Here’s the classic scenario of a business that is taking off and starting to grow.  It reaches a point where they need professional financial advice but can’t afford a full-tie CFO for controller.  For those business owners who are fortunate enough to be in this position, it may of interest to know of a win-win solution:  hire temporary CFO services to help the business owner through an enviable yet tough transition. 

It can cost from $60,000 to over $100,000 per year plus bonuses and benefits to hire a full time CFO.  While the is a fairly good paying job and may be more than the CEO gets, a good CFO is worth his or her weight in the money that is saved in the long run.  For companies starting to experience growing pains, hiring part time CFO services are a great investment for peace of mind. 

Here are some of the services that a part time CFO can offer: 

•    Gives the entrepreneur more time to focus on marketing for new business, new customers and other core business issues. 
•    The CFO provides a platform for better understanding of the financial aspects of the company.  There will be no surprises for the CEO and provides a better understanding of financial controls and procedures.   
•    Provides improved decision-making capabilities to clearly see the hard and true numbers involved in running the business.  Again, no surprises.
•    A professional who establishes strong financial controls in the business to reduce employee theft, waste and fraud. 
•    The CFO provides training and manages the accounting staff.
•    Improved quality and timeliness of reporting comprehensive financial information.
•    Prepares budgets, monitors the budget and manages the budget.
•    Provides profitability analysis of products and services.  Makes recommendations of what equipment to purchase and when. 
•    Strict cash management in all aspects of the business. 
•    Liaison with bankers, attorneys, vendors, insurance agents etc.
•    Prepare proper financial reports and proposals for obtaining financing from banks, venture capital firms, and other financial resources.  Also facilitates the negotiation process. 
•    Review and negotiate insurance policies.
•    Develop account procedures as well as manuals for accounting policies and procedures.
•    Analyze equipment purchases, expansion, real estate, etc. 
•    Assists with mergers and acquisitions. 
•    Finally, some CFOs prepare and manage taxes. 

The above list of responsibilities that CFO services handles and manages releases the CEO and entrepreneur to attend to business innovation and marketing.  Once a business owner releases the financial reins to capable hands, it is easy to see the value in hiring a CFO on staff or at least in a part time position.  It is an enormous blessing in disguise and also provides the kind of cost effective service that has a definite return on investment. 

It may take a little time for some entrepreneurs to understand how this investment pays off in the long run.  Once they make the initial investment and see that it accomplishes tremendous advancement in a short amount of time.