Part-Time CFO Introduction
Often, businesses grow to the extent that it becomes necessary to enlist the services of a CFO. However, when a business is still growing, it may not have the money to hire a full-time CFO. A full-time CFO’s salary regularly reaches the range of $80,000 to $200,000, not counting other benefits regularly offered to employees. As an alternative to this rather large investment, a business in need of a CFO can retain the services of a CPA as their part-time CFO at a fraction of the cost. The services of a part-time CFO are invaluable to growing companies as they continue to expand. CPA's are no longer just number crunchers. They are financial strategists who help protect and grow your business, and CPA's often make excellent CFO's.
Benefits of Hiring a Part-Time CFO
A part-time CFO can turn your financial department into a competitive advantage. They can help you plot the course of your business by giving you the data necessary to see your different options, and the knowledge to make the best decisions with that data. They can help you with financial modeling, strategic planning, managing your tax liability, streamline accounting processes such as month end, and implement internal controls. Sitting down with an expert in financial statement analysis can be a real game-changer for an organization. Using financial ratios, comparative financial statements, and graphs, you'll come away with insights into your business that you would have never seen before.
Having a dedicated manager for the financial side of your company grants you a liaison with those that will likely appreciate a CFO’s extensive knowledge when interacting with them, such as bankers, lawyers, and suppliers. Retaining someone who is well versed in discussing financial matters not only benefits those that your company interacts with but you directly, as a CFO can utilize their study of finances in order to create more mutually beneficial and cohesive relationships. As well as providing accountant services, the part-time CFO services that are available from Robert E. Clark CPA include negotiating and reviewing any financial agreements and documents that come your way, so that you can keep your business running without spending precious time on looking over such matters.