A CFO, or Chief Financial Officer, is a very important leader in a department of a major business or corporation. Whether you have had a CFO working for you, or you have never had a CFO before, they are a huge help to the financial well-being of your company. Some companies do not hire a full-time CFO, but instead hire outsourced CFO services. Here are three scenarios for you to ponder where outsourcing your CFO services make excellent financial sense.
Your Regular CFO Is on Maternity Leave
Here is a situation where the CFO you have is someone your company cannot do without, but she is pregnant and needs to take time off to have her baby. She has done everything that needed doing prior to taking her leave, and she has put in for the requisite time off. She is good to go for six to twelve weeks, but are you? Who is going to step in if some big financial issue comes up? You do not want to bother your CFO on leave, which is why an outsourced CFO service works really well in this situation. It is completely temporary, and it resolves whatever financial issues the company suddenly has until your regular CFO returns to work.
It Is Not Financially Feasible to Hire a CFO for in-House Employment
Maybe your company is still in its fledgling state. Maybe it is not big enough yet to afford the salary of a CFO. Whatever the reason, hiring an in-house CFO is just not financially feasible. Outsourcing CFO job duties and responsibilities as needed works better for you and your company at the moment.
You Want to "Test-Run" a CFO to See If This Position Could Really Benefit the Company
Maybe you are toying with the idea of hiring a CFO, but you are not sure exactly how that would work. You want to see a CFO in action, and get a good look at how he/she operates, and what he/she would do for your company. Hiring an outsourced CFO on a temporary basis to see if it is something you truly want in your company and for which you want to create an actual position in the company makes total sense. If it does not seem to be a good fit at this time, the outsourced CFO will find other work almost immediately, and you can move on with your present operations.