How do I know that my business will benefit from hiring a Part-Time CFO? When looking for a part-time CFO to join your business’s team, it is essential to consider your business’s current goals. Unlike other accounting roles, a CFO’s role can be flexible and adapt to the changing needs or goals of an organization. Hiring a part-time CFO can be a game-changer when looking to grow your business. 

What is a Part-Time CFO? 

A part-time CFO is someone who has experience working with small to mid-sized companies and is usually hired to help the business reach higher profitability. The main function of a part-time CFO is to evaluate a company’s financial risks, be on the lookout for opportunities and manage staff in the financial department. In addition, they help business owners to set and keep track of financial goals (KPI’s) and company budgets. Based on the business’s needs, a part-time CFO can perform different roles, and be as involved or as absent as the CEO prefers. 

With a variety of different abilities in their financial toolbelt, let’s take a look at 7 common projects that a part-time CFO can help with. 

7 Projects a Part-Time CFO Can Help With

  1. Making Cost-Cuts: Because of their lack of bias, an outsourced CFO is an ideal candidate to aid in cutting costs. While managers and teams may have emotional ties to a stagnant project, a part-time CFO will have the objectivity to make the necessary cost-cut decision. This can allow for a more strategic allocation of a company’s budget. 
  2. Raising Company Capital: Because of their vast business experience, part-time CFO’s have many contacts within the industry of finance. A part-time CFO may be able to connect your business to the necessary individuals who will help your business reach its financial goals. 
  3. Enhanced Business Budgeting: Budgeting your business’s detailed expenses is a proactive step that most successful businesses take. With the help of a part-time CFO, finances can be organized into a rolling budget, which can help ensure the financial success of your business. 
  4. Financial Forecasting: A financial forecast is one of the most useful tools a business can have. By working with your part-time CFO, you can create a strategic understanding of the current and future capabilities to help you achieve and exceed your business’s goals. 
  5. Cash Flow Analysis: Ineffceint cash flow is a problem that many businesses face. A part-time CFO will be able to take a deep dive into your financials to figure out how to maximize your bottom line.
  6. Recreating Your Financial Strategy: If your current financial strategy is just not helping you meet your business goals, hiring a part-time CFO may be the right move for you. A part-time CFO can help to analyze your current systems, assess your current and future needs, design the combination of a system that will work best for your organization’s current and future growth,  and help ensure a smooth transition onto the new systems to maximize understanding, comfort, and utilization.
  7. Facilitating Mergers & Acquisitions: Whether your transaction includes a merger or an acquisition, a CFO service may be able to help advise and prepare team members during the sales process. 

How do I know a Part-Time CFO Is Right for Me? 

Finding the CFO service can be challenging. There are many different types of part-time CFO services, but there may only be one right fit for your business. When looking to hire a CFO service, it is important to understand your business’s financial goals. Here are some factors to keep in mind when it comes to looking for a part-time CFO: 

  • Look for a Candidate with Experience in Your Industry
  • Has Attention to Detail
  • Ask for a Referral From a Trusted Source
  • Is a GAAP Expert

Final Thoughts

When starting your business, investing in continuous improvements of your business’s finances is something that will continue to help your business grow. With the extra support that a part-time CFO can offer your business, you have the possibility of keeping accurate business records that can prevent unwanted difficulties for your business. If you are looking to reach your financial goals, hiring a bookkeeping service might be the right choice for you.

Limitless Business Payroll Services in Gilbert, Arizona.

Looking for a part-time CFO service in Gilbert, Arizona? Limitless Investment and Capital offers a variety of skilled experts qualified to assist your business’s needs. Rather than struggling to manage your company finances, focus your efforts on a piece of your business that only you can. Our goal is to provide you with true accounting freedom. Interested in a free financial analysis? Contact us today to get started!