Every business wants to save money when possible, but if there is one place that you should not be cutting expenses, it’s in your financial services. After all, these are the professionals who help you earn more by providing guidance and expertise regarding the financial actions of your company.
You might not think that a Chief Financial Officer is necessary for your business, or you may worry that one is outside your budget, but it is possible to outsource a CFO for your business on a smaller scale than you might think. Doing so can provide you with a variety of benefits such as:
Although you may be worrying about the cost, a virtual CFO will not be receiving benefits and bonuses from you, unlike an in-house CFO. Your virtual CFO will be less expensive than an in-house CFO with the same level of experience.
You can allocate a portion of your budget to senior-level CFO talent, leaving other resources available for daily accounting functions.
This is perhaps the most obvious advantage. An outsourced CFO can provide you with the advice and guidance you need to increase profitability and secure your finances. A virtual CFO also has the advantage of working with multiple industries, providing you with insight and networks that would normally not be available to you.
By hiring a virtual CFO, you are not only gaining the skills and expertise of that individual, but of every other CFO they work with. This gives you a much greater pool of knowledge at your disposal.
Building off the previous points, CFOs who are part of a CFO team will have not only the network of contacts that they themselves have built but will have access to the networks of their team. This gives them access to an incredibly wide and deep group of individuals.
By not having to deal with day-to-day accounting assignments, your virtual CFO can focus on high-level financial services.
Virtual CFOs are more likely to follow widely accepted best practices when it comes to formatting documents and reports, unlike in-house CFOs who might have adopted their own individual styles and preferences.
Virtual CFOs have experience working with a wide range of individuals and teams and become skilled at adding their expertise to an existing team without bruising egos or disrupting group harmony.
Virtual CFOs, having dealt with such a wide range of clients, have experience in a wide range of situations. They’ve worked with organizations large and small, new companies and established ones, those running smoothly and those experiencing difficulty. As a result, they have likely already dealt with any sort of issue you could present them with.
A new employee can take several months to really hit their stride and perform at their best. A virtual CFO, by virtue of their extensive experience, knows how to jump right in, even mid-process.
With the number of advantages they provide, it’s no wonder that so many small businesses are now making use of virtual CFO services to streamline their operations while also saving resources. At Numerity, we are focused on helping you succeed and grow. Contact us today to learn more about how we can help you achieve your goals.
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