Five Benefits of Outsourcing CFO Services
In a previous post, we discussed why outsourcing your CFO could be the right decision for your company. Now, let’s take a deeper dive into some of the benefits you might not have considered:
1. Less time wasted; more money in your pocket
The first reason to consider hiring a part-time CFO is that it eliminates the burden of paying a salaried employee. This can save your company a massive amount of money, but it also minimizes time that a full-time CFO might spend on unrelated tasks. Choosing to outsource your CFO means he or she will be singularly focused on your financial reporting, operations and strategy, and won’t get caught up in the day-to-day issues that tend to arise for permanent staff.
2. Accurate financial reporting
Accuracy is key when it comes to financial analysis, tax filing, and any type of reporting. Companies of all sizes need to ensure all financial reporting is correct and thorough. Outsourcing your company’s CFO role will impart objectivity on finance-related tasks, so you can be sure that internal biases (and blindnesses) don’t skew your numbers.
3. Defense against fraud
Fraud detection is another area where a second set of eyes helps tremendously. An outsourced CFO will have an easier time noticing the signs of fraud, and/or the opportunities for it to occur. He or she can offer prevention strategies and help your company adjust its operations accordingly. For this reason alone, a CFO consultant can save your organization a great deal of money.
4. Streamlined operations
Outsourced or not, a CFO is responsible for using financial data to recommend changes that will benefit the company, particularly when it comes to operations. Hiring someone outside your organization for this role makes it easier to identify operational inefficiencies. They can provide visibility into your current processes, and spot the gaps and weaknesses that prevent your company from operating at its best.
5. A helping hand when you need it most
The workload of a CFO fluctuates greatly, and during particularly busy periods, an in-house CFO might find it difficult to keep up. Bringing in a temporary CFO can be a big help for large projects and unusually demanding situations. He or she can assist with both day-to-day tasks and big picture strategy for these special circumstances.
If you think your company could benefit from an outsourced CFO or other financial consulting services, contact us to find out how TSK can help.