A number of companies face the question of whether to outsource their CFO function or to employ a full-time staff member. If the company is looking to focus on growing the business’s bottom-line while reducing costs, then outsourcing of the CFO function has a number of benefits.
Outsourced CFO functions save you money by eliminating benefit packages to a full-time or part-time employee. When you outsource , you only pay for the actual CFO services, nothing else. This saves in productivity costs as well as payroll costs. The cost benefit analysis of outsourced CFO services vs. in-house bookkeeping can save up to 40% in monthly costs.
By outsourcing your CFO operations, you free up valuable time that can be better spent elsewhere. Pouring over the books on back-end office operations can be a huge hassle that takes away precious company time. This time can be better spent on daily operations and bringing in new customers.
By outsourcing your CFO operations to a professional, you’re effectively hiring an expert. Professional CFO's know tax legislation and company laws backwards. They work around the clock for your business by keeping up with the latest tax information, affording you full-time coverage for only part-time pay.
Last, but certainly not least, you have scalable options. When you outsource your CFO operations, it becomes simple to expand and grow your business or find places to cut down on spending. CFO's can provide you with lists of options, giving you valuable feedback and suggestions that will raise your profits at the end of the day. Essentially, outsourcing gives you tons of flexibility and options.
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