Many companies can benefit from having a chief financial officer on staff, however, not all companies can justify having one on full-time. An in-house CFO can cost your company a lot when considering the annual salary and benefits. Some companies are willing to sacrifice experience just to hire an affordable CFO. That’s where hiring an outsourced CFO can help your company. Hiring an outsourced CFO gives you access to someone with experience for less than you’d pay for someone to work in-house along with many other perks.
Some companies simply cannot condone hiring a CFO in-house or adding on a full accounting team to keep track of the books. Hiring an outsourced CFO allows you access to the financial strategies and knowledge an in-house CFO would offer for substantially less without compromising quality. In addition, many third-party CFOs have a wider, broader range of skills which help to make your business more efficient.
2. Unbiased Advice
Any business can benefit from having an unbiased person maintaining your operations to help keep your finances on track. Hiring an outsourced CFO can help you make better strategic decisions to have a more profitable seasons. They can work with business owners to manage finances, connect them with business resources to promote growth, and offer financial data to make both day-to-day and long-term decisions for the business. In addition, having an outsourced CFO lessens the probability of internal fraud occurring.
3. Internal Growth
Your outsourced CFO can help you identify trends in your business and help you decide when it’s time to hire on new personnel. In addition, the money you aren’t spending on paying full-time CFO can go toward the salaries on additional employees.
4. Cost Reduction
Paying a C-level executive a salary with benefits is a costly investment. Possibly one of the greatest advantages of working with a third-party CFO is the savings. Hiring an outsourced CFO allows your company to create additional cash flow that can be reinvested into additional services, projects and products. In addition, an outsourced CFO can be kept on just as long as the business needs those services.
5. Time Savings
A third-party CFO can help your business by freeing up other employees from financial tasks. By doing so, your staff has more time to devote to focusing on other day-to-day operations.
Considering Hiring an Outsourced Chief Financial Officer?
At Scenic City Business Solutions, we have experienced CFOs who can assist your business. Give us a call at (423) 777-4822, email us at email@example.com or complete our online contact form to start working on your payroll solution today.