Alternatives for when You Can’t Afford a Full-time CFO

Alternatives for when You Can’t Afford a Full-time CFO

Looking for a CFO but can’t afford to hire a full-time position? This is a unique problem that many small and mid-sized businesses experience. At TheOfficeSquad, we understand that sometimes success depends on business growth, even if the avenue to fund that growth isn’t readily available.

How to Get CFO Services

If you can’t afford to hire a full-time CFO, you’re not alone. Plenty of other small business owners have contended with the same issue and often solve their problem with one of these five solutions:

  1. Consider a Software Substitute Do you need a CFO, or do you need to complete tasks of a CFO? Depending on your unique business needs, you may be able to accomplish your goals utilizing specialized software. There are programs you can use to help further develop your business plan and forecast trends. Most are relatively easy to use, but as with all software, there’s a potential to make costly mistakes if you’re not fully comfortable with the programs.
  2. Consider Other Roles Do you need a CFO, or do you need an employee who specializes in finance? Though there is a significant difference between a CFO and a bookkeeper, a financial accountant or other well-trained, highly-knowledgeable finance professional may be able to help you accomplish your goals. Before seeking out a CFO, make sure you have a full understanding of which type of finance professional your business needs right now.
  3. Consider Limited Assistance Do you definitely need a CFO in some capacity? Instead of bringing on a full-time employee, consider limiting their involvement. A part-time CFO can accomplish many important tasks without costing you a full-time salary. You could also consider hiring a CFO on a consulting basis. Their retainer or consultation rates per hour may be a little higher, but you may save money and still accomplish your goals while enlisting their help solely when you need it most.
  4. Consider Virtual CFO Services Do you need a CFO who will manage your finances while managing themselves? Then a virtual CFO service may be your best option. These services range from a single employee dedicated to your needs to an entire team of professionals caring for your business’s financial health.
  5. Consider Partnering with TheOfficeSquad Do you need a dynamic team of remote professionals who will help maintain your business growth while you focus on driving success? It sounds like TheOfficeSquad is the perfect team for you. We’re here to serve you where you need it most.

From bookkeeping and CFO services to hosted QuickBooks and executive assistance, TheOfficeSquad’s comprehensive business services will give your business the boost it needs without breaking the bank. Contact us today to learn more.