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Question: I have a bookkeeper who pays the bills and sends out invoices, but now that our company is expanding, I'm thinking of adding a CFO to our team. What are the pros and cons of hiring a full-time CFO vs. an outsourced, virtual CFO?
Answer: For most companies, the deciding factor is cost. A seasoned financial executive with an MBA or CPA degree and a 20-year track record generally commands a six-figure salary and might want an equity stake in your company as well. That's why entrepreneurial companies are increasingly outsourcing their CFO responsibilities to virtual CFOs, who can bring them the same skills and experience on a part-time or temporary basis without the hefty price tag.
