cfo services, contract & part-time
Additionally, CFO also provide the following
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Redesigning the entire accounting process. When you bring in an experienced contract CFO, you're not only getting someone with helpful knowledge; you're getting someone who can implement processes which have been proven to work in other organizations. You might be surprised by the number of errors which can be eliminated and how much your financial team efficiency can improve.
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Overhauling reporting. Many organizations lack financial clarity because they don't get the right reports on a regular basis. A contract CFO service will often come in and adjust or completely rebuild weekly, monthly, quarterly, and annual reports to deliver data which informs decisions. This may involve tracking new or different Key Performance Indicators (KPIs). The KPIs to watch often vary by industry and business size/growth stage.
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Coaching the CEO/Owner. CEOs who are not financially-oriented look at numbers and see numbers. A contract CFO can teach you how to look at numbers and see the story behind the numbers. So you'll not only get immediate insights from the CFO, you'll get the training which will help you become the data-driven CEO or business owner you've always wanted to be.
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Replacing technology platform(s). CFOs are often called on to audit and/or replace financial software platforms which should streamline processes and enable a business to scale. That's a tall task and one that will have long-term implications, for good or bad. These contract CFOs are tasked with implementing and integrating all the solutions required for financial insights and tax compliance.
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Navigating a cash crisis. It is not uncommon for small businesses to seek CFO services when their backs are against the wall. A top-notch contract CFO has been in the trenches before and can jump in and prioritize tasks by greatest impact to keep the lights on. The contract CFO can also put cash management controls in place to ensure the business is never blindsided by a cash crisis again. These controls give you the time to respond if a crisis is on the horizon.
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Raising capital. Some contract CFO service providers may be willing to hit the road with you as you pitch to angels and VCs. Others can prepare your financials in a way that will attract capital, even if they don't actively participate in those pitches and negotiations. Either way, find a contract CFO with experience in fundraising, preferably in your industry.
You can save 50% of salary cost by hiring a contracted CFO instead of a full-time CFO. Generally CFO compensation packages run between $175,000 to $225,000 per year. These compensation packages often include base salary, 401k, annual bonus, health benefits, and performance bonus. We can cut the cost, and provide a higher level of expertise.
A contract CFO’s role is broad in nature, but typically includes the following:
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Assist in formulating the company’s future direction through providing input on the company’s business plan, financial and tax strategies, budgeting, and forecasting
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Develop performance measures that support the company’s strategic direction
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Maintain in-depth relations with all members of the management team
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Manage the accounting, human resources, investor relations, legal, tax, and treasury departments
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Oversee the financial operations of subsidiary companies and foreign operations
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Manage any third parties to which accounting or finance functions have been outsourced
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Oversee the company’s transaction processing systems
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Oversee employee benefit plans, with particular emphasis on maximizing a cost-effective benefits package
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Supervise acquisition due diligence and negotiate acquisitions
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Personally review and approve all financial reports and filings.
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Understand and mitigate key elements of the company’s risk profile
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Monitor all open legal issues involving the company, and legal issues affecting the industry; ensure that the company complies with all legal and regulatory requirements
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Report financial results to the board of directors; report risk issues to the audit committee of the board of directors
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Maintain appropriate insurance coverage
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Monitor cash balances and cash forecasts; arrange for debt and equity financing; invest funds