Lots of businesses could benefit from having a CFO, but not every organization has the budget to hire one full-time. (According to PayScale, as of October 2022, the average base salary for Chief Financial Officers in the US was recorded at more than $141,000 per year.)
The good news is that if you’re interested in hiring someone to manage your organization’s finances but you’re not ready to take on the expense of having someone work for you in-house, there are other avenues that you can pursue. Outsourcing your CFO services not only provides you with a variety of unique benefits, it’s also something you can do at a fraction of the cost of a full-time CFO salary.
Hiring an outsourced CFO can let you get back to managing your business
Business owners have a lot on their plate- and if you’ve found you’re spending too much time evaluating and planning your company’s finances (as opposed to running and growing your business), you could be leaving revenue on the table.
Outsourcing your CFO services will not only give you the peace of mind that comes with knowing your company’s finances are being well-handled, it will allow you to get back to doing what you do best.
They can help you with budgets and forecasting
Budgeting and forecasting can take an enormous amount of time, and unless you have a financial background, it can be easy for you to make mistakes and misjudge your numbers. Hiring an on-demand CFO means you’ll be working with someone who understands how to track businesses’ expenses, income, and how to use that data to build budgets that can help your finances on track.
They can also help you understand how future events, such as sways in the economy, could impact your organization’s finances.
Other beneficial services
On-demand CFOs can also help you with data analysis, report generation, and provide you with real-time, tangible steps that you can use to leverage your company’s financial decisions. They can also help you develop growth plans, provide you with guidance on raising capital, and they can help improve your organization’s financial systems.
If you’re interested in learning more about the benefits of hiring an on-demand Chief Financial Officer, we can help. Call the offices of Hughes, Snell, & Co., today to speak with a local expert. What are you waiting for? Call our office today to get started.