In any business, data is very significant especially when the data is involving the finances of the company. Data can be so delicate especially if handled by people that are not trustworthy. The moment your company exposes its data to the public, there is a probability that soon or later, you are likely to have a shock in terms of the frauds. This calls for the proper and careful management of the data. When you are thinking on whether to employ the chief financial officer or to rent his or her services, these are some of the factors that you need to put into consideration. So many companies have entrusted their chief financial officers to protect their businesses but these officers have failed them terribly. The following are some of the reasons as to why you need to outsource CFO than employing one on permanent term;
- Reduced fraud risks
- Saves time
- Saves money
It is advisable that if you want to stay away from the fraudsters, you need to be careful on the kind of individual that you are entrusting with the important data of your firm. Finances are what matters in your business, and for this reason, your money ought to be protected at all times. If you employ the chief financial officer on the permanent basis, it is crystal clear that he or she is going to relate a lot with other employees. He may be tempted to share out some important passwords with the other employees. This means that somebody can use that chance and steal important records of your businesses. This in turn can cost your business great deal. However, if you outsource CFO, he will not have time to share such information to other employees because he even doesn’t know them. He will simply be working and leaving on rare occasions.
Time can be saved especially when you rent the outsource CFO. This is because this officer will only concentrate on the duties that he has been called for. He will not have time to handle other tasks that are out of his or her profession. This means that there could be no any single minute that this officer shall be wasting. He or she will only be handling the tasks that he knows how to handle, and you will expect him to do it so fast. If you hire the CFO, he or she can be tempted to do other tasks that are not related to his or her job hence wasting a lot of time.
Hiring a chief financial officer can be very expensive. This is because you will be able to pay for his or her benefits throughout the year. These benefits may include the taxes and other benefits that employees are entitled to. However, if you outsource CFO, you will only pay him or her of the services delivered and once the task is done, you have no business with him or her, your contract would have expired.