How do I afford a CFO?
As a small or medium sized business owner, hiring someone to manage your bookkeeping and financial statements may seem out of the question and some try to tackle the management on their own. However, the investment in hiring or outsourcing your CFO will pay for itself with your time, convenience and peace of mind. The amount of time a professional can spend working on your account is far less than it is taking you, because you should be running your business, not managing it.
Outsourcing, or hiring a PT or contracted CFO is affordable and convenient. Most outsourcing companies offer customized plans to tailor to your company needs. This option saves the business owner money in terms of salary and benefits but still leaves you with the peace of mind of having a financial team on your side. When hiring a PT or contracting CFO here are some initial questions to ask:
- How have they helped other small businesses take control of their finances?
- Do they have a specific niche?
Why do I need a CFO?
You didn't start your business or become the head of an organization because you are a financial expert. You are there to grow and succeed. The accounting, bookkeeping and financial aspects of your business are important to how you run your company, but it is time consuming and if not done properly, can lead to more headaches down the road.
Keeping track of your bookkeeping and your financial statements is time consuming and difficult to manage. But most frustrating is understanding and interpreting your financial picture from reports. CFOs are responsible for timely and accurate presentations and financial reports in order to capitalize on your growth.