The Benefits Of Bringing In A Remote CFO For Your Growing Firm
As your company becomes large enough to begin appointing or hiring an executive team, one position that could be of critical importance is your chief financial officer. You might even argue that this should be one of the first top-level positions that gets filled. But what if your company is growing, but you don't quite have the budget yet to bring in an executive team in-house? In this situation, a virtual CFO might be able to give you what you need while keeping your labor budget intact. Here's why you should look at working with a remote or virtual CFO sooner rather than later as your company begins to expand.
Remote CFOs Work On Contract or Per Hour and Don't Require Bonuses, Stock Options, or Other Benefits
Even if you can technically afford to pay a competitive CFO-level salary, there are other benefits that anyone seeking a full-time executive-level position is going to expect. Maybe your firm is not quite ready to start giving out stock options, or you can't afford to offer the massive performance bonuses that some industries offer their executives. By bringing in a virtual CFO to work on a contract or on an hourly basis, you will only have to pay for the time that they are actually putting into your company, and you won't be responsible for paying additional bonuses out of the company revenue or worrying about other common benefits like health care. This can allow you to get CFO-quality advice without paying typical CFO-level salary expenses as a business.
Make Your Balance Sheet Look as Good as a Large Corporation's
Someone with CFO experience knows every trick of the trade when it comes to making a balance sheet look as good as possible for investors or anyone else that needs to see that information. Bringing in outside help may help you balance the books in a way that boosts your profit margin for the quarter or frees up more cash that you didn't even know you were allowed to spend. Hiring a remote CFO is an investment, but it's an investment that should pay off for your business in the long run.
Tap Into a Network of Expertise
When you hire a remote CFO, you are likely getting someone who has experience in multiple industries. Maybe they worked for 20 years for one company but are now semi-retired and using their decades of expertise to help out multiple small business owners just like you. Bringing someone like this into your business may expand your network and put you in touch with other top leaders in the business world, all thanks to your new remote CFO's connections.
To learn more, contact a company like Schreiber Advisors, P.C.