Hiring an outsourced North Bethesda Chief Finance Officer has many benefits. They are an invaluable asset to any small business. After all, finances are every small business owner’s top concern.
Benefit #1: Hiring an outsourced CFO is more economical
Hiring a full-time CFO who works out of your office doesn’t just mean paying their salary. It also means paying for all the things that go along with a full-time employee including their benefits; increased office space, and the equipment needed for them to operate effectively. Hiring an outsourced CFO costs less than paying for someone to take on that position full time. By fully exploring the option of using an outsourced expert before deciding to hire a full-time CFO, you may discover that an outsourced CFO more effectively meets your needs while significantly decreasing your overall expenses. This is a critical consideration and piece of maintaining your small business during periods of economic difficulty.
Benefit #2: Outsourced CFOs are easy to scale
Using an outsourced CFO is far easier to scale than hiring a full-time CFO to work in your office. When you hire an outsourced CFO, you’re able to use them as much or as little as you need based on your current finance and business planning needs. Are you finding that you have the need for a full-time CFO resource? It’s easy to make the switch. Are you in less busy time of the year for the business where a full-time CFO isn’t necessary? It’s easier to scale back your services than it is to fire – and then potentially need to rehire – an in-office employee. Hiring an outsourced CFO is highly beneficial during times of fast growth. It can also be the smart choice when your company is experiencing issues with cash flow since this is a more effective way to quickly adapt to the changing needs of your business. A quick phone call with your fractional CFO is much easier to handle than having to hire or fire employees.
Benefit #3: Outsourced CFOs give you an outsider’s perspective
When your CFO works in your office, they may have biases based on relationships with various employees – or, their opinion may be influenced by your business desires and plans. When you work with an outsourced CFO, on the other hand, you’ll get an outsider’s viewpoint. Often, they’ll be able to spot things that you won’t as well as offer impartial advice about difficult decisions that can be harder to come by from someone within your organization. They have less at stake when it comes to office politics. Outsourced CFOs also have increased experience from working with a greater variety of companies and industries. From a business owner’s standpoint, hearing from someone outside your immediate office staff can make it easier for you to change your perspective.
As you can see, hiring an outsourced North Bethesda CFO has many benefits. North Bethesda CPA offers a small businesses the experience and expertise of a high-end CFO without the in-house cost—salary, benefits, and bonuses—of a full-time CFO. We invite you to contact us here and connect with us on facebook and Instagram.
