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Is it a good idea to outsource your CFO?

At some point in every growing business, there comes a time when a decision has to be made if there is a need to hire an expert to look after the financial side. However, outsourcing this role can be a better option.

Businesses that already employ a Chief Financial Officer (CFO) already know that people with the necessary skills and drive are hard to find. So, those who are in need of a new CFO should also consider the possibilities of outsourcing.

Do you need a CFO?

Finance and funding can be complex matters even for the smallest firms. For trading businesses which employ dozens of people, serve multiple clients, and rely on a detailed supply chain, just keeping track of the cash flow can be a big job. If the owner wants to focus on business development while staying on top of operational matters and client relations, he/she will need a reliable person to look after the finances.

Business funding is a multifaceted area which can drain a lot of time and energy and may be best left to a dedicated expert.

What is a good CFO?

A good CFO would find ways to minimize company cost and increase savings to improve company figures.

A good CFO could identify growth options and weigh the pros and cons. He/she makes decisive adjustments to the business, which ultimately transforms the company as whole.

Benefits of Outsourcing a CFO

Qualified CFOs are not easy to find, even for businesses willing to pay more. For a small business looking for a financial expert, the costs of recruiting and employing one will be costly. However, by choosing to outsource, they can benefit from the following:

  1. Have a senior professional on a contracted or part-time basis for less than the cost of employing a less experienced candidate. This is beneficial for a relatively small company that needs quality advice rather than a full-time finance manager.

  2. Outsourced CFOs handle a lot of businesses, have a lot of networks, and have experiences on all stages of the business. They are, therefore, well-placed to solve financial issues and help on business growth.

  3. Have someone oversee the company with a fresh set of eyes. They will have new kinds of ideas to minimize cost and to fast-track growth.

For start-ups and fast-growing small businesses, outsourcing is a way of getting a senior finance expert on board quickly.

Not sure if you need a CFO? Speak to a UAT business development manager now to discuss your specific outsourcing needs.

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