The Cost Savings of Hiring a Fractional CFO versus a Full-Time CFO

THE COST SAVINGS OF HIRING A FRACTIONAL CFO VERSUS A FULL-TIME CFOLower Overall Cost
The most significant cost savings of hiring a fractional CFO over a full-time CFO is the lower overall cost. A full-time CFO typically demands a high salary and benefits package, while a fractional CFO charges only for the services provided. This can lead to significant cost savings for businesses, particularly those with a limited budget.

Flexibility in Service and Time
A fractional CFO offers the flexibility to businesses to tailor the services to their specific needs, whereas a full-time CFO demands a comprehensive package with a fixed salary. Additionally, a fractional CFO can work on a part-time basis, providing services only when needed. This provides flexibility in time and helps businesses avoid paying for services they don’t need.

No Additional Expenses
Hiring a full-time CFO can come with additional expenses such as office space, equipment, and benefits. A fractional CFO, on the other hand, works remotely and uses their own equipment. This eliminates the need for businesses to incur additional expenses on office space and equipment.

Access to Expertise
A fractional CFO offers businesses access to the expertise of a financial professional with years of experience. This expertise can help businesses make better financial decisions and improve their overall financial performance. By hiring a fractional CFO, businesses can access financial expertise they may not be able to afford otherwise.

Reduced Risk
A full-time CFO comes with significant risk. If the CFO is not the right fit for the business or if the business’s financial needs change, terminating the CFO can be costly and time-consuming. With a fractional CFO, businesses have the flexibility to terminate the relationship without significant cost or time commitment.

Conclusion
In conclusion, hiring a fractional CFO over a full-time CFO can offer businesses significant cost savings. A fractional CFO offers businesses flexibility in service and time, eliminates additional expenses, provides access to expertise, and reduces risk. By working with a fractional CFO, businesses can manage their finances more effectively while avoiding the high costs associated with hiring a full-time CFO. Call us now to speak to one of our experts at LS CFO Advisors at 844-LS-CFO-00 or 844-572-3600 to learn more.