A Chief Financial Officer, or CFO, is a person that is trained to maximize the cash flow of a company and improve the amount of profits that are being made. They specialize in helping a business improve their bottom line. A part-time CFO can do all these same things for a company, but they do so working far less hours.
This is an ideal situation for smaller companies who need the expertise of a CFO but don’t have the funds to have a dedicated CFO. These smaller businesses will benefit from having a CFO temporarily to get them situated and running a profitable business.
The main responsibilities that are performed by a part-time CFO include overseeing all of the company’s financial and accounting practices. This can include such jobs as preparing the budgets, dealing with the taxes and all of the audit functions. It includes developing systems and tools to give the CEO of the company vital information about the finances as well as give recommendations on the operations of the company and strategies.
They are there to oversee the planning of the budget and design a strategic plan for the cost management of the company. With someone in a position who can make authoritative decisions like this, it is much easier to streamline your business.
Other duties of the part-time CFO include managing the cash flow of the company and forecasting where the profits will go. They optimize the relationships that the company has with the bank.
A part-time CFO will also be responsible for teaching the current staff to maintain proper financial procedures after he or she has left. That way the company will know that they spent their money well. A CFO should also create and build on important relationships with lending institutions or other important financial members of the community.
Many companies are taking the option of hiring a part-time CFO to help solve their money woes. Very often, this simple measure can turn a company’s financial standing right around and set them on a far more profitable path.
The cost that the company will pay for the CFO will be significantly lower than hiring a full-time financial employee that they would have to offer benefits too as well as other factors that need to be taken care when you hire an employee. There are many resources on the Internet that can direct you to choose the right CFO that would work well for your company.