The chief financial officer (CFO) is critical to the business’ success because they oversee the company’s financial operations and contribute to the decision-making process. However, if you have a limited budget or run a small company, you may not have adequate funds or workload to maintain an in-house CFO.
However, this does not mean you cannot benefit from financial executive services. With part-time chief financial officer services, you can have all your financial demands handled without breaking your bank. Read on for more benefits of hiring a part-time CFO.
1. Cost-savings
Hiring an in-house CFO can be expensive. From posting a listing, phone screening candidates, and interviewing, the recruitment costs can pile up quickly. You also have to offer financial benefits such as paid holidays, sick leaves, and bonuses, to mention a few, to retain a full-time chief financial officer. To ease the company’s financial burden, consider seeking fractional CFO services. Hiring a part-time CFO allows you to forego the recruitment and hiring expenses, salaries, and financial perks.
2. Multilayered networks and insights
A fractional chief financial officer works with numerous industries at any time, giving them a unique experience. While the third-party company you pick will pair you with a chief financial officer with knowledge and expertise specific to your niche, the financial executive also has experience in other fields. This enables you to benefit from multilayered networks and insights you could otherwise not have with an in-house CFO.
3. Improved productivity
Hiring a part-time chief financial officer to handle your company’s money-related responsibilities frees your in-house team’s time. This allows them to focus on other core responsibilities such as sales and marketing to attract more customers. Since your employees do not have to worry about the company’s financial management operations, they work more efficiently and effectively, boosting productivity.
4. Flexibility
Working with a fractional CFO provides flexibility within the role. Unlike a full-time chief financial officer who handles all company’s oversight and financial operations, a part-time CFO is hired for a specific project or function. You only seek part-time CFO services for what you need when you need it! This results in cost-effective financial solutions that make sense when working under a tight budget or running a small business.
5. Strategic financial advice
Part-time CFOs analyze your monthly records, monitor cash flow, and read through your financial contracts and statements, enabling them to provide strategic support and advice on each financial aspect of your company. This helps you improve decision-making.
Additionally, part-time chief financial officers can quickly identify mistakes, potential risks, and threats that may not have caught your employee’s eye and help solve or deal with them.
6. Scalability
Hiring a full-time chief financial officer can help you handle all your financial management operations in real-time. However, as your business grows, your in-house CFO may lack the relevant knowledge, skills, and experience to meet the company’s future demands, so you should consider outsourcing. CFO organizations hire experts at each financial level, enabling them to scale with your business. This saves you the cost and time of hiring a qualified employee as your business expands.
Endnote
Whether you run a small or big company, hiring a part-time CFO is beneficial. Fractional CFOs provide multilayered insights and strategic advice, are affordable, and will scale with your business, enabling your company to gain the financial stability it needs.
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