The Benefits of a Part-Time or Fractional CFO
Updated: Jul 17, 2020
Why consider a part-time CFO?
Big and small entrepreneurs need someone who will manage their companies’ finances to attain financial stability, and it has got to be a chief financial officer. However, hiring a CFO is not applicable to all. There are some who cannot afford to do so. Fortunately, there are part-time CFOs ready to meet different company preferences.
Hiring a part-time CFO costs less than getting a permanent one. For small companies who do not have complex financial needs yet, it is best to hire a part-time CFO. CFOs do not need to complete eight hours a day and five days a week. Some CFOs are skilled enough that they only render services for one day a week.
In addition, part-time CFOs can provide services that are at par with those of full-time CFOs; therefore, with part-time CFOs, companies can achieve financial growth without investing too much in hiring a professional finance executive. There are usually no contracts, too, that bond a company with a part-time CFO. This drives part-time CFOs to perform better.
Since the part-time CFO is only required to render CFO services for a short period, (s)he strives to meet the company’s financial goals within the allotted time. Thus, the objectives are attained faster. It is not only cost-efficient, but is definitely time-efficient, as well. Companies have more time to focus on other areas; thus, faster growth is achieved.
Hiring part-time CFOs is also advantageous to the whole finance department staff. Part of the CFO services is providing staff with updated information about finance management. If there is a new CFO to mentor them, learning becomes continuous. Their knowledge about financial management is constantly renewed.
It is also a CFO’s responsibility to take part in the company’s strategy-making. If the company always hires a new CFO, new strategies are formed and new approaches are developed. For entrepreneurs who want to embrace new administrative and operational methods, it is ideal that they get part-time CFO services.
We Can Help
We are smart, nimble, and flexible. If you would like to discuss how Charles River CFO can assist your company with part-time CFO and accounting services, please contact us at (781) 431-0420 or send us an email.