Wed Jun 1, 2022 | | CFO Services

The Benefits a Part-Time CFO Can Offer Your Small Business


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Many small business owners may want to hire a full time Chief Financial Officer (CFO), to handle the financial aspect of your company, but that may not be the best solution. A part time CFO may be the best option for your business.  As a small business, you may not have the budget to afford a full time CFO and you may not have the volume of work to keep someone busy on a full time basis. A part time hire may save your company a lot of money while also keeping its financial records in pristine. In this article, we will give you more details about why hiring a part-time CFO is a great idea.

Cost Saving

Hiring a full-time CFO is not a cheap affair, and unfortunately, it may not be affordable for small businesses. With a part-time CFO, you can save a significant amount of money because you don’t have to pay a high salary, and they can still do excellent work for your company.

Better ROI

CFOs are responsible for ensuring your company is on a stable financial footing. They can monitor the company’s finances and make sure your financial statements are accurate. In the case of a small business, a full-time CFO may not be needed because it is not financially stable yet. 

If you are a startup or a small business, it would be better to hire a part-time CFO instead of a full-time one. A part-time CFO can provide the same level of service to your company while you save money. The part-time CFO will be an independent contractor who can come in and help your company with its financial needs. In fact, outsourcing your finances can be safer and more cost-effective.

Financial Reporting

Financial reporting is the prime responsibility of a CFO. Your financial statements can be in good order if you hire a part-time CFO to do the job. Here are a few reasons why financial statements are important:

  • It helps you make the right decisions when it comes to the company’s future.
  • It lets you have an idea of the company’s current financial standing.
  • If you’re looking to receive lending or lines of credit from a lending institution financial reports will need to be provided.

A part-time CFO can take over your financial reporting needs. If your business is not that big yet, you don’t need to spend thousands of dollars for a full-time CFO.

Financial Advice

When you hire a part-time CFO, you can still get valuable financial advice from them. If you run into a financial problem, a part-time CFO can help you solve it. They can even give you advice if you plan to expand your business or want an exit strategy.

Apt Knowledge and Experience

Another reason why you need to hire a part-time CFO is because you will not have to train someone new. When a small business hires a full-time CFO, they have to train the person most of the time. On the other hand, hiring a part-time CFO means you already have someone who knows the business and can hit the ground running on day one. 

They already have the necessary knowledge and experience to handle the financial needs of your company. This can save you time and effort. As a result, you can strictly focus on the company’s core business activities and let the part-time CFO handle the finances and explain them to you.

Conclusion

In summary, hiring a part-time CFO is a great idea. It is also beneficial if you don’t have to spend so much money on employee salaries. 

We hope we have convinced you that hiring a part-time CFO is a good idea. The benefits that come with a part-time CFO make it worth your while if you want to keep your finances in order.

Are you on the lookout for a CFO for small businesses? Rely on CFO Strategies. We offer CFO and financial controller services on a part-time basis to support businesses like yours. Contact us today!