By the time a company reaches $5 million in annual sales, and often sooner, it is ready to have its own full time Chief Financial Officer (CFO). That company needs the expertise, analysis, judgment and insight that a skilled CFO brings. Just closing the books and overseeing day to day activity is no longer enough.
A part time or shared CFO works in your office as if he were an actual employee, even though he is technically an outside contractor. He is not there every day, but he is there as often as is required by your company’s needs.
A part time or shared CFO is a highly qualified financial professional. Your company shares his services with other companies. Your company utilizes a fraction of his time, and pays a fraction of his cost. But cost saving isn’t the biggest advantage. The biggest advantage of outsourcing the CFO function is that your company benefits from the same expertise, analysis, judgment and insight that is available to larger companies.
Your part time or shared CFO trains and manages your employees to efficiently handle day-to-day activity. He also addresses non-day-to-day issues (these vary based on the client’s individual needs). For example: