Ensuring your business is on a stable footing and in the best position to grow can be challenging without professional guidance. This is often when an experienced chief financial officer (CFO) can be invaluable. However, hiring a full-time CFO can be prohibitively expensive for many businesses. Using part time CFO services can be an excellent alternative to having an in-house employee and brings a range of fantastic advantages.
Read on to learn how outsourced CFO services can help your business.
Part-Time CFO Services Are Cost-Effective
Commanding average salaries of over a quarter of a million dollars, CFOs can represent a significant outgoing on a company balance sheet.
But, by engaging CFO advisory services on a part-time basis, you can minimize your wage bill while still benefiting from professional advice.
You can agree on a price based on the time you expect to require a CFO’s services. It’s possible to then increase your consultation times and payments as your business grows.
An in-house CFO may well be an expert on your business. However, an outsourced CFO has experience across a range of industries.
This knowledge can be invaluable in determining which direction you should guide your business. They may also have many useful connections in industries where you could sell products or make purchases for your own company.
Employees can be reluctant to be blunt when they have information that those at management level may not appreciate. They may worry about damaging their career prospects or hurting their relationship with colleagues.
But an outsourced CFO doesn’t have these concerns. They can be completely objective and provide independent opinions that could be vital to your business.
Outsourced CFO services rely on their reputation to receive client recommendations.
This means they have to give clear and instructive information, even if it is not what an executive team wants to hear.
Using CFO services for small business owners can be an excellent way to streamline your company. When you’re busy running your company on a daily basis, it’s easy to keep doing things the way you’ve always done them.
However, a CFO can cast fresh eyes on your business activities. For example, they may find areas where staff can be more efficient. Or they may suggest software improvements that save time processing orders or invoicing clients.
You can also save time by using online video conferencing services to engage with virtual CFO services. There is no need to leave your office or find a desk for a CFO to use while they visit your premises.
This is a great way to have crucial meetings with a CFO while keeping costs low.
Contact The Accfin Group Today
Our expert team can provide your business with part-time CFO services to help mitigate financial risk and drive your business forward.
We help you plan and implement the most effective strategies to get you ahead of your competitors and position your company at the forefront of your industry.
For a consultation and a free quote, contact The Accfin Group today.