The Latest in the World of Accounting

Gig Economy for CFOs?

Hawaii Business recently released an article about the Gig Economy and how it affects not just small independent contractors but also C-Suite Level Executives.

In the article, Hawaii Business gave several real life examples of Americans who benefit from the Gig Economy. One of them was Reg Baker, an independent CFO who serves in the U.S. Small Business Administration’s Regulatory Fairness Board of Directors.

According to Baker, Hawaii’s growing small and medium-size business scene needs the services of a CFO, however, they can’t easily afford the full-time services of one. As an independent CFO, he is able to offer his services for a few hours a month to these businesses which is actually all they need.

Bernice Parsons, Vertaccount President and Co-Founder, was also quoted on the article speaking about how these type of engagement has become more lucrative to CFOs as it affords them flexibility in their time and schedule.

“It becomes a quality-of-life question. ‘Instead of working for this one company, I want to see my kids grow up.’ They’re like, ‘If I quit, I can take on four independent clients and probably make the same or more, but I also have my quality of life and I can work from home.’ More people are doing it. And they’re like, ‘Hey, this is a lot better.’ ”

Bernice Parsons as quoted in Hawaii Business: All Work and No Job, February 2016

The rise and success of the Gig Economy can be attributed to the digital revolution which has expanded the boundaries of how businesses are managed. With data becoming easily available in the cloud, business can easily operate their businesses with the help of independent contractors.

To read more about the article, you can visit this link.