Just like large businesses, a small business also needs to have a Chief Financial Officer (CFO) to help them with the finances. While you might be thinking about hiring someone in-house to help with the tasks, you better don’t forget that it can be an expensive option for you if you have limited funds and want to have an experienced CFO by your side. But did you think about hiring a part time CFO in New York? If not, give it a thought! There is no denying the fact that as a small business, you can benefit from cost-effective outsourced CFO services as they are a fraction of the cost of hiring an in-house CFO. If you are still not sure about choosing a part time CFO in New York over a full-time one, here we are with a few reasons that may make you change your mind and make a better decision.
- Produces Reliable Data and Interpret Results
When it comes to keeping a track of your everyday data, it becomes harder as you have to take care of the everyday tasks of your company as well. But when you have an outsourced CFO by your side, you can expect them to produce reliable data and interpret results so that whenever you need them, you have them handy. They work in accordance with your business goals to ensure that you don’t have to face any hassle with bookkeeping and other tasks. You will also be able to keep the stakeholders updated with the latest, updated results at all times.
- Get Expert Guidance
As you cannot be an expert at everything you do; a CFO can be the right person for your financial needs. As you will look up to them for expert guidance, you must make sure that you always find someone who is experienced and not just someone who will fill the role. You will always have someone who knows your business and can help you with the accounts.
- Competitive Advantage
When you are frustrated with your business and the outcomes, chances are that your competitors are too. While they might be seeking a solution to work for them, you will have an experienced professional working for you who can help you take an edge. Your CFO will be able to help you cut waste and make use of the available resources in a better manner. They can also help you in maximizing production. You will also be able to take a step ahead in the direction of your success earlier than your competitors would.
Most outsourced CFOs offer their clients customized quotes in accordance with the services they need. You can expect the charges to be somewhere between $1,000-$2,500 per day on the basis of your specific needs which are quite low in comparison to the costs you will incur if you hire a full-time CFA.