Most small businesses start because of the vision and passion of the founder and owner. Normally, in the beginning, the owner wears many hats—accounting, marketing, customer service, and the list can go on and on. Those of you who have or have had a small business know exactly what I’m talking about. But what happens when the owner becomes so overwhelmed with his ever-growing roles that he can’t seem to stretch himself thin enough to give all of these areas the attention they need?
Having these “problems” if often a blessing and a curse. It means that the business is growing and expanding, but with that expansion comes added responsibilities. The owner is no longer equipped or able to be a one man show. Someone with a little more expertise in the financial arena could be invaluable, but the business can’t sustain a six figure salary for a full-time chief financial officer (CFO). What’s a small business to do?
Small businesses are in luck. Forget about that six figure salary (plus the bonuses and benefits that go along with it). What if I told you more and more small businesses have all the perks of having a CFO but are only paying a fraction of the cost for those services? Yes, this is one of the few times in life where you can have your cake and eat it, too.
Many small (and even some larger) businesses are hiring “part-time CFOs”–individuals and firms that offer CFO services on a contract basis to various businesses. Small businesses are able to get all of the benefits of having a CFO—financial statement analysis, accounting staff training, forecasting, financial planning, etc.—without the price tag.
The major benefit of a part-time or contract basis CFO is obviously the price-savings. Part-time CFOs bring your business the “big company” resources without the sticker shock. Another huge benefit of part-time CFOs is the diverse background and valuable insight they are able to offer. Because they don’t just work for ONE company, these contract basis CFOs have a wide array of experience with many business forms and in many different industries. This could be invaluable to your business. A third benefit a part-time CFO could bring to your business is helping with informed decision making and streamlining financial and accounting processes. Because of their wealth of experience, CFOs are usually able to assess a situation and figure out ways to improve the process for the future. This includes training accounting staff and making informed decisions. Contract CFOs are no different. They are valuable tools that can help a company to run at maximum efficiency.
Now that you’re sold on the idea of bringing in a part-time CFO, how do you go about finding one? Well, look no further! You’ve come to the right place! Here at Wealth Builders CPAs & Consultants, we are experts in all things financial. That includes CFO services. We would be happy to talk with you about your company’s individual needs and financial goals. We can set up a plan to get your company on track for success without you having to shell out a six-figure salary for a new staff member. Give us a call and schedule a free consultation today!
Dahl, Darren. “When Should a Small Business Hire a Finance Chief?” New York Times, 20 Oct. 2011, www.nytimes.com/2011/10/27/business/smallbusiness/when-should-a-small-business-hire-a-chief-financial-officer.html
Kovanes, Tera. “The Many Benefits of Outsourcing CFO Services.” Tax Buzz, www.taxbuzz.com/marketplace/glen-allen-cpa-the-many-benefits-of-outsourcing-cfo-services.
Simi, Bill. “The Many Benefits of an Outsourced CFO.” Checkbox, checkboxaccounting.com/the-many-benefits-of-an-outsourced-cfo/.