A successful organization runs on four wheels: Operations, Sales, Marketing, and Finance. If any of the wheels has low pressure/poor performance, your entire organization might derail from the right track.
When we talk about finance, a little turbulence in it can dramatically change your company’s direction. Thus, it is essential to have a strong finance team to achieve your business goals. Hiring a part-time CFO is a crucial factor that can serve as a lifeboat for your company.
But, if you are wondering whether hiring a temporary CFO service is good for your firm or not, let’s throw light on this topic for your convenience.
What Does a Part-time CFO Do?
An interim CFO, aka Chief Financial Officer, is accountable for an organization’s financial, risk management, and administrative operations. It is also CFO’s duty to formulate operational and financial strategies, recognize relevant KPIs, and monitor control systems to protect the company’s assets and prepare accurate reports.
Provisional CFO Responsibilities
- Providing a direction to the company based on input on the future plan, financial strategies, budgeting, and forecasting.
- Performance metrics creation to support the company’s strategic direction.
- Develop a good relationship with the board and management members.
- Overlooking the operations of accounting, HR, legal, treasury, tax, and investor relation departments.
- Managing third-parties hired to perform accounting and finance functions.
- Keep an eye on the company’s transaction processing systems.
- Evaluate employee benefit plans while focusing on improving cost efficiency.
- Monitoring all active legal issues affecting the company in any way.
- Report back to the board, risk management team, and audit committee.
- Create an insurance policy.
- Monitoring and managing cash balances, investment funds, debt, and equity.
Why Hire Temporary CFO Services for Betterment?
A CFO is a company’s financial engine; he or she overlooks all financial, budgeting, forecasting,, and many other functions. Therefore, if you contact interim CFO firms to outsource financial services, you can help your business in the following manners:
Preserve your Monetary Resources
The process of finding a qualified CFO is expensive. From posting a job requirement to putting a lucrative offer package, there are various costs involved in hiring an in-house CFO. Even if you don’t include employment costs, a full-time CFO’s average salary is $250,000 annually. It is too much expensive for small and medium-sized companies.
On the contrary, if you outsource CFO services, you can practically get all financial services at half price. For instance, when you contact CapActix for a part-time CFO service, you can skip the recruitment and hiring part. Furthermore, you don’t have to interview CFO candidates or offer them any incentives. Under a fixed package, you can hire highly qualified CFOs as per project requirements or for fixed hours from our team without spending additional money.
Your interim CFO can provide strategic analysis on every financial aspect of your business. The temporary CFO has worked with numerous startup and large enterprises’ finances. So, they know how to set strategic borders and financial goals for your organization. CFO can utilize his or her versatile experience to provide an analytical overview of the weak financial aspect of your company.
Time is money, and when your money manager isn’t on the post, you are losing both money and time. We mean if you take a long route to advertise the post and interview a large number of potential candidates for the CFO job, you are exposing your company to multiple financial vulnerabilities.
Therefore, you need to hire a professional CFO immediately because financial risks won’t wait for you to complete the recruitment process. On the top, your permanent CFOs can’t instantly start delivering results, they have to first understand your company, and then they can predict something.
However, interim CFO firms are always ready to serve. They have a qualified and experienced CFO team always available to serve you. Take our company for an example; you just need to connect with us and share your CFO services requirements; within a few days or hours, you will start receiving the best financial services. No delays!
Flexible Hiring Model
Whether you want risk management services or cost analysis, you need to say it, and your temporary CFO will provide it. You can hire a remote CFO for a job role or multiple; they can provide all types of services. That means based on budget or a specific project; you can alter the CFO role.
Quick Crisis Management
Have you lost a major client? Is your company’s budgetary limits extent? Then, you can easily contact your interim CFO company, and they will immediately provide a crisis management solution. They can offer a variety of crisis control solutions like short-term cash flow reports, creating new financial forecasts, assistance in raising vital funds, and so much more.
You can’t handle everything on your own — you are good at running your business, and CFOs are good at managing your finances. Therefore, when you hire temporary CFOs, they can establish reporting systems and provide assistance to your financial team. They can mentor your existing finance team and guide them to avoid risks and uncertainties.
If you select offshore CFO services providing company, you can gain benefits from their international CFO network. For instance, our CFOs provide services worldwide and are familiar with international financial trends and technologies. With an interim CFO, you can get international-level services under your limited budget.
Stay Ahead of Time
Offshoring financial and accounting is the new trend that progressive companies are rapidly adopting to grow their business. If you don’t step up with the change, you will be left behind. Your competitors will take leverage from the part-time CFO services, and you remain thinking. So, if you want to stay ahead of time, you need to adopt new technologies and hiring modules right now.
Here you can read Complete Comparison Between In-house and Virtual CFO Services
One-tap and Hire Temporary CFO
CFO is the person that can help you with business continuity. They monitor-control-report in real-time so you can grow your business beyond limits. To hire an experienced interim CFO, you just need to visit the CapActix website and share your requirements with us. Just one-click, you will hire a qualified CFO.