CFOs (chief financial officers) are responsible for the overall financial condition and growth of a company that is why they are critical in any business, but not everyone can afford a full-time CFO, especially small firms that are just starting.
This is why a new trend of hiring a part-time CFO is fast becoming popular.
Benefits of Hiring a Part-Time CFO
Because most small companies do not hire a full-time CFO, someone needs to assume the position from time to time. However, this also means that they need to take time away from their core duties. An outsourced CFO can help you free up precious time, so your employees could focus on their primary functions.
Furthermore, a full-time CFO’s salary is usually a six-digit salary that most small businesses just cannot afford. Hiring an outsourced CFO is a more affordable and cost-effective alternative to hiring one full time. A small company that is just starting may only need the services of a CFO once or twice a week.
This is the main reason why they turn to an outsourced CFO consulting service – such as those offered by Consero Global – because they only need to pay for the services rendered. A third party CFO can see your company and the issues it faces objectively because they see it from a different perspective.
It also does not hurt that outsourced CFOs bring with them a diverse set of skills because of their experience with other types of industries.
Duties and Responsibilities of an Outsourced CFO
The responsibilities of an outsourced CFO will be the same as any regular CFO, like being in charge of your past, present, and future financial situation that usually involves cash flow forecasting, business, and tax planning, paying your bills and processing payroll, and KPI development and profitability analysis.
They will also do regular checkups on your company’s overall financial health.
The services of an outsourced CFO range from daily to long-term business operations and financial planning to ensure that your business’s financial future is a profitable one. Any company, small or big, can benefit from hiring an outsourced CFO, especially when faced with some financial challenges.