Here are just a few indications that you may need a part-time CFO:
Mergers & Acquisition Activity
Considering a Specific Investment or Growth Strategy
Need to Conduct Financial Due Diligence
Lack of Good Reporting
No Internal Skill-set for Needed Financial Analysis
Internal Accounting Systems Are No Longer Sufficient
Additional Products or Services, Have Made Your Accounting More Complex
Revenue Has Increased Significantly
Looking for Debt or Equity Funding
If you are beginning to see signs that your business needs a CFO, it is important to choose someone who understands the environment and mentality of the small and medium sized business. A CFO should be able to streamline existing financial processes, or establish new finance processes as needed. They will need to communicate well with everyone who has a stake in the company, including management, investors, shareholders, lenders, etc. They need to provide the necessary reporting for day-to-day management, but also look at the big picture to ensure the company is tracking to meet the long-term strategic objectives.
While some businesses decide to hire an in-house CFO, many choose to work with off-site firms that provide part-time CFO services. This allows companies get the CFO services they need at a lower cost than the burden of an executive salary, taxes, benefits, vacation, etc.
The Part-Time CFO Solution
VantageCFO provides CFO services for small and medium sized businesses. We have worked with companies in many different industries, including agriculture, consulting, internet services, and real estate. We work closely with our clients and tailor our services to meet their needs. We recognize that many of our clients have businesses that are growing quickly and operating on a tight budget, so we focus on increasing efficiency and implementing affordable strategies that will have long-term financial benefits.
With part-time CFO services, even small businesses can afford the financial management and consulting required to keep them competitive.