It seems the new healthcare reform is giving everyone the jitters. New statistics from the National Federation of Independent Business (NFIB), which deals primarily with small businesses, reveals that many smaller companies were reducing the number of jobs in September, rather than hiring new employees. The reason? Many point to figuring out where they stand with the new healthcare insurance requirements, and some experts predict that much of the new hiring will be primarily part-time in a desperate effort to avoid some of the hassle of the new programs. Outsourced CFO services fit right into this trend, allowing businesses to tap into the expertise of a chief financial officer, without having to worry about his healthcare benefits.
Cutting through the Red Tape
While everyone is nervous about the ramifications of the Patient Protection and Affordable Care Act (that’s the official name for what is commonly being called Obamacare), the fact is, the majority of U.S. businesses are not even affected. That is because the new law does not affect businesses with fewer than 50 employees, and 90% of businesses in the United States fall into this category. Now, if you just sighed in relief that does not mean you should throw the idea of outsourced CFO services out the window: your business is a prime candidate for receiving all the benefits of bringing a financial professional on board.
For those who are affected by Obamacare, why is there all the talk about hiring part-time versus full-time workers? The answer is fairly simple: employers are required to provide healthcare insurance for employees who log 30 hours or more per week. So, utilizing more part-time workers theoretically cuts costs.
Figuring the Bottom Line
Typically outsourced CFO services are not insurance brokers, so they cannot help you with all the ins and outs of your Obamacare questions. But, they can provide some valuable information to help you with your business decisions in light of the new laws: they can determine how it will affect your bottom line. In other words, rather than speculating on what the law will cost you and if your company can afford it, professionals providing outsourced CFO services have the ability to evaluate your company’s financial status, your profitability, and how any new laws, be it Obamacare or something else, will affect your bottom line.
If you are watching others scramble to keep up with the ripple effect of the enactment of the Patient Protection and Affordable Care Act and wondering what all the hype is about, your worries may take on a different nature. How will your business survive the current economic crunch? How do you know if things are looking up for your business? Or perhaps you are so caught up with the day to day running of your business that your worry is of a much simpler nature: what is the balance of my business checking account? No matter how small (or large) your financial worries are, turning to outsourced CFO services may be the best choice you have made in a long time!