A CFO for hire can help your business
Your CPA will assist that your financial statements are presently ‘fairly’ and appropriately. Consultants will take a look at, and help you evaluate, your bottom line.
What do you do when your business needs professional strategic &/or financial advice, yet you don’t have the budget or the need for a full time senior financial executive (a.k.a. CFO)? Business is booming, and you need a strategy to ‘manage’ the growth. Perhaps your business is struggling, even failing. Is there a way to get out? Is your CPA all you need for financial assistance? Whom can you look to for help?
One of the results, and benefits, of the large amount of company downsizing is the influx of experienced key management personnel into the consulting field. Former CFO’s with extensive experience started their own consulting businesses, where they are often called a “CFO for Hire” within the business sector.
These financial management consultants offer their services and extensive experience to the small to mid-sized business owner at a reasonable fee. This allows these businesses to get the professional advice that their larger competitors receive every day from having a full-time CFO on staff.
What can the 'CFO for Hire' offer your business?
The services range across the financial spectrum, including assistance with bank and other financing, turnarounds, profit improvement, and creating a plan and vision which will maximize your company’s value.
While most clients are expected to “go to their CPA” for financial assistance, a “CFO for Hire” will “come to you”, and will view themselves as a hands-on member of your management team.
Financial management consultants are accessible, are aggressive in quick turn-around on financial problem resolution, and take a personal interest in your business.
One of the key advantages to using a “CFO for Hire” is to allow your in house accountant(s) to handle the routine, administrative financial work, and pay an experienced CFO to handle major financial issues for your company, paying only for what you need.
Other advantages include getting the assistance you need in obtaining financing for your future projects, analyzing and projecting your business cash flow, and working aggressively to control expenses within your company.
What kind of fees can you expect to pay? Most financial consultants work on a monthly retainer or hourly basis. Hourly rates will depend on the experience of the consultant, as well as the nature of your work.
When asked what the number one reason is to utilize the services of a “CFO for Hire”, “Bottom line impact and smoother, more efficient management”.