Why Hiring a Virtual CFO Is Good for the Environment
The effects of climate change are upon us and every business should strive to keep our environment as pristine as possible. They can do this by setting climate goals, reducing waste, and embracing eco-friendly business actions and hiring practices. Hiring employees to work remotely helps the environment because it saves people from commuting to and from work every day, reducing carbon emissions and air pollution.
While some companies have decided to hire remote workers, there are business owners who believe some jobs can only be performed optimally on-site. Many companies consider the role of a chief financial officer so important that anybody employed in that role should be physically present in the office.
Chief financial officers (CFOs) are tasked with maintaining and improving the financial health of a company. They must have a thorough understanding of finance and accounting. They should also be great at decision-making and regulatory compliance. The CFO role is challenging, but can be handled remotely.
Third-party companies offer virtual CFO services. These companies have teams of finance experts who can assess a company’s finances and take steps to preserve its financial health. You may wonder how much does virtual CFO cost; click the highlighted link to find out. In addition to helping the environment, outsourcing virtual CFO services has the following benefits:
1. Cost savings
Third-party virtual CFO services can help companies save a lot of money by giving them access to a team of finance experts at a fraction of the cost of hiring those experts to work full-time. Business owners can divert the money saved to other parts of the company that can help it grow.
2. Scalability and flexibility
Working with a virtual CFO service provider makes it easy for businesses to scale their operations up or down. As a company grows, it may need more professionals to handle its finances, and ordinarily, it will need to hire new workers. However, in this case, the third-party company already has extra finance professionals they can deploy to assist with the added workload.
The opposite occurs when a company is scaling down its operations. Instead of firing some of their finance professionals and paying severance, the third-party service provider will reduce the number of people assigned to manage the company’s finances.
3. Diverse finance skills
Third-party virtual CFO companies have teams of seasoned finance professionals with different skill sets to tackle any challenge that comes their way. This empowers companies to navigate complex financial situations and come out on top without breaking the bank to hire an expensive financial consultant for a short period to address the immediate concern.
Endnote
To assist in the fight against climate change and preserve the environment, companies may have to adopt new practices and get used to a different way of operating. This includes employing people to work remotely in positions like chief financial officer which are traditionally reserved for on-site employees. Working with a virtual CFO or a third-party virtual CFO service company simultaneously helps save the planet and provides the benefits mentioned above.