Many companies outsource their CFO, not because they don’t want to do it or can’t do it, but because they want to increase the efficiency of their business.
In the past, there was a need for the CFO to be on-site. But now, the CFO can be working remotely. Their role is to oversee the financial aspects of a company. So the CFO doesn’t necessarily need to be on-site. This is why many companies are outsourcing their CFO.
Outsourcing your CFO will allow you to:
Focus on Doing What You Do Best
Don’t take my word for it, take the word of the founder of Amazon:
“Your most unhappy customers are your greatest source of learning.” ~ Jeff Bezos
If you’re doing a great job and your customers are happy, I’m sure you’ve heard the feedback. However, if you’re not doing a great job, and you’re not happy with the way your company is doing, you aren’t going to hear any feedback!
This is one of the biggest reasons why businesses outsource their CFO.
It allows them to spend more time on what they do best, and let the CFO worry about what they do best.
There’s no reason for you to be spending your money on things that you aren’t an expert in. For example, let’s say that you’re an IT company, you’re an expert in the technology of your product, but you don’t know anything about the finances.
If you’re not an expert in the finances of your business, you don’t need to spend your time worrying about it.
Hiring a CFO can cost upwards of $250k per year. Expect to spend an additional 20-30% of that salary on employee perks and benefits such as health care, paid time off such as vacation and sick days and retirement benefits.
The bottom line is, CFO Outsourcing is a great way to save money.
Increase Your Knowledge
Knowledge is power, and the more knowledge you have, the more power you have.
When you outsource your CFO, you’re giving yourself the ability to increase that knowledge about your company. You’re giving yourself the ability to learn about your business, and to learn about your industry.
Instead of spending your time worrying about the finances of your company, you can be spending that time doing what you do best, and improving on what you do.
Since you’re not spending time on finances, you’re not worrying about your business and you’re not trying to come up with solutions.
You can save time by outsourcing your CFO.
Spend More Time with Your Family
Let’s face it, if you’re spending all of your time worrying about your business, you won’t have much time for your family.
Outsourcing your CFO will give you more time for your family.
The number one reason why companies outsource their CFO is because they want to spend more time with their family.
Increase Your Profits
If you’re spending a large amount of time worrying about your business, your productivity will be low. You won’t have the time to come up with new ideas or ways to improve your business.
By outsourcing your CFO, you’re freeing up more time to come up with those ideas and to implement those ideas. That will lead to more profits for your company.
Get More Work Done
If you’re spending all of your time worrying about your business, you’re not spending time working on your business. You’re wasting time and you’re wasting money.
Instead of worrying about your business, by outsourcing your CFO, you can spend your time working on your business.
You can make more money, you can save more time, and you can make more of an impact on your business.
How to Find The Right CFO for Your Business
Now that you know why a lot of companies outsource their CFO, it’s time for you to find the right CFO for your company.
If you’re going to outsource your CFO, you want to make sure that you’re going to get the best results from it.
Here are some things you should consider when you’re looking to outsource your CFO:
Look for an outsourced CFO that will give you access to a wide range of services.
When you find an outsourced CFO that will give you access to a number of services, you’ll be able to focus on your business, and not on the finances of your business.
The more services your outsourced CFO can provide, the more time you can spend working on your business.
Look for an outsourced CFO that will do more than just run your books and finances.
Your outsourced CFO should be able to give you more than just the finances of your company. They should also be able to give you advice on how to improve your business, and how to make your business more profitable.
Look for an outsourced CFO that will help you with your accounting.
Your outsourced CFO should be able to give you more than just financial information. They should be able to give you accounting information that can help you to make better decisions.
Your outsourced CFO should be able to help you with a number of things, such as taxes, auditing, and financial planning.
Look for an outsourced CFO that will give you 24/7 access to your finances.
For your outsourced CFO to work for your business, they need to be able to give you access to your finances at all time.
Your outsourced CFO should be able to give you access to your finances at any time of the day, so you can make better decisions throughout the day.
Look for an outsourced CFO that has experience in your industry.
Your outsourced CFO should have experience in your industry. They shouldn’t just be an expert in the finances of your company, they also should be an expert in your industry.
If you’re in the manufacturing industry, you want to find an outsourced CFO that has experience in the manufacturing industry.