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Follow on Google News | The Benefits of Outsourcing a CFOThe benefits that an outsourced CFO can bring to small- and medium-sized businesses are essential to growth.
By: escalon services However, the cost of finding, interviewing and recruiting a full-time, in-house CFO can be unnerving, especially for a small- or medium-sized business owner. According to salary.com, the average salary for a full-time CFO in the U.S. is $385,412 (as of October 28, 2020), depending on such important factors as education, certifications, additional skills and the number of years spent in the profession. With an outsourced CFO, business owners can leverage the knowledge of a full-time CFO without taking on the cost of having the person on staff. The benefits that an outsourced CFO can bring to small- and medium-sized businesses are essential to growth. Therefore, here are some benefits of outsourcing CFO services that can help entrepreneurs grow. 1. Significant Cost Savings: An outsourced CFO provides small- and medium-sized businesses with expert financial advice, beyond what accountants or bookkeepers can provide, at a much lower cost. By outsourcing, businesses also save on infrastructure costs, employment taxes and other overhead costs. 2. Cash Flow Management: A CFO will run an analysis of the expenses and profit statements, and can plan strategies to deal with any financial roadblocks. They also identify areas and implement strategies to free up cash and improve the company's overall performance. 3. Strategy and Planning: An effective CFO can help businesses create a strategy and business forecasts and plans. They focus on current performance needs, long-term strategic planning and guidance, and provide customized solutions specifically designed to take the companies to the next level. 4. Growth and Exit Strategies: An outsourced CFO can help prepare all required documents, including business plans and forecasts, in order to raise capital for growth, or prepare the organization for sale. This expertise can help the company achieve a substantial premium on a sale, or better investment/lending terms. 5. Specialized Restructuring Advice: If a business is going through a major change, such as redirecting its trajectory or restructuring for growth, the required CFO functions may have to be highly specialized, instead of generic. In such situations, the company can benefit from bringing in an outsourced CFO who can focus on the specialized tasks. https://blog.escalon.services/ End
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