If you are a business owner, especially a startup business owner, you know that each day is full of tough choices. In the early stages of your business, you probably manage pretty much ever aspect of the business yourself. However, as your business expands, you might want someone by your side for overseeing the finances of the company. Very often, that person is a CFO.
When it comes to hiring a Chief Financial Officer (CFO), you can either have an in-house CFO or an outsourced CFO. Since this is such a big decision, we’ve taken the time to outline a few pros/cons for both an in-house and outsourced CFO.
Hiring an In-House CFO
- CFOs can help expand your company further, provided you can afford one
- In-house CFOs are typically devoted to or passionate about the company’s mission and vision
- They are aware of what exactly the company needs, and what it will need in the future, and will budget their time and resources accordingly
- The CFO might not have the same objectives as you have for your company
- Finding a potential CFO takes a considerable amount of time, money, and patience
- Many of the CFOs might not be willing to take up the uncertainties brought forth by a start up
- CFO salaries are typically quite high
Outsourcing a CFO
- Reduced costs – Outsourced CFOs save your company thousands in additional overhead that comes with an in-house CFO who is on payroll– taxes, benefits, and insurance.
- Outsourced CFOs may be able to provide an unbiased opinion – as a third-party, your Outsourced CFO has only your financial goals and success in mind (rather than their own)
- Outsourced CFOs have a tremendous amount of experience with many businesses, which means and Outsourced CFO brings a greater breadth of knowledge and wisdom to the table at your business
- Outsourced CFOs have an advanced understanding of rules and regulations affecting businesses, so they are in a position to leverage best practices for your success
- There can be less quality control with outsourced CFOs
- The bid/hiring process can be very lengthy and involved
- Strategic alignment may be lost if your outsourced CFO’s mission and values do not match your business’s
An Outsourced CFO with an In-House Touch
You may find the above cons for an Outsourced CFO to be overwhelming, but if you’re looking for an Outsourced CFO with a personal, in-house feel, look no further than Team Holly! While we are experts in accounting and finance, we are not your typical accounting firm!
We are a team of expert accountants who work with our clients hand-in-hand to make sure their finances are being taken care of well and accurately. With over 40 years of experience in accounting, tax, and financial management, we pride ourselves on leveraging our unique knowledge as a Certified Public Accounting firm to provide efficient and effective accounting services to our clients.
As your Outsourced CFO, we will ensure that your organization complies with all tax laws while we keep your company on track financially. We are proud that while under our care, not a single client has ever been audited by the IRS.
So what are you waiting for? To learn more about our Outsourced CFO service, click here!
What are your thoughts on hiring an Outsourced CFO? Have you worked with one and would like to share your experiences? Leave them in the comments!