Just what is an outsourced CFO? And how can they benefit you? Here is what you need to know about this topic and the unique and fascinating ways that this particular type of position can improve your business operation in so many ways.
What Is an Outsourced CFO?
A CFO (Chief Financial Officer) guides your organization’s financial needs and helps ensure that you get high-quality accounting and operational help to keep your finances in solid shape. These days, they are a critical part of most operations. Statistics show that over 50% of all small businesses across the nation (and most large ones) use a CFO of some kind to keep their finances in shape.
But where does an outsourced CFO come into play? These financial experts work outside your firm as independent contractors. They are not technically a part of your organization, but can work with you to provide high-quality help. You can hire them full-time, part-time, or on an as-needed basis, such as when updating your accounting measures at any point.
Times You Might Need an Outsourced CFO
You might need an outsourced CFO if you:
- Work in Entrepreneurship – If your company is starting to take off and you need help with your expansion, a great CFO can help you without taxing your financial needs too much.
- Operate a Small Business — Small businesses thrive with a part-time CFO because they typically have smaller budgets and do not need the kind of hands-on attention that bigger ones require.
- Suddenly Get Some Venture Capital — Did investors just help expand your financial situation? First, you need to work with an outsourced CFO to ensure you spend it wisely and plan it properly.
- Need to Expand Your Operation — Do you have a one-person finance department getting a bit overworked? You probably need an outsourced CFO to ensure things go smoothly.
What types of duties can these professionals perform for you? For example, they can plan your budget, forecast potential financial difficulties, check into short- and long-term concerns, ensure your pricing is fair and reasonable, discover any potential financial loopholes, and keep you focused on the future.
So, what is an outsourced CFO? They are a professional who provides the expert help you need to take your company to the next level. With their help, you can potentially get to the point where you can afford a full-time CFO on your staff, providing assistance and guidance through challenging market times. To get started with these services, consult with Nexagay today!