subject: Benefits Of Hiring A Cfo [print this page] Need to hire a part time CFO? If you want to hire the services of a temporary cfo, you must be extremely clear about the services performed by them. Otherwise you may expect something more from them, which they are not bound to give you.
Generally, smaller businesses that have a temporary Chief Financial Officer will experience a significant value added benefit to their business. The time required depends on the strength of current staff, systems and procedures. Where current resources are lacking, the CFO will mend those deficiencies and then the time required for long term is reduced. Temporary services can be highly beneficial to the owner and management team as they have access to an expert who will help the future of the business without having the payroll expenses and benefit expense of a full time experienced professional.
The qualification of the temporary CFO greatly varies from that of a full timer. A part timer should have a college degree in finance and accounting. Apart from that, they must possess 10 to 15 years of experience in finance management. Moreover, only a full time CFO experienced for at least 5 years can become a temporary CFO. This fact shows that the temporary cfo are no less qualified than the full timers.
A part time cfo handles the same responsibilities as undertaken by a normal and full time CFO . They will take responsibility of the all the finances in the company. However, they are not liable for the heavy expenses in the form of heavy checks. They will teach the staff in a company to manage the finances safely, securely and responsively. They also take part in the meetings of the company and make decisions on some crucial aspects.
If you have recently launched your business or if you are running low on your budget due to several reasons, it is best to start out with a temporary CFO. This is because a full time Chief Financial Officer generally charges a significant amount of money every month for the same task that would be performed by the temporary Chief Financial Officer.
There are several companies that deal with the services of the CFO. Finding the resources to manage the financial demands of a business can be challenging so you need to do a thorough research before you hire their services. Most companies claim that they deal with experienced part time Chief Financial Officers. If not reviewed properly you may always find that their services are not up to date. Having the right information to make crucial financial decisions is important when it comes to profitability, cash flow, planning and the future of a Business.
