Part time vs full time CFO:
Most small to mid-sized companies do not need a full time CFO and accounting/bookkeeping department. Hiring a part-time CFOs is not only cost effective but it should offer an outside perspective that delivers insight to strategic decisions for your business. Here is what you can expect from a part time CFO for your company.
- A CFO will get to know you and your company. They will learn and come to understand when your company needs more hands on services, when there are "heavy work flow" needs and when financials can be run. They will also get to know the key issues and help to alleviate the burden of running the business.
- They will come to understand and in most cases help to create your business plan. They will build a budget that is realistic and attainable.
- They will work to collect all aging receivables and payables for the company. They will get the company organized and on track for financial success.
Having a part -time CFO focus on running your business and focusing on your profit and loss, allows the rest of your team to grow your business and take care of your customers.
Why do I need a CFO?
You didn't start your business or become the head of an organization because you are a financial expert. You are there to grow and succeed. The accounting, bookkeeping and financial aspects of your business are important to how you run your company, but it is time consuming and if not done properly, can lead to more headaches down the road.
Keeping track of your bookkeeping and your financial statements is time consuming and difficult to manage. But most frustrating is understanding and interpreting your financial picture from reports. CFOs are responsible for timely and accurate presentations and financial reports in order to capitalize on your growth.