As your business grows, it will encounter new and increasingly complex financial problems. In this day and age, outsourcing your CFO function might just be the answer to your prayers.
Consider these six key points when it comes to outsourcing the CFO function:
1) Time
As a business owner, you are constantly juggling many responsibilities. You are not only in charge of day-to-day operations and meeting customers’ needs; your time must also be spent on managing growth and developing strategies to increase profits. Outsourcing financial services can take a lot of work off your plate, ensuring that your business stays in good financial health while you focus on what’s most important: running and growing your company.
2) Cost
A full-time, in-house CFO is a costly hire, and while your business needs financial guidance, you may not be ready to cover that cost. An outsourced CFO works only the amount of time that you need, which saves you a significant amount of money. For a fraction of the price of a traditional in-house CFO, you will still gain access to top-level financial management services. You will also be able to scale these services up or down as your business changes and evolves.
3) Flexibility
Flexibility is the key to survival in today’s landscape. A single change can have a ripple effect on your entire company, and that means you need to be ready for anything. Outsourcing gives you the power to scale services according to your needs, whereas in-house hires leave much less room for flexibility. A quality CFO will be able to seamlessly scale services for their clients, which gives your business far greater organisational agility.
4) Quality Financial Guidance
An outsourced CFO brings a wealth of experience, high-level training, and in-depth industry knowledge to you. They function as a trusted member of your team who you can count on to tackle any financial problems your company is facing. An outsourced CFO has worked with many different kinds of businesses and is thus able to use their financial acumen to preserve and improve the financial health of your organisation. Their first-hand experience and top-level knowledge mean that they are able to offer an impartial – and invaluable perspective when you have important decisions to make. After all, you can’t make smart choices for your business about matters you don’t truly understand. It’s like throwing darts in the dark, but with more expensive consequences!
5) Stability
The Covid-19 pandemic impacted companies across the world and created an unprecedented market environment. An outsourced CFO can help prepare you for market shifts and tackle the problems that may arise in the ever-changing economic climate. If you’re worried about your company’s fate, hiring an outsourced CFO could be just what you need to weather any storm that comes your way.
6) New Opportunities
Although we’re living in uncertain economic times, there are still opportunities for growth. The pandemic has seen a great deal of loss, but it has also provided many businesses with ample opportunity to grow. Yes, change is scary, but it can also be used as fuel for your own success when you know how to spot untapped potential – which is precisely where an outsourced CFO comes into play.
Why You Should Outsource Your CFO Function
As your business expands, it will encounter more complex financial issues. Outsourcing your CFO function could be the answer for businesses looking to save time and money while ensuring their company’s financial health over time. A great CFO will equip you for long-term success without being a drain on your resources; it’s a real win-win.
Atek can help you with CFO services
We serve as the CFO and Financial Director for many businesses, providing our expertise and support at the level that is best for the company.
In the words of one of our clients: “When our Financial Controller left, we knew we didn’t need a full-time controller on staff, but we still needed the expertise for the business. Other accounting firms offered the solution of a junior person who would follow set procedures – but Atek offered us an outsourced solution based on a true partnership. When Atek is in our offices, they’re part of the team – it’s not ‘who’s that person?’”
