When to Hire a CFO

The role of Chief Finance Officer is one of the most vital in any organization. As a trusted advisor in this role, we work closely with the CEO, board, leadership team, investors and operational managers in providing insight and strategic direction based on the mission of the company or organization.

Hiring a part-time CFO is a great solution for small and medium-sized companies that require financial expertise but have neither the budget or need for a full-time CFO.   A Financial Consultant can be utilized to support an existing CFO or finance staff with specific expertise for transactions and other short-term projects.

 When do you need to hire a CFO:

  • When you experience rapid revenue growth
  • When you think your company should be more profitable
  • When you have the need for a formal audit
  • When you are contemplating an acquisition, sale or major financial transaction
  • When you need financial, accounting or operational assistance “post-transaction”
  • When you could benefit from an experienced sounding board for discussing ideas
  • When you could use meaningful financial analysis
  • When your financial systems do not produce timely and accurate information for reporting purposes and decision-making
  • When you feel like your organization may not be structured in the best way to facilitate growth and efficient operation

Why Hire a Temporary CFO?  – There are many situations in which a businesses can use the assistance of a temporary or part time CFO, such as:

  • To fill an vacancy – Whether planned or unexpected an interim CFO can fill the strategic and operating role, work with senior management, investors, department heads and outside service providers
  • To conduct specific analysis – such as development of budgets, completing short-term financial project & cash forecast, Business Process Reviews and operational assistance
  • To assist in a transaction – An interim CFO or consultant can provide specialized financial skills and background to minimize costs and risks
  • To reassure private funders or banks that the company is fiscally responsible
  • To assist in implementing finance & accounting processes, or developing  policies and procedures
  • To assist in an accounting or ERP system selection process and implementation
  • To assist a business with the required documentation for regulatory filings  or for support during an audit

All companies, big or small, face many of the same strategic issues. Consequently, all companies have many of the same needs, including the type of analysis that a CFO can provide. For small companies that simply can’t afford a full-time CFO, a part-time CFO is a potential solution to consider

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