Outsourced CFO services (Chief Financial Services) are a great option if you want to get your organization’s financial actions on track under the direction and supervision of a professional CFO expert.
When hired the right outsourced CFO expert, your business finance gets boosted by 2x profit turnover. That is clearly because when you take outsourced CFO service, it helps you in saving your business time.
As a business owner, you get more time to focus on other important aspects of your business besides finance. And that’s how your business gets the pump of profit counting every niche.
Let’s understand outsourced CFO services in depth. We have covered every possible query related to outsourcing CFO services. So, by the end of this article, you can determine whether your business requires an outsourced CFO service or not.
How many types of CFO Services are There?
There are majorly four types of CFO services that you can hire based on your organizational requirements. Those are-
- Virtual CFO Services
- Outsourced CFO Services
- Interim CFO Services
- Part-time CFO Services
What is an Outsourced CFO?
Outsourced CFO professionals are financial experts who guide and direct your organizational financial strategy, operations, accounting, and business actions on a project or part-time basis.
They perform top-tier financial planning, operational guidance, system analysis, and design for organizational growth.
The actions taken by outsourced CFOs help organizations to overcome challenges by resolving multiple financial issues such as –
- Implementing efficient financial plans
- Raising capital
- Cash flow
- Solving close margins
- Unexpected expenses
- Financial growth preparations etc.
Such outsourced CFO comes with a high level of experience in top-tier corporate financial roles.
Depending on your requirements you can hire an outsourced CFO as an interim, part-time, full-time, time duration for leveraging the financial goals.
What are the Common Services Offered under Outsourced CFO Services?
When you step in to hire an outsourced CFO expert, you will get served with some common outsourced CFO services such as-
- Budgeting and Forecasting
- Fundraising and Improvising Cash Flow management
- Plans for Profit Maximization
- Cost Cutting
- Developing Scalable Models And Improving Business Growth
- Statutory Compliances
- Banking Relations
- M&A (Mergers & Acquisitions)
- Reviewing Accounts
Besides, like CPA and accountant roles, Outsourced CFOs are not bound to perform strict jobs. They are flexible in their job delivering service as per organizational needs.
Ultimately, depending on the goal of an organization, requirements, challenges, and need, outsourced CFOs perform varied other roles.
Why do you need to hire an Outsourced CFO other than an In-house CFO?
Being a business owner, you need to know what goes best for your business’s success.
Counting on outsourced CFO service is a victory step but only for those who know exactly what their business’s financial requirements are.
Therefore analyzing, researching, and identifying business financial needs in the first place is important. Only then you will be able to review whether you need such a service or not.
Although when performing expert build top-level financial strategy, cash flow management, and plans for profit maximization by the CFO team, your business gets higher profits automatically. But not every business is in the position to hire in-house chief financial officer experts for their financial team.
When hiring an in-house CFO expert you need to pay them higher salaries and benefits as well as annual raises. Sometimes, companies have to sacrifice the CFO’s year of experience too in order to hire the right CFO under budget.
Whereas when hiring outsourced CFO experts it becomes easy to hire highly experienced experts under your budget and for a specific period of time (as long as you want).
Characteristics of Successful Outsourced CFO Experts
- Great communicators
- Team builder and a great team player
- Strategy Builders and great negotiators
- Financial competence and accounting
- Follows ethics and integrity
- Quick result-oriented
How much does outsourced CFO service cost?
The salary of an outsourced chief financial officer will range somewhere between 130,000 to 290,000 on average annually.
When counted on a monthly basis its cost will go anywhere between $5000 to $12500.
Whereas the hourly rate an outsourced CFO would charge could range from $170 to $350.
If you desire to get the right outsourced CFO service cost then casting a vision would help you determine what you really need. With the help of little brainstorming and research, you can easily find out the estimation of the service.
How much should an outsourced CFO cost?
An outsourced CFO cost can be determined on the basis of the extent of their role, project tenure, amount of time invested as well as the year of expertise they have.
Counting the average annual chief financial officer salary in the United States is estimated at $415,000 till 2022.
Such CFO cost is overbearing when it comes to small businesses and for that, an outsourced CFO could be the prominent option to go with.
In fact, outsourced CFO costs could become easy on budget when delivering the expected growth, strategy, and profit jump when needed.
Does Your Business Need Outsource CFO Service?
Taking an outsourced CFO service will undoubtedly benefit your business by contributing to strategic and financial decisions making framed for the company’s financial success.
It is highly essential to analyze the company’s current strategic and financial requirements to track down what your business really needs.
If you want an extensively experienced expert helping hand that can look down on your financial chamber for a specific tenure, saving your annual benefit pays. Then counting on an outsourced CFO service will be a great option for fulfilling your business requirements.
CFO Team Under One Roof
If you need CFO assistance then the ProfitsView CFO Team is here to help you in planning your financial strategy.
Our dedicated outsourced CFO experts are the promising ones who are ready to help your business achieve its financial goals.
Contact and Connect With Our Highly Experienced CFO Team Today.