Does My Business Need a Part-Time CFO? | CFO Source
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And Finding Capital For Our Clients

Does My Business Need a Part-Time CFO?

In every business, from small startups to large multinational corporations, the CEO has to figure out how to juggle many tasks with limited resources, including things a CFO typically handles. While plenty of small businesses can benefit from having a CFO, hiring a full-time one is often an unaffordable luxury. That’s when hiring a part-time CFO can be helpful. Keep reading to learn more about what a part-time CFO does, see if a part-time CFO is right for your business, and how to go about hiring one. 

 

 

What Can a Part-Time CFO Do?

A part-time CFO can help you make more informed financial decisions that will drive the continued growth of your business. In particular, when you hire a part-time CFO, they’ll do things like:

  • Secure capital: They’ll help your business acquire the resources it needs to grow.
  • Strategic financial planning: Businesses can rely on a part-time CFO to create comprehensive and effective financial planning strategies. 
  • Mitigate risk: Businesses can avoid tax pitfalls and risky financial moves by hiring a part-time CFO.
  • Manage cash flow: A part-time CFO can help with monitoring payroll, income, and expense reports throughout the year.
  • Financial analysis: An outsourced professional can help businesses gain a fresh perspective on the performance of their business by evaluating financial metrics and trends. 

These are just some of the many things a part-time CFO can help you with your business. 

 

When Does it Make Sense to Hire One for Your Business?

  1. Your Business is Having Complications with Cash Flow

In every business, cash is king. Plenty of businesses fail every year because of a lack of cash flow. If your business is experiencing cash flow problems, it may be a good idea to hire a part-time CFO. 

 

  1. When You Want a Personal Advisor

A part-time CFO will act as your personal advisor. Although they’re part-time, they’ll always be there to guide your financial decisions. Because they come with a wealth of knowledge and will have a grasp of the ins and outs of your business’s finances, they’ll be the best person to advise you on important business decisions. 

 

  1. When You Want Help Raising Capital 

Hiring a part-time CFO can help your business raise the capital it needs to continue being successful. They will help you raise capital, as well as ensure that your revenue is collected on time. 

 

  1. When You Want an Expert in Financial Data

Having financial data for your business is only helpful if you understand what you’re looking at. A part-time CFO will have experience reading and analyzing financial data, and therefore can help you make the best decisions for your business.

 

  1. When You Want to Have More Time to Do What You Do Best

Yes, you can learn how to do what a part-time CFO does, but it will take a lot of time to do. By hiring a part-time CFO, you’ll eliminate the need to learn in-depth about financials, and instead have more time to concentrate on running your business. 

 

Here to Help Your Business

The financial experts at CFO Source are here to help you and your business. With our accounting, business consulting, and QuickBooks services, when you hire CFO Source to be your business’s part-time CFO, you can rest assured that we’ve got you covered. 

 

Get started now by contacting us online or calling us at 443-487-7733.

What Our Clients Say...

"We struggled for several years with high turnover in our bookkeeper position, which resulted in missed billings and duplicate payments. Craig Kershaw was able to locate a high caliber person who quickly took over the accounting and is now helping to expand the business into new markets. I no longer worry about whether my accounting is being done properly."

-Bryant Brambeck, Owner, Liberty Emblem Company

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