Outsourcing Your CFO
Outsourcing is the sourcing to the outside of the own organization of work, responsibilities and decisions in the same way as managers delegate their work and responsibilities. Because of the recent cyclic economic turmoil and increasing globalization and competitiveness companies have to become more and more innovative and bold in protecting their interests.
Under increasing market pressure and complexity business owners must also focus on the support services, and non-core activities that can make a difference in the constantly growing globalized markets.
An alternative is to solve the dilemma and hire experts for these non-core yet effective activities by outsourcing them. Amid the surging inflation, it can be challenging for many SMEs to afford a full time CFO including training and utility costs.
To cut costs on these resources, business owners can consider outsourcing their CFO and other finance operations, which can help them focus on the company’s strategic areas. By doing this, SMEs can gain a competitive foothold in the industry.
An outsourced CFO who might not need any training or utility, can provide businesses with expert accounting and operational guidance. Further, an outsourced CFO can be hired as full-time, part-time or interim employee for the duration of a project, providing business owners with hiring flexibility.
When to Consider Outsourcing Your CFO?
Among other reasons, business owners can consider outsourcing their CFO to cut costs on financial operations and focus on business development for the company’s growth.
Access to Expert Advice
While hiring an outsourced CFO, business owners can gain access to expert financial advice as outsourcing companies usually employ resources who are trained and highly skilled in their area of expertise. In case of any complaint, business owners can directly consult with the outsourcing firm to provide a replacement instead of hunting for a new resource in the industry.
There can be a flexibility problem when hiring a full-time resource. For instance, they might not be available during your company’s work hours or might not suit your project needs. Outsourcing your CFO provides you with the feasibility of hiring resources who are suitable to your business model.
Hiring a full time CFO can be challenging for SMEs these times. The training and utility costs can be used to invest in the firm’s growth. Further, the risk of an employee quitting means that you will have to go through the whole hiring process again which can really waste your valuable time. Outsourcing firms provide business owners with just the resources and handle the training and hiring procedure themselves. This can put you in a stress-free situation regarding the CFO position and help you focus on other areas of business development.
Focus on Core Areas
Outsourcing your CFO can allow you to focus on core areas of your company which include attracting new clients, implementing new marketing strategies and revamping your business model according to new business trends.
Access to Updated Software and New Trends
Since outsourcing firms hire highly-skilled experts from their respective areas, they are updated on the new industry trends and also are well equipped and skilled in navigating the new software and tools that your company might not have access to.
Hiring the Right Outsourcing Firm
Before hiring an outsourcing firm, business owners should evaluate their needs and hire a resource that best fits their business model.
Some outsourcing firms may not align with your company’s schedule or their time zone may vary from the place your company’s situated in. To ensure a smooth workflow, business owners should consider hiring outsourcing firms who work in the same time zone as their firm.
Resource’s Experience and Expertise
Sometimes business owners may end up hiring an expert level professional for an intermediate level task, which can cost them much more than was required. To avoid being charged an extra amount of money or hiring an unqualified professional for a high-level task, business owners should evaluate the financial tasks they want to get done and also assess the resource that the outsourcing firm provides them with.
It may be possible that after hiring a resource from an outsourcing firm, business owners can find it challenging to communicate with the firm when they have a complaint. Business owners should read the reviews and testimonials before hiring an outsourcing firm to avoid hiring an unresponsive firm.
Hiring costs may vary with different outsourcing firms. You can filter out the outsourcing firms which do not specialize in your area of expertise and then choose the one that provides you with the best value for work done.
Risk and Fraud
SMEs are vulnerable to risk and fraud. Business owners may end up falling for outsourcing firms that may guarantee better results in a shorter time, but there has never been a highway to success. Such firms may talk sweet, but they can really put the reputation and survival of your firm at stake. To avoid fraud, hire a reputable outsourcing firm that has a fair number of reviews.
Work Accelerated: Your Gateway to Highly-Skilled Outsourced CFO
Business owners can rely on Work Accelerated to significantly cut down employee training costs and hire a highly-skilled outsourced CFO. This can help them focus on business development and strategic planning for their company’s growth.
Amid the surging inflation, Work Accelerated is your partner in providing accounting resources from CFO to bookkeepers.
EA CEO Haroon Jafree feels the plight of the US recession and is dedicated to providing business owners in the US the opportunity to have access to highly skilled offshore resources all at a fraction of the US costs. In turn, business owners can focus on key areas that can help their company gain a competitive foothold in the corporate world.