Question # 30: But what does a CFO actually DO for me?
A chief financial officer is one of the most important members of your financial team. CFOs supervise financial and accounting statements, track and manage cash flow, determine the best way to distribute financial assets, participate in financial planning and so much more. These important finance-related tasks can fall under the radar when you have a busy small business that’s striving to expand in its market.
Hiring a part-time CFO provides you access to a financial expert who’s fully focused on your company’s long-term financial strategy. Some critical CFO services include:
Ensuring your financial documents are accurate and in order
Planning and executing a winning formula for financial growth
Analyzing cash flow and financial reports to make crucial decisions
Generating and tracking detailed budgets
Performing short-term and long-term forecasting
Raising capital to grow your business
Ensuring there’s enough cash on hand for daily operational needs
Representing your company during third-party audits
Assisting with mergers and acquisitions
By hiring a part-time CFO, all these benefits are available without the high costs of annual salaries, employee benefits and Social Security and Medicare pay-ins. Plus, a part-time CFO can train qualified employees to accurately complete basic accounting work.