6 Benefits You’ll See When You Outsource Your CFO Position

As companies grow and expand, many come to realize they need more leadership around their financials. That’s where a CFO - Chief Financial Officer - can come in. Once you decide you’re ready for a CFO, the next step is to determine if your business needs full-time support or if it would make sense to outsource your CFO position.

Why Outsource Your CFO Position?

It can be frightening at first to outsource your CFO position, but we’re here to make the case that it just makes sense for a lot of small-to-mid-sized businesses. Here’s why:

1. They’re Cost Effective: Perhaps the biggest benefit of outsourcing your CFO position is that it will save you money. You won’t have to pay a full-time staff member, benefits, time off, or any of the other costs of traditional employees. Many businesses find themselves needing help but have trouble justifying and paying for the expense of a full-time staff member. If you’re ready for CFO help, but not ready for the cost of one, a part-time CFO for hire might just be the best of both worlds!
   

2. They’ll Help You Grow: One of the biggest perks of getting a part-time CFO is that it will help your business grow! CFOs are experts at looking for opportunities and areas where your business can streamline processes, reduce expenses, and find the best places to reinvest in the business. Having a CFO expert on your team will help you make the best business decisions to leverage your assets and grow in a controlled and sustainable way.
   

3. They Have Deep Experience: When you hire a part-time CFO, you’ll benefit from their deep experience across multiple industries. They’ll likely have ideas you may have never thought of, and they know a thing or two about what will and won’t work. Having someone on the team who can bring this level of expertise to the table is worth every penny.
   

4. They’ll Increase Operational Organization: One of the major benefits of getting part-time CFO support is that they’ll help you get organized. CFOs are trained to be operationally strategic and help your small business implement the systems, tools, and procedures you need to take the business to the next level.
   

5. You’ll Look Better to Investors: If your business is ready to seek outside investment, you will need to do everything in your power to attract investment. One of the best ways to do this is to get your books in order and have solid numbers to present. By working with a professional CFO for hire, your books will be whipped into shape and be ready for presentation.
   

6. It Will Reduce Your Stress: Small business owners often report they are overworked and stressed out because they’re trying to wear all the hats and take care of all parts of the business, including the financial side. By adding a CFO for hire to the team, you’ll be able to take some stressful things off your plate to allow you to focus on running your business. You’ll love having help!

If your small business could benefit from CFO support, but you’re not ready to hire a full-time position, consider outsourcing your CFO position. As you determine the best plan for your business, consider Tally Services. We offer CFO for hire services, and we’re here to help you maximize your budget and grow your business. Contact us to learn more about how we can partner for success.