A Chief Financial Officer (CFO) is a high-level decision-maker within any company.
Being in charge of the financial management of the company means the decisions they make will directly affect your company’s future.
It also means the CFO of your company is going to have access to sensitive financial information. This information could include company-specific financials. It likely will also include information relating to investment opportunities.
Choosing someone who can have such an impact on your business can be a daunting task.
This is why it is essential to consider these factors when evaluating the right outsourced CFO for your company.
Informational Security of Your Financial Data
A CFO is the one usually in charge of major financial decisions within the company.
Some of these may include making decisions relating to the cost of assets within a company.
They’ll provide strategies to meet the financial goals of a company.
They may also be in charge of pursuing investment opportunities for future acquisitions.
Making these types of decisions require that the CFO has access to information such as:
- Employee salaries
- Business overhead costs
- Investment opportunities
- Market acquisitions
In the wrong hands, this type of information could be detrimental to your company’s future. For example, say a competitor got wind of the opportunity to expand into a market that your company was already pursuing. This could lead to losing out on this opportunity for expansion if the competitor is able to achieve this first.
For these reasons, the value an outsourced CFO places on your company’s informational security is of utmost importance.
There are some things you’ll want to know when evaluating the right outsourced CFO for your company.
What technology is he or she using to document my company’s information? Is it a secure information portal?
Does the outsourcing firm this CFO works for also provide services for a competitor pursuing similar markets as my company?
Flexibility and Reliability are Key for an Outsourced CFO
Unseen factors can create a need to refocus or readjust your efforts as you pursue your financial goals.
Market trends can shift. Competitors can take away expansion opportunities. Other employees in the financial decision-making pipeline can leave or make an adverse decision.
When any of these occur, you’ll want quick access to the one managing the strategies affected by these factors.
For this reason, choosing an outsourced CFO who is both reliable and flexible is essential.
A reliable outsourced CFO will be readily accessible when a problem requiring their attention occurs.
A flexible CFO will be able to adjust your company’s financial strategies when hit by unforeseeable influences.
Worry Less, Save More
Choosing an outsourced CFO means you won’t have the same level singular attention you would expect from one in-house.
This doesn’t mean that you need to choose someone to fill the role who will value your company’s security and success any less.
To find the ideal fits for saving your company money by outsourcing its financial functions, check out what we can offer you.