What was a growing trend about 15 years ago, has become status quo for many companies that are experiencing growth in their business. It is a blessing to be able to graduate from Quick Books and an accountant to a full-blown CFO who can help direct a company’s financial future. But like many small businesses, to bring on a full time CFO can blow through the budget very quickly. That’s why a hiring a part time CFO is the answer for many CEOs who have expertise in their chosen field but do not have a clue on finances beyond balancing a checkbook.

Once an entrepreneur understands how a virtual CFO or part time CFO can help move their business toward more growth and provide a clearer fix on how much operating capital is needed at any given time. A CFO can navigate waters where the unsure will want to tread. Here are a few items a virtual CFO will come in handy to help a business owner:

• Help procure unanticipated tax refunds from the IRS and the state for previously assessed taxes. Some business owners are not aware where they can save tax monies or recover paid monies to the IRS.
• Understanding of shareholder issues, design and implementation of shareholder agreements to be fair to the individual shareholder as well as the business owner. The CFO will take care to ensure both the operational and financial considerations are implemented smoothly.
• Procuring financing for owner occupied properties, obtain lines of credit and leasing of equipment. Assist and determine the business’ need for capital and lending sources before the need becomes acute.
• Recognizing when to convert from a proprietorship, C Corporation or LLC in order to save tax dollars. The uninitiated may continue, as is when a corporate conversion can save thousands to the tune of double the assessments.
• Work as a consultant or an advisor with the tax attorney regarding estate planning, gifting and strategic business issues. Act as the company’s representative to the IRS to negotiate and develop terms for payment of penalties, fees and back taxes. Believe it or not, the IRS is amenable to making deals.
• Set up qualified and deductible retirement plans, education funds, rainy day money, second homes and planning for the next egg when preparing the future before it becomes a necessity. The idea of planning for the personal future can slip through a business owner’s fingers.

To some, hiring a full time CFO is unacceptable because of the high price tag that comes with the job. Some CFO’s make more money than the business owner. Therefore a part time CFO is the answer. An entrepreneur’s vision will become less crowded with distractions when the financial department is running smoothly due to the advice, help in business planning and implementation of an expert and professional in this field. The beauty of is that all the financial questions are answered by a part time professional that can do more for less.