For many smaller and mid-size companies, the hiring CFO-level talent can be too costly and completely unfeasible. In addition to searching for the right candidate, you have to offer a highly competitive package – even in today’s economy – to attract the top-level finance talent you need for business success.
In addition to requiring C-level finance talent, smaller- and medium-sized businesses require a dedicated finance department that can handle the entire spectrum of financial support services – from strategic financial business planning to day-to-day accounting.
So, the challenge is posed for any entrepreneur…how can I have a viable finance team without the dedicated resources for hiring talent?
A more cost-effective and sound business approach is to outsource your complete financial needs. Here are the reasons why this makes complete business sense:
- You Can Get Senior, CFO-Level Support for Strategic Financial Guidance
- All Accounting Can Be Taken Care of Seamlessly
- Outsourced Partners Can Provide an End-to-End Solution
- Outsourced Partners Often Provide On-Site Support (i.e., Can Work in Your Office a Couple Days a Week)
So, rather than making the investment in internal finance talent, outsourcing to the right partner can help bring your business to the next level. Much like many companies outsource marketing and advertising support, why shouldn’t a company make a similar – and more cost-effective – investment into the right finance team?
About The Guest Author: Douglas R. Palmer is the founder of Palmer Financial, provide accounting and finance services to small and mid-sized companies. Palmer Financial helps clients plan, execute and grow through the ongoing evaluation of strategic opportunities.