Did you know that the average CFO salary in the U.S. is $410,539 annually?
From tracking cash flow to handling financial planning, CFOs spreadhead the strategic management of their companies’ finance and accounting functions.
But do you need an on-site CFO at your company? If not, a virtual CFO is a good option.
Keep on reading to learn about the 7 advantages of bringing a virtual CFO onboard.
1. Hiring a Virtual CFO Will Save You Money
As you can see above, paying for a full-time CFO can wind up costing you a ton. Meanwhile, virtual CFOs make $125,273 annually on average. So, if you either don’t need a full-time CFO or can’t afford one, consider a virtual CFO.
You might only need someone to work part-time. With the right technology, you can keep in touch with your virtual chief financial officer.
2. Benefit From Their Experience
A virtual CFO tends to have more than one client at a time, while a full-time CFO who works at an office typically has a single client at a time.
When you hire a virtual CFO, you’ll benefit from the experience and expertise the financial officer brings to the table.
Being able to pick the brain of someone who has worked with different businesses in different industries will add value to your company.
3. Focus on What You Do Best
If you run a small company, chances are that you wear many hats. On the one hand, it can be stressful to have to shoulder so many duties. On the other hand, you don’t want to be a jack of all trades but a master of none.
So, instead of taking on something that you may not have experience in, why not consider hiring a virtual CFO who has the financial planning know-how?
4. Virtual CFOs Are Ready to Go Right Away
Virtual CFOs come ready to work. With their wealth of expertise serving companies in multiple industries, they will be productive in short order.
You can’t say the same for many in-house CFOs. Many of them will need some time to get up to speed with your business. If you’d rather have a professional who will be productive and efficient right away, consider hiring a virtual CFO.
5. Tap Into Wider Talent Pool
Remote work has gone mainstream — and that was the case even before COVID-19. According to one source, over 36 million Americans will work remotely by 2025 — and 16% of people currently doing so are managers.
What is a virtual CFO? A virtual CFO will do everything an in-house CFO will do. The difference is that the former will work remotely based on your needs. So, why not get aboard the remote work bandwagon and hire a virtual CFO?
If you hire a virtual CFO, you can select a professional based wherever you want. You won’t have to stick with a few select candidates in or around your town. That means you’ll be able to tap into a wider talent pool.
6. Formidable Network
When you hire a virtual CFO who has experience working with a lot of different companies, you’ll have access to a formidable network of people and businesses. Your CFO will offer financial advice and recommend contacts.
7. Grow Faster
With a virtual CFO helping your business, you’ll be able to grow faster and more responsibly. The professional will help you shape your financial plans.
Hiring a Virtual CFO Makes Sense
As you can see, there are lots of benefits to hiring a virtual CFO. If you’re running a business and don’t have someone filling that role, consider it.
You’ll find it more cost-effective if you retain the services of a virtual CFO rather than hiring someone to work in your office building.
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