Part-Time CFO Services

What is a CFO and why do I need one?

A Chief Financial Officer (CFO) can be defined as a senior executive responsible for financial control and planning.  This includes overseeing all accounting functions including credit control, preparing budgets, coordinating financing, monitoring expenditures, liquidity and cash flow, managing investment and taxation issues, and reporting financial performance to the board and chief executive officer.

 One of the largest hurdles a small business faces as it grows is the implementation of a CFO.  This hurdle is a difficult step for many reasons, including control, trust, competence, timing, and a financial commitment to the salary.  The national median annual wage for a CFO in 2009 was $160,720.

 If you are serious about taking your business to the next level, you will need a CFO.  At a a minimum, you need a CFO on a part-time basis until you reach the point a full-time CFO is needed and can be afforded.  The general duties of a CFO include:

• Coordinate and direct your company's financial activities to fund your operations, maximize your investments and increase your company's efficiency.
• Prepare and monitor your company's budget in conjunction with your Board of Directors and Chief Executive Officer.
• Act as liaison with bankers, attorneys, and insurance companies.
• Analyze operations to evaluate performance of the company and its staff in meeting objectives in order to identify areas of potential cost reductions, performance improvements, and other key performance indicators.
• Direct, plan and implement policies, objectives and activities to ensure your continuing operations, to maximize your profits, and to increase productivity.
• Negotiate contracts and agreements with suppliers, distributers, federal and state agencies, banks, vendors, and other entities.
• Work closely with department heads or managers.