Bob Gauvreau argues that growing businesses should hire a fractional CFO paired with fractional bookkeeping instead of full-time finance staff. A fractional CFO costs less than a $250-350k salary while delivering that level of expertise, and you only pay for the hours you need as the company scales.
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So as your business continues to grow, one of the things that we're going to be challenged with is resources in order to build your team out fast. So a lot of people say, well, maybe I'll just get a high level bookkeeper who can come in and support with our business. And that's going to be our first step. Now that's a great idea. So we also do fractional bookkeeping services as well. So maybe you don't need a full time bookkeeper. Maybe that's too much. You could fractional bookkeeper your services out as well. And instead of paying the extra amount for a bookkeeper, you get the seasoned expertise of a CFO that would normally be paid 250, $350,000 on your staff. You can partner those two things together at the same cost of bringing in one internal financial resource to your team. That would be much lower level. So again, we can customize how we approach this with bookkeeping related services, CFO related services, so that you're getting the maximum value and the optimized amount of support that you need for your business at any particular time. And both of those services can continue to expand as your business expands, which is great versus if you go out and you bring in a financial resource like a financial manager, that's maybe a 70 or $80,000 a year cost that doesn't have the expertise to help drive your business strategy, or doesn't have the financial means to be able to support you in getting your business to where you want to go. Alternatively, once again, fractional cfo, smaller amount of time commitment, smaller amount of financial commitment, the higher level of expertise. And we can complement that with a bookkeeping solution that allows us to make sure that your your bookkeeping is up to date and all of the administrative component related to your finances is of. So if you're looking at the most bang for your buck, it's creating a hybrid environment between a fractional bookkeeping and a fractional CFO service that will elevate the level of financial expertise in your business and drive even greater results.
