Time to hire a CFO?
Growing businesses often reach a point where they need professional financial advice but can't afford a full-time CFO or controller. If you're fortunate enough to be in this position, consider hiring a part-time CFO.
If you are not sure this is the right move for your company, consider the top three reasons other companies have taken this step:
Taking a closer look at each of the key reasons, we find these benefits:
Because of their backgrounds and experience, CFOs can better understand your business's financial side, leaving you with fewer surprises and more control over your money. They can help you improve decision-making capabilities by clearly seeing your business's hard and accurate numbers. They can be a sounding board to help you with those tough business decisions. And perhaps most importantly, hiring a part-time CFO means you know that a professional oversees, protects, and constantly improves your business's financial side.
When we consider time, a part-time CFO can take on tasks like training and managing your accounting staff, budget preparation, and monitoring. They can also be your company’s liaison with bankers, attorneys, vendors, and insurance agents.
When considering the cost, a part-time CFO can save you money in multiple ways. First, the cost of hiring a full-time CFO can range from $65,000 to well over $100,000 per year, plus bonuses and benefits. Hiring a part-time CFO will cost a fraction of that cost. Second, a part-time CFO saves money by creating strong financial controls to reduce employee theft and increase profits and will help with cash management and tax-saving strategies.
As we enter a new year and you create quarterly goals, will those include growing your business with a part-time CFO? How much more could you accomplish, and how much more could your business grow in 2023 with expert help?