Short answer? Yes!Every business is sure to benefit from having a chief financial officer overseeing accounting and finances. These top-notch financial advisors help to keep all of your reports and book keeping up to date as well as give useful financial advice and strategy to keep your business on track and meeting margins.
But paying out $200,000 a year for a full time CFO consultant can be a lot more than many smaller businesses, such as client companies, can reasonably spend. But before you count yourself out on being able to hire these useful consultants, did you know that part time CFO services are making involved and dedicated financial analysis available to all businesses? With the possibility of paying for a CFO on an as need basis, there’s no reason why you can’t cash in on all of their knowledge and skills.
Chief financial officers supervise the accounting staff and on occasion controllers as well. They make sure that all of your accounting operations are in order and now play a bigger role in the planning and direction of businesses than ever before.
In fact, a CFO consultant offers a lot of additional benefits:
• Financial strategy, such as the development and execution of any new or existing plans.
• Contingency planning to help see you safely through any soft markets and customer demand crises before they can happen.
• Business analysis to pinpoint any possible issues that need to be rectified if you want to get margins back in line.
• Business planning to help you meet or set up long term goals as well as forecasts to aid in planning.
• Valuable insight that can challenge the way you view your business and help it to grow.
• Extensive knowledge with other companies that will get them asking the right questions you should think about, as well as what strategies are proven to work.
Part time CFO services can give you all of these benefits but only at the hours you need. Whither it’s just a few days a week or even per month! They can be in office regularly enough to make sure everything is running smoothly and your financial operations are in order without you paying the salary of a full-time CFO consultant.
Their easier hire in and out also makes them the perfect resource to use to keep things running while your current CFO is out or if you’re looking to hire the right full-time CFO. Many part-time CFO services offer interim CFO’s to fit these small gaps so you don’t have to worry that your financial operations will fall apart while your current CFO is on medical leave or you’re currently searching for a new one.
You can also bring them in to temporarily head up projects that your other staff are too busy to get to. Have a massive sales opportunity coming up but all of your workers are too tied up or inexperienced to assist? A short term CFO can get it out the door and only need to be paid for the time that you need them. Along with that, their more temporary or part time status also makes them much easier to dismiss opposed to a full-time salary CFO consultant.
So if you’ve been feeling that your financial operations could use help, or if you’ve wanted the advice of a trained professional, a part time CFO could be right for you. And with the ability to hire them on as need basis, there’s no reason why your business can’t have the same edge as the big guys.