controller, and accounting services, the firm offers audit preparation, financial reporting, M&A, and staff augmentation and training services.

"Whether you're expecting to be impacted by the recession or not, preparing is good for businesses in any industry," Bennett added.

The consultancy’s team of more than 200 consultants provide ongoing and project-based work, tackling areas ranging from cash flow analysis and forecasting to profit/loss reports and capital raising. The Salt Lake City–based firm has offices stretching from Atlanta to Seattle.

Related: Bain & Company advising MGM Resorts on restructuring