Are you dissatisfied with the financial situation at your company? It’s not just you. Much small business and nonprofit executives experience that.
Because of this, there is a need for and supply of part-time CFO services.
Many businesses first believe that managing finances is all about paying taxes. But you’ve surely realized by now that there’s more to it than merely appeasing Uncle Sam.
Perhaps you’re losing money and don’t know how to stop.
A board meeting may be coming up, or an investor may require firm statistics and a roadmap to profitability and growth.
Or perhaps you’ve started to realize that your financial branch can give you a competitive advantage and create new prospects. To start to edge out the competition, you simply need reliable data and a person who can decipher the meaning of the figures.
An interim CFO might be the ideal answer. What do they do, though, and how much do they charge?
WHAT RESULTS CAN I ASSUME FROM PART-TIME CFO SERVICES?
A CFO can choose and supervise a bookkeeper and controller to gather accurate data, analyze the findings, and offer insight to assist guide the ship in the direction of your stated goals. As a result, you are perfectly aware of where, when, and how to direct your team’s attention and update your stakeholders.
The finance department can be promoted as a competitive advantage by the CFO. If you’re struggling financially, it’s likely that your rivals are too, but they’re not likely to be reading this and actively looking for a solution. You may reduce waste, use the cash more effectively, and identify chances for increased production or development with the aid of an expert CFO. They can put you in a position to outperform competing businesses in your industry.
WHAT WILL the price of part-time CFO services be in 2022?
Most suppliers will produce a personalized price based on your unique requirements. Spending every day might range from $1,200 to 2,500 dollars. When compared to hiring a full-time CFO who would cost more than $225,000 a year (pay + perks), outsourcing to a part-time CFO can easily result in cost savings of more than 60%.
Consider the fact that some businesses combine the services of a bookkeeper, controller, and CFO when you start your search. In this case, the company effectively gives you access to its whole finance department.
Beyond the obvious, PART-TIME CFO SERVICES HAVE VALUE.
Remember that professional CFO expertise will produce intangible benefits that are challenging to quantify as you start a cost/benefit study.
Your board of directors, investors, or co-founders who may be concerned about your financial situation will become more confident in you. These stakeholders might have on occasion asked you questions you weren’t able to respond to or identified weaknesses in your finance department. Having a CFO in place demonstrates to your staff that you are committed to obtaining reliable data and insights from your financial accounts and reports. And when the moment is right, that assurance may help loosen the purse reins.
Due to resources that are wasted in the form of cash bleed, such as debt, you’ll get rid of opportunity costs. Our part-time CFO services helped Will Hackler, managing partner of Integrated Pension Services, Inc., by releasing cash flow to pay down debt and allowing him to reallocate his cash flow. “The growth rate of my business tripled over the first year of working with Driven Insights, and gross margins increased. We even paid down a significant portion of our debt balance in addition to adding new workers who have been essential in assisting our growth goals.”
Because you obtain the systems, time, and knowledge of that team when you employ CFO professional services, your efficiency will grow. Your finance staff may be having trouble overcoming process bottlenecks or flaws in the technology stack they are using. Other firms have probably used a part-time CFO service provider to help them get beyond these obstacles and find their way to better tech stacks and more productive procedures.
VIEW THE GROWTH REPORTS CFO Professionals Can Offer
Let us show you the financial reports that prepare CEOs for decisive action.
Our executive growth kit is a sample of each of the reports that we use for helping organizations in each stage of growth. Your ability to make the right decisions in the right sequence is limited only by the quality of your financial insights. We equip CEOs to win.