A CFO is an essential component for understanding and implementing strategic planning and maximizing cash flow for growth
Why your business should outsource CFO services?
For a small company where one person is managing data entry, account reconciliations, and providing reports to management, there is a weakness of internal controls. One person should not pay the bills and reconcile the accounts.
- Outsourced CFO services allows for confidentiality. It separates information that could be detrimental if shared. This allows the business to stay segregated.
- Less employee turnover by outsourcing CFO services. Many companies have regular turnover in the bookkeeping or accounting department. The time and money that goes into training someone to fill a position really adds up if you are filling the position every few years. By outsourcing, you eliminate that hassle.
- Stops single point failure. If your accountant or bookkeeper were to go on holiday for 2 weeks or quit, who would pick up where they left off? This is where you would have a single point failure. If they aren’t there to complete their duties then other departments suffer.
- Costs less than a full time CFO. Employers should expect to pay anywhere from $75,000 to $150,000 a year to hire an in house controller. Bennett Financial controller services start at $18,000 a year.
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