Outsourcing a Chief Financial Management Officer, or CFO, can benefit organizations of all shapes and sizes. This is especially true for organizations in the nonprofit sector. An outsourced CFO provides organizations with a number of financial management services specially designed to help them gain better control of their finances and become more successful.
Hiring a full-time CFO costs a lot of money. In addition to a full-time salary, a Chief Financial Officer must continue their education to stay up-to-date with the latest financial trends and practices. Most nonprofits simply do not have the funds to keep a CFO in house.
Outsourcing allows organizations to take full advantage of a fully trained CFO, without the cost of a full time salary and training. The services provided by outsourced CFOs are only used when needed. This can save an organization a significant amount of money.
It’s not uncommon for an organization to have one person performing multiple duties. If this person is handling financial matters, they will not have as much time to focus on other important aspects of your organization like fundraising and growing public attention.
When one person is responsible for multiple tasks it increases the chance of error. When it comes to financial matters, the likelihood of theft and fraud is also greater. Using an outsourced CFO significantly reduces the chance of errors, theft and fraud. Having an outside party handle your finances also allows you to catch potential issues you might have missed.
It can be difficult to figure out how to increase profitability or maintain financial condition. An outside party can provide the guidance and support necessary to remain successful.
Vault Consulting offers CFO and financial management services to organizations and nonprofits. Our comprehensive CFO services include:
We work directly with you to locate potential problems. We help you address these issues quickly and confidentially. Our experts are always honest and objective. Our CFO services are customized to fit your organization’s needs.