The most cost effective and productive way to use a CFO is on a part time basis. In other words, as a business owner the thing to do is find yourself a CFO Consultant. Back in the day, Chief Financial Officers were commonly called controllers, and controllers would pay a lot of attention to monthly closings, financial statement preparation and profit planning. With today’s operating systems and more sophisticated accounting modules, CFOs can share their attention with areas that are more productive to the business owner. For example: CFOs can focus on business forecasting, inventory planning and reduction of risk. These aforementioned productive CFO duties and CFO services do not take full time manpower. You can even add a number of other CFO services and it still will not require a full time CFO. When you hire CFOs on a part time or temporary basis they will not require benefits as most are of independent contractor status. Part time CFOs are also your CFO as long as you want to keep them. The Business Owner will not get a two week notice because they found another job. In closing, CFOs who work on a part time basis are more valuable than a CFO who is a full time employee because they will tackle the most important issues in your business while being extremely cost effective.
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