As an entrepreneur, you probably feel like you have to be the chief cook and bottle washer in your growing business. But can you also be the chief financial officer (CFO)? It may be possible to do it all yourself when you are just starting out. But as your business expands you will soon need someone that can do more than just “take care of the books”.
What does a CFO do?
The chief financial officer or CFO of a business is responsible for managing and overseeing the long-term financial health of the company. This role includes tasks such as tracking your cash flow, analysing your company’s financial strengths and weaknesses, and suggesting steps to remedy any problems. A qualified and experienced CFO can play a pivotal role in helping you to make the right strategic and financial decisions. A good CFO is not only responsible for your company's current finances but can also help you to predict and drive its future growth.
Why hire an outsourced CFO?
A qualified CFO can provide valuable insights to help entrepreneurs when making the many critical decisions needed to scale a business. However, even if they could afford one, very few small and medium-sized businesses (SMEs) can really need the amount of advice and oversight that a full-time CFO provides. SMEs don’t need 2,000 hours of a CFO’s time – they just need the right advice at the right times during the year. Outsourced CFO solutions solve this problem by giving smaller businesses access to the same high-calibre professional CFOs that big businesses rely on.
A virtual CFO or outsourced CFO fulfils all the tasks a regular CFO does, but without being permanently employed in-house at your company. While most highly experienced CFOs would not be willing to take up a permanent position at an SME, they may be able to devote 25 hours a month to high-level oversight and assistance when you need it most. A part-time CFO can help you free up your time as a business owner to focus on what you do best. However, choosing the right part-time CFO or outsourced CFO firm requires just as much care as any full-time hire. Here are five CFO hiring tips to help you pick the best Outsourced CFO for your business.
5 Tips for hiring the best outsourced or part-time CFO for your company:
Education and training
Any job comes with a job description and the best outsourced CFO business advisory services will help you to identify exactly what kind of training and experience you should look for in an outsourced CFO. You no doubt make sure that the candidates applying for any other vacancy in your business meet the educational and work experience requirements you set out, and you should do the same for an outsourced CFO. Like with any other hire, make sure to do your due diligence on your chosen candidates, verify their educational attainments, and call up their references to get more background about them. A positive reference means click here to continue reading …
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