An Outsourced CFO is less expensive than the salary of an in-house CFO with similar experience. Where an in-house CFO will be a full-time salaried employee, an Outsourced CFO pricing will be based only on the amount of time/deliverables your organization needs.
You’re probably aware of the general expectation that new employees will typically take 6-12 months to get speed up perform at their maximum capacity. With an Outsourced CFO, they have so much experience entering organizations mid-process that they always hit the floor running. Outsourced CFOs quickly assess the situation and put actions to resolve challenges and achieve goals.
Outsourced CFOs are independent professionals who offer objective leadership and have an ability to make tough decisions that a business owner or full-time employee might have difficulty making. For instance, an Outsourced CFO may advocate the elimination of jobs that are not yielding sufficient returns.
Outsourced CFOs work side by side with business owners to help them determine how they should focus on their financial resources. An Outsourced CFO can also work alongside sales directors, COOs, and HR directors, therefore making your life easier. They can help manage costs by balancing expenses with sales goals.
While most CFOs, Controllers, and Bookkeepers bring some of their own preferences or style into how they format documents, files, or reports, an Outsourced CFO is more likely to have adopted the most widely accepted best practices for generating and formulating client reports and deliverables.
Outsourced CFOs have worked with dozens of different personalities—often simultaneously. They know how to bring financial expertise to an existing team without ruffling feathers or egos. Expect a CFO who knows how to bring about change without causing contention in the organization.
When CFOs have proven themselves time and again, they gain clout and credibility in the industry. When you consider an Outsourced CFO, they’ll likely have solved more challenges and raised more funds for more organizations than an in-house CFO who has worked at the same organization for many years.
Outsourced CFOs have the unique experience of working with multiple industries at any given time. This provides an opportunity for multilayered insights and networks that you might not have otherwise had.
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