Fractional CFOs or Fulltime CFO
When you are running a business, there are many different things that need to be taken care of in order for the company to succeed. One such responsibility is making sure that your finances and accounting needs are being met. As an entrepreneur, it can be hard enough just trying to make time for all the aspects of running a successful business without also having to worry about managing these important tasks as well. For those who find themselves struggling with this balancing act, there is another option: hiring a CFO on an as-needed basis or fractional basis.
Signing up for fractional CFOs service can make your life much easier by taking some of the most important financial workload off of your plate. This is good news not only because you will have more time to focus on other aspects of running your business, but also because this could mean that you end up saving money in the long run too.
Benefits of fractional CFO compared to fulltime CFO:
You will spend less money on CFO services. Even with the fractional cost, your company is still paying for a professional who can handle all of your needs without impacting other business operations.
Your accounting and financial records are more likely to stay compliant when you have someone helping care of them. In addition, this may make it easier for you to manage tax filings as well which could save time in the long run.
It’s easy enough to change from fulltime to fractional service if needed, meaning that you only pay for what you need at any given point in time without making an ongoing commitment or having unused accounts later on down the road.
However, some drawbacks to this arrangement are that you may have to take on more responsibility or be less hands-on in the process of managing your finances. This means that it is important for you to make sure that any fulltime CFO service provider does a good job of communicating with customers, follows up when needed and promptly returns phone calls as these things can ultimately lead to customer satisfaction and retention.
In doing so, not only will they help ensure compliance with all financial regulations but also provide increased transparency which business owners often find very comforting.… Read More