Expert CFO Guidance
Businesses of almost any size benefit from hiring Chief Financial Officers. These experts deliver professional guidance on cash flow, strategy, accounting oversight, investments, borrowing and hiring. They also help growing companies gain financing or negotiate favorable contracts. A CFO can make accurate fiscal predictions and prepare your firm for the future. He or she could advise you on improving the efficiencies of your operations, particularly the accounting systems.
Should You “Rent” or “Buy”?
In the past, businesses could only gain these valuable benefits by employing full-time CFOs. Some major corporations continue to favor this option. If you “buy” a professional, you’ll need to supply all the business infrastructure (an office, an assistant, computer, etc.), medical insurance and a substantial salary. However, the CFO will always be available to answer questions and assist only you with any financial task.
On the other hand, fast Internet connections have made it easier to “rent” a virtual CFO for a few days or hours each week. These independent contractors work remotely and serve multiple companies. They use video conferencing, phones or email to communicate with businesses. Some of them occasionally visit clients’ offices as well.
Advantages of “Renting” a CFO
Many companies prefer part-time professionals because they cost much less than standard officers. On average, full-time CFOs earn salaries that exceed $300,000. This amount doesn’t include benefit, tax, recruiting or office expenditures. A virtual CFO may charge per the limited needs your business has and is scalable as the needs increase.
Another advantage of renting a Chief Financial Officer is that he or she will work more flexibly. Virtual CFOs don’t rely on a single income source, so they can accept major schedule adjustments. You might need an officer to work extra hours during the first few weeks. After your bookkeeping processes have improved, you may choose to only pay for periodic consultations.
Remote CFOs often provide better advice. They can look at your company more objectively because they don’t have relationships with its employees, contractors or customers. These professionals also possess greater experience. They have worked for more businesses than the average full-time CFO. This gives them many opportunities to see the results of different financial strategies.
“Rent-a-CFO” services from Intigro can help any company succeed in the long run. Huge corporations still benefit from employing full-time professionals because they have enough tasks to fill a traditional workweek. However, the vast majority of businesses gain better results and save considerable amounts of money when they rent virtual CFOs.
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Obviously, there are no guarantees of success; however, if you do the above, your chances for success are improved.
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