Balancing the Books

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Why An Outsourced CFO Is Right For Your Business

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Is your business growing and you are finding it harder and harder to stay on top of your balance sheet? Do you have a bookkeeper or other entry-level professional handling the books but you think it's time to bring in additional help? Here's why you might want to look into hiring an outsourced CFO service — such as Scope LLC — as your company takes its next steps forward.

Save Money Compared to an Internal Hire

Of course, you could decide to expand your staff and bring in a dedicated finance department or hire an internal CFO. But making additional in-house hires will be more expensive. You'll have to pay not just a salary but additional company money will be put towards benefits like health insurance or the retirement plan match. Hiring an external or outsourced CFO is a much more cost-effective move.

Big Picture Planning for a Small Business

You know how to grow your business but maybe you are not great at long-term financial analysis or planning. An experienced CFO can lend years of experience in this field to assist your business. You may be able to more accurately predict what the future holds as your sales numbers continue to increase. This could help you set your strategy going forward to ensure continued or maximum growth.

Full-Time or Part-Time

It was mentioned earlier that hiring an outsourced CFO can be quite cost-effective compared to hiring in-house. But you could take these savings even further if you know you won't need an outside financial expert 100 percent of the time. With an outsourced CFO service, you may be able to work with your hired expert on only a part-time basis. This could be during tax season or at the end of every financial quarter or perhaps while you are planning a new project. As your business grows and your financial needs increase, you can start working with your outsourced CFO more frequently.

More Time for Other Employees

Once you bring in outside help to go over and stay on top of your finances, you as a business owner won't have to get bogged down with the details of the balance sheet quite as often. The same will be true for any other employees on your staff who may have been assisting with this task. This move will free up more employees to stay focused on helping customers or making other parts of your business run more efficiently.