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Are you considering hiring a chief financial officer but not sure whether it’s a worthy move?

As a small business owner, it’s understandable that you’re on the fence about hiring a CFO. After all, CFOs are typically hired by large corporations and high-growth startups. Plus, considering that CFOs are highly paid executives, earning well over $100,000 a year, it’s clear your business will be making a big investment.

Did you know you can hire a virtual CFO at a fraction of the cost? That’s right. You just need to find a company that offers virtual CFO services.

Continue reading to learn the various ways this service will help your business.

1. Save Money

Let’s get one thing out of the way: a CFO is an incredibly important person in any business. Businesses that have CFOs are more likely to succeed than those without them.

But then, CFOs don’t come cheap. These are highly trained and experienced professionals. Not many small businesses can afford to pay the salary of a CFO without running out of money.

Hiring a company that offers virtual CFO services is an ideal way to have a CFO on your team at a lower cost of Credit Card for you.

To see how you’ll be able to save money, you need to know how these firms operate. They have in-house financial specialists who’re assigned to work with various clients. As such, these companies are able to offer this service at a lower cost.

What’s more, you’re actually saving money when you opt to outsource a service instead of having an in-house employee. Besides the salary you will have to pay your employee, there is a host of indirect costs you’ll incur.

2. Expert Financial Management

So many small businesses run into financial challenges that are otherwise preventable. Some of these challenges include poor cash flow and mismanagement of working capital.

The main reason businesses run into these challenges is the owners, who are usually in charge of finances, don’t have financial management expertise. They do things their own way, inevitably running down the business.

Hiring a virtual CFO is as good as hiring an in-house CFO. You can count on the company you hire to offer your expert financial management services. They will assess every financial aspect of your business, work the books of account, and do everything else they can to ensure your business is on the right financial path.

Your task is to find the best company offering this service. Check out Procfo.com.au services to learn more.

3. Gain a Competitive Advantage

Hiring a virtual CFO means you’ll no longer be wearing the financial management hat. As such, you’ll have more time to focus on other tasks you do best, such as product development or marketing.

The result? Your business will gain a competitive advantage. You’ll be in a better position to outperform companies that don’t have a CFO.

Take Advantage of Virtual CFO Services

Hiring a CFO has long been a preserve of tech startups and large companies. That’s no longer the case. Any business that wants to grow big needs to hire a CFO. But before you get to the level of hiring an in-house CFO, you can take advantage of virtual CFO services. The benefits, as we’ve demonstrated, are worth it.

Keep tabs on our blog for more small business tips.