Key Takeaways
- Building a finance department in-house means hiring separately for accounts receivable, accounts payable, payroll, bookkeeping, controller, and CFO work.
- Those salaries compound over time and put real pressure on profit, particularly for a business that does not need full-time coverage at every level.
- Experience across many industries is what an outside firm brings that an internal department usually cannot: knowledge of what has worked elsewhere and what has not.
In Dave Robinson’s article, “How Much Do Part-time CFO Services Cost In 2021” (https://www.driveninsights.com/small-business-finance-blog/how-much-do-part-time-cfo-services-cost-in-2021), he presents a strong case for why business owners should consider outsourcing the CFO responsibilities of their business. Ahead is a quick summary of his points along with how Fox and Partners is leading the charge in the world of outsourced CFO services.
Outsourced CFO services are steadily becoming a great alternative for business leaders. If your business is struggling or if you’re looking to increase profit, having an outsourced CFO opens many different avenues and brings in a fresh perspective that is incredibly beneficial to your bottom line.
Most companies choose to hire an entire finance department. This includes hiring multiple employees for accounts receivable, accounts payable, payroll, etc. You may need to shell out additional salaries for a bookkeeper, a controller, and the CFO. Over time, these costs pile up rapidly and can put a serious strain on profits. Choosing to hire a CFO service is a much cheaper option and provides more value for your company. At F&P, we help businesses with all their financial needs. Controller duties, business coaching, and consulting are only a few responsibilities F&P can provide from a long list of tasks our team can achieve. Outsourcing these duties can often save an organization between 50% – 60% in terms of salary savings while increasing efficiency and providing better financial feedback for your organization.
Outsourced CFO services like F&P provide a wealth of knowledge to help your business grow. We bring tremendous value to your business, value backed by knowledge and experience working with business owners across a wide range of different industries. We know what works financially, what doesn’t, and how to angle your business towards achieving ultimate success in the long run. Your current finance department may not have the experience or necessary outside perspective to find ways to help your business grow the way it should. Implementing an outsourced CFO service can save your company time and money while simultaneously providing a fresh, new way of both evaluating and improving your business.
Frequently Asked Questions
When the finance work genuinely fills full-time roles, when transaction volume is high enough to need someone on site daily, or when an investor or lender requires dedicated staff. Below that threshold, a full-time hire buys availability you are paying for and not using.
Often yes, because you get more than one set of eyes. An outside firm brings a reviewer above the person doing the daily work, coverage when someone is out, and patterns learned across many businesses. A single in-house hire has none of that by definition.
Compare scope before price. Ask which layers are included, who specifically does the work and what their background is, how fast the monthly close will be, and what happens if you decide to leave. Two quotes that look similar can describe very different services.
