An employee costs a business 1.24 to 1.4 times their salary.
As a business owner, you have no doubt considered adding a CFO to your staff. Maybe costs are holding you back. Or perhaps you don’t know about the many benefits of having a CFO on your team.
What if there was a way to unlock these benefits without taking on the costs of another employee?
Keep reading to learn more about the CFO responsibilities that can benefit your business and why you need a virtual CFO.
Understanding CFO Responsibilities
A CFO can help your business develop and executive a financial vision from creating strategic goals to to evaluating and monitoring financial activities. CFOs help business manage their cash flow and forecast future financial expectations. They can analyze financial opportunities, create model scenarios, and create budgets.
They monitor ongoing financial activities by creating financial statements and reports and evaluating financial strategies and outcomes. CFOs also perform financial risk management work. This can include contingency planning and cost-benefit mapping.
They can help manage costs and expenditures by analyzing supply chains and providing reviews and recommendations. They can also asses financial talent and make relevant recommendations as needed.
CFOs can identify financial opportunities, evaluate funding and the administration of financial matters as well as work to transform the organization of your business’s financial matters. Finally, they can help manage or reduce debt.
Why You Need a Virtual CFO
Hiring a virtual CFO is a cost-effective way to get the benefits of having a chief financial officer as part of your business.
Virtual CFOS are significantly less expensive than in-house employees. Because virtual CFOs are paid based on only the work you really need, you can scale your costs based on business needs and expectations.
Virtual CFOs have experience across multiple industries and also have experience creating reports in the most widely accepted and standardized formats. Virtual CFOs also come with robust networks of key industry connections to help your business succeed.
They are credible in the industry and give you the benefit of having your CFO responsibilities handled without any employee management on your part.
You can avoid the learning curve that can affects new employees. Your virtual CFO will come ready to go and can easily integrate with your current business plan and structure.
Hiring a virtual CFO gives you the most return on your investment and can even save you money in the long run.
Add a CFO to Your Team Today
If you want to take your business to the next level, you need a chief financial officer.
Adding a member to your team is a big, and sometimes expensive step. Rest assured, you have options.
Hiring a virtual CFO allows your business to focus on what you do best. Let us handle the crucial CFO responsibilities so you don’t have to.
Click here to contact us today for a free consultation.