Should I Use an Outsourced CFO
If you run a small business, keeping track of the financials can be overwhelming. Couple this with trying to keep up with the day to day tasks your business needs to do to stay relevant and profitable and it gets downright unmanageable at times. In larger corporations a CFO handles the financial side of the business, which in turn helps determine the direction the company is headed as well as identify areas for improvement.
For smaller businesses, hiring a full time CFO might not be realistic, but having the input of an experienced Maryland CFO could greatly improve your business. In these cases considering an outsourced CFO is a wise decision. Let’s look at what an outsourced CFO does, as well and the pros and cons of working with one.
What Does it Mean to Outsource a CFO?
If your company isn’t quite big enough to hire a full time CFO, outsourcing can offer you the benefits of having one without the high cost associated with full time employment, health benefits, etc. By hiring an outside company, as an outsourced CFO, to handle your business’ financial needs, you can rest easy knowing your company is in the best hands, while staying within your means. A Maryland CFO service works like a consult, rather than an employee, and can offer all the benefits of a CFO without as much negotiation about compensation.
Pros and Cons of Outsourcing
Whether or not an outsourced CFO in Maryland is a good fit for your company or not is based primarily on your particular business and situation. As mentioned above, working with a company on a consulting basis can help save your small business the expense of adding another full time employee in need of benefits.
If you have been running the financial side of your business on your own consider making a change. Working with an outsourced CFO can free up your valuable time, and add a level of expertise your company hasn’t benefitted from before. On the other hand, if your company has grown to the point that a permanent CFO makes more sense because of your company’s needs, an outsourced CFO might not be the best fit.
If you have been struggling with your company’s financials for too long, or you’ve been trying to manage an aspect of your business that isn’t your forte, consider meeting with our team at The CFO Source. We are a Maryland CFO service company that can help your business become as profitable as possible, while helping to take some work off your plate.