Why Hire A Part-Time CFO?
Here are just some of the reasons companies hire part-time CFO resources.
To Improve Profits. CFO plays an important role in establishing policies and procedures to enhance profitability by maximizing current operational efficiency and utilizing forecasting to set standards for future operations.
To add a management partner to your team. Someone you can bounce ideas off of – someone to provide an objective sounding board for senior management in the decision making process – provides business counsel and insightful analysis. Emotional support – client quote “I get excited because I have someone like you helping me”.
To provide an independent third party perspective – independent review – fresh perspective – will tell you like it is. Even if you have a controller or CPA, we offer a ‘second look’ program to give you unbiased third party perspective that includes recommendations of opportunities for profit improvement.
Strategic focus. Allows you to move beyond a compliance and tax accounting perspective to focus on strategic management to your business objectives.
Accountability. Regular meetings keeps you accountable and on task to agreed upon milestones and objectives.
Communicate with multiple stakeholders clearly – board of directors, bankers or investors, CFO is one person who really understands the numbers, and explains them to your audience in terms any layman can understand.
Restructure. A CFO will help you identify ways to restructure existing loans, agreements with suppliers, or distribution partners to save money.>
Reduce Costs. Your CFO is skilled at finding areas where you can save money with the least impact to your business. (client examples) Also, part-time, as-needed is much less expensive than a full time financial staff resource.
It pays for itself. The cost savings and profit improvements more than make up for the fees. (client examples).
Outsourced controllership. Instead of having full-time controller, hire a part-time CFO. CFO ensures that all recordkeeping and financial reporting procedures are accurate and compliant with all regulations that apply to the business.
Fix faster. While you may be able to fix any problem yourself – engaging a CFO Service speeds that time up for you and allows you to focus on other things.