Small businesses can’t afford a full-time CFO, but nor do they need one. They need the higher-level expertise of a CFO only a few hours a week or even just a few hours a month. Businesses often have a lower-level bookkeeper doing the basic accounting functions but need the expertise of a CFO to review the books, help make strategic decisions, and provide guidance. Business owners have great talents, but most are not financial experts. A part-time CFO learns your business and can offer their expert support, but only as you need it. Let’s dive into the many benefits of hiring an outsourced CFO:
An outsourced or remote CFO reduces expenses by using their experience to help business owners see where they can reduce overhead and operational expenses. Companies like Emerald Financial offer both lower level bookkeeping AND higher level CFO support — so you can have the best of both worlds while outsourcing the accounting function completely.
Allows you to focus on other areas:
With a dedicated employee focusing on accounting, compliance, and budgeting, you’re allowed to take a step back and focus on other items that may have been neglected. Your main focus can now be on generating more revenue and increasing your profits. With more time in your day dedicated to your business, it will be able to flourish.
Improves data security:
An outsourced CFO will be able to implement all of the latest technology for data encryption, firewalls, back-ups, etc. Not only does this ensure your data is secure but these steps will protect you from data loss in case of computer crashes or other viruses.
24/7 communication and access:
One of the greatest benefits to having a remote CFO is their ability to be able to access all of your important data from wherever they need to access it from. Whether that be a home office, hotel, etc. – your CFO will be available and ready to help whenever you need them. With remote employees, the one hurdle most business owners face is communication, so having someone who is already experienced in working virtually will only have positive benefits on you and your company.
If hiring a remote Chief Financial Officer is something your small business is looking to do, then Emerald Financial Partners is right for you! Our financial experts are ready to serve you and your business in a way that is easy and accessible. Learn more by visiting our Remote CFO Services page.