08 Oct Outsourcing Your CFO – Some of the Benefits
Business owners that are looking to increase their bottom line must understand that all profit ultimately derives from controlling their costs, in one fashion or another. This is why outsourcing has exploded in usage in recent years, from Fortune 500 firms all the way down to small partnerships and sole proprietorships. Financial services, including bookkeeping and accounting, both are extremely popular choices to outsource. A less obvious choice, but one that is also growing quickly in popularity, is the decision to outsource CFO services. Let’s take a look at a few of the benefits you can realize by doing so:
• Greater productivity for mid-level managers and shift supervisors – Since most companies do not actually have someone fulfilling the CFO role who has formal training, the responsibilities often fall to other people, such as mid-level managers or regular supervisors. These people do not have a competitive advantage designing or analyzing the complex systems used to improve profitability. Installing a proper CFO through outsourcing frees up immense amounts of time for these people to focus on adding value to your product or service.
• Knowledge dissemination – A CFO can really help make sure all levels of your organization are focused on increasing profits through controlled costs and effectively adding value. They will be able to mentor or instruct individuals which will help decision making ability throughout the whole business as well.
• Creative thinking – Consultants, particularly outsourced CFOs who either have experience in a wide variety of industries, or deep experience within a particular industry, are often able to bring a fresh viewpoint to the table that can be extremely valuable for your business. They can likely help assist you with other aspects of operations above and beyond their financial expertise.
Outsourced CFOs really do provide excellent value for what they cost. While the best in the industry do not come cheap, they have extensive histories in revenue optimization that demonstrate the worth of their work. In many cases, particularly for small businesses, you do not even need a full time employee, showcasing yet another benefit of using contracted work for this particular position. Contact your firm today and see if these services are right for you.