Does your business have a Chief Financial Officer (CFO)? You may think your business is too small for this official-sounding position – but it’s not. In fact, it’s a crucial part of your business’s overall financial stability. Regardless of if you run a smaller business or a medium-sized company, your CFO is going to oversee the audit prep, accounting, financial reporting, and other financial aspects and business tasks, which will help to take your business to the next level.
Now that you know the importance of this position, the question is – should you hire an in-house or a virtual CFO? While this is something you need to consider carefully, there are several benefits offered by hiring an outsourced CFO, which can be found here.
Outsourced Services Save Money
If you hire an in-house CFO, you are going to (likely) pay them a six-figure salary – even for a small business. However, it’s not just the salary that has to be considered. You also have to pay taxes, benefits, and work-related resources.
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However, if you outsource a CFO, it means you don’t have to pay a full-time salary, taxes, benefits, or other work-related resources. In fact, in this arrangement, you only have to pay the CFO when they actually work.
If you run a small or medium-sized business, hiring an in-house CFO will likely put a financial strain on your organization. However, if you opt for outsourced services, you can save money and put it where it is most needed – back in your business.
Outsourced Services Save Time
Any position in a small or medium-sized business requires the person to wear an array of different hats. As a result, an in-house CFO is going to spend a lot of their time handling tasks that don’t always relate to the financial goals of the business. This may be disastrous if the CFO isn’t able to focus on the tasks they were originally hired for.
With an outsourced CFO, this person only focuses on handling the business’s financial data. Due to this, the CFO doesn’t have to be “present” all the time. Also, there’s no way they can get pulled into another task or project.
Gain Improved Control and Reduced Risk of Fraud with Third-Party Financial Management
When the CFO is working in-house, it means that they are collaborating and working with all the members of the team. They can also help when needed. While this can be a good thing, it may also mean that data, passwords, information, and more is freely shared. Even if it isn’t freely shared, the risk that other employees will gain access to sensitive and confidential financial data is higher.
With an outsourced CFO, the company has more control over their financial information. In this position, the CFO can delegate access when needed and reduce fraud, improving the business’s data integrity and security. If you are interested in hiring an outsourced CFO, contact us today. Our team will provide you with the quality services you need and ensure you experience all the benefits and advantages mentioned here.