Here are the signs that your business needs a Part-Time CFO
Given the financial complexities even small businesses face, the services of a seasoned financial professional are truly beneficial. However, many business owners prefer to invest their resources in aspects that more directly focus on the improvement of their business rather than bookkeeping tasks. Of course, some businesses simply can’t afford to hire a full-time CFO but may still need help with their finances. Outsourcing these tasks to a part-time professional can be an excellent solution. Some definitive signs that your business needs part-time CFO services include:
Rising accounting errors and confusing financial reports
Needing to approach banks for funding
Spending outweighs cash flow
Declining profits or underperforming profits
Preparing to sell your business
Planning on acquiring or merging with another company
Planning on expanding your offerings
Needing help with tracking growth and performance
Needing help with budgeting and financial forecasting
Preparing for a pending audit