Hiring any employee involves taking on a lot of responsibility, but a Chief Financial Officer (CFO) can also be an expensive position to fill.
The Covid pandemic has shown many companies they can be effective in operating with remote employees. Therefore, is hiring a virtual CFO the answer to using their expertise without making an in-house hire?
Read on to find out all there is to know about virtual CFO services.
They Are Affordable
Hiring an in-house CFO requires providing a salary and possibly benefits, even though you may not need their input every day.
In contrast, you can use a virtual CFO hourly rate system to pay for their services only when you need them.
Benefit from Their Experience
A virtual CFO has the opportunity to work with many different companies in various industries. You can tap into this experience to expand your own financial plan.
Other companies may be using solutions you are unaware of, and virtual CFO services can introduce these benefits to your company.
When you hire a CFO as an employee, you may find they are not up to the task within the first few months. It can be challenging to identify how a person will perform in a job just from a resume and an interview.
But a virtual CFO can not win new business unless they perform at a high level for their independent clients.
You can be more confident they are suitable for your needs because they will have a list of clients to demonstrate their expertise.
Virtual CFO Network Connections
A virtual CFO will have a network of contacts that could be helpful for your business. This could include lenders, sales managers, and other useful contacts.
If your virtual CFO works as part of a team, you’ll also benefit from all of the business people their colleagues work with regularly.
Virtual CFO charges can become extremely reasonable when you can utilize their network to help your company grow.
A virtual CFO small business partner is an important asset. If an in-house CFO was to leave or go on sick leave, this could cause significant problems.
However, when you work with a virtual CFO service, they have many other qualified candidates that can take over the role.
They use a standardized working method, meaning another virtual CFO can take over without any disruption.
Employees can take time to settle into their new roles. However, a virtual CFO is experienced in joining new businesses and hitting the ground running. They know how to fit into your organization without affecting other employees.
Because they are proficient in virtual work, they also need little onboarding. They will have specific questions to ask, and then they can begin to help you reach your goals.
Contact Sterling Tax & Accounting Today
Sterling Tax & Accounting can provide your business with a virtual CFO who can integrate seamlessly into your business.
While you can benefit from their unrivaled expertise all year round, you only pay for the time you are using their skills.
For a consultation and a free quote, contact the expert team at Sterling Tax & Accounting today.
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