Hiring a part time Outsourced CFO who is also a CPA? Isn’t it a great idea?

Hiring a part time Outsourced CFO who is also a CPA_ Isn’t it a great idea

Hiring a part time Outsourced CFO who is also a CPA? Isn’t it a great idea?

Here we are to discuss about the positive possibilities of hiring a CFO for startups, small and midsize companies. For that, lets first understand what exactly are CFOs.

The chief financial officer is the one who bears the responsibility for managing the company’s finances, along with the financial planning, financial risk management and reporting, strategic decision making.

An outsourced CFO is one who is hired on part time basis for particular project or for a short duration of time. Sometimes, it is more efficient to have an outsourced CFO than an inhouse staff. This we will discuss in this article further.

Firstly considering small or mid-sized companies, it is of more benefit to hire a part time CFO, as it is not advisable for them to have a full time staff. The cost of hiring and keeping a full time CFO will not be justifiable and it will be more of a liability than an asset. Such companies only need a CFO in cases of expansion or growth of their business or making some critical financial changes to their business or some strategic decision making. Thus it is better to have an outsourced part time CFO rather than a full time CFO.

As per the Smart Business magazine, an outsourced CFO brings in strategies which result in greater financial efficiency that ultimately makes profits, typically when a company is in its peak mode. Typically, a CFO will ensure help to these companies in terms of identifying fresh financial options (for example private equity). Also, the most important benefit of an experienced CFO will be that he has the apt networking skills and also contacts that you can exploit for raising the capital or looking for investors.

Lets now discuss the common services provided by CFOs:

  1. Debt management: They can be of great help to make the companies get rid of their debts.
  2. Raising capital: CFOs can be of great help for raising funds, bank negotiations and also have contacts for you to get potential investors for your business.
  3. Financial analysis and forecasting is also another important task CFOs take care for you.
  4. Budget preparation and business monitoring is one more factor you need them for.
  5. Cash flow management, document preparation, strategies for tax management are also some of the services the CFOs provide you.
  6. They act as your representatives with the banks, auditors, and also stakeholders for that matter.
  7. They are your saviours when it comes to fraudulent activities and scams in your company or business. In addition, they can help you where there is unknown possibility of compliance with today’s dynamic regulatory environment.

After all this information, it will now be easy for you to decide on hiring a part time CFO for your business to stay safe and keep growing.
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info@bostonfagroup.com
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Visit our website: www.bostonfagroup.com

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