Why Hire a Part-Time CFO?
Put a CFO in your corner - a service that pays for itself many times over
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.