Outsourced CFO: why hire one ?
Outsourcing your company’s missions and tasks is an increasingly common process. This concerns the majority of functions, such as that of the financial director, and has several advantages for companies. We suggest you discover several reasons to hire a CFO.
The CFO, an expert in his field
Hiring an outsourced CFO has definite advantages for small and medium-sized companies. In the market, it’s important to keep in mind that it’s the smaller companies that outsource functions in the majority of cases. Indeed, it is possible to combine this position with that of administrative and accounting director.
Merging these different functions therefore allows to downsizing and therefore the expenses of a company. It then saves precious time on the processing of various tasks, from financial management to accounting management for example. By hiring a CFO, the internal employee will then only have to check that tasks are completed on time.
The CFO, an added value for companies
Hiring an outsourced CFO today represents a real opportunity for your company added value for a company. They recruit a professional who can cumulate several functions without having to hire him full time. A CFO represents only 15,000 to 60,000 euros of a company’s annual budget.
With the development of digital means of communication, interaction with the outsourced financial manager is also made easier. It also uses online tools It is both efficient and shared with other collaborators, which makes the work easier. They force him to realize regular reporting as well as monthly forecasts allowing to help in the internal decision making.
How to make an outsourced CFO recruitment project a reality ?
To hire an outsourced CFO, you must first conduct an analysis of the accounts of the company. Then consider the reporting method, list the mandatory declarations and the dashboards used. The objective here is toassessing the company’s needs as precisely as possible. Then establish the costs of in-house services and in external to ensure the profitability of your project.
Finally, concretize the whole by signing the contract between your company and the outsourcing firm. Before the new CFO starts his or her assignment, make sure to define the frequency of his or her interventions.