Chief Financial Officers (CFOs) traditionally require larger salaries which makes hiring a CFO an unattainable expense for many small and mid-sized businesses. With the rise of outsourced CFOs, however, businesses are now able to hire a CFO without breaking the bank. CFOs can help solve budgeting problems, process payroll, financial forecasting, and even help obtain capital. Outsourced CFOs have proven to be helpful for small and mid-sized businesses, but how does a business choose the right outsourced CFO?
According to Wheeler Financial Solutions, there are four factors to consider when choosing an outsourced CFO:
SECURITY — Security is an important aspect to consider when hiring an outsourced CFO due to the sensitive information that CFOs deal with daily. It is important to research which CFO agencies believe in and cherish privacy.
RELIABILITY — When using an outsourced CFO, it is common to only work with them a few days each week/month. It is important to find reliable CFO agencies, so your business doesn’t waste any time or money.
FLEXIBILITY — Flexibility is important because no two businesses are alike. Each client a CFO takes on should require adjustments and tweaks. Find a CFO agency that is efficient and that can adapt to your business.
KNOWLEDGE — A CFO should be well-versed in the world of finance. Make sure to hire a CFO that understands market trends and has experience with taxes, bookkeeping, financial planning, and operation process.
Hiring an outsourced CFO can be difficult, but Business & Accounting Solutions makes it easy. Business & Accounting Solutions is here to provide the CFO outsourced services your business needs. Founder Don Lewis brings over 37 years of accounting and business experience to the table. Business & Accounting Solutions offers many services, including bookkeeping, cash flow, finance consulting and more. Contact us or call at (503) 710-6213. Know someone in need of CFO services? Consider out referral program.