More often than not, small companies and/or start-ups cannot afford to have a CFO on their team. But they still need the expertise. One alternative is a Part-Time CFO. The value of a Part Time CFO is the access to an experienced resource for a fraction of the cost.
There are a number of situations when this support can be extremely valuable – when preparing a business plan or budget, arranging financing or credit are the obvious ones that come to mind. It can also be very helpful to simply have a financially focused strategic thinker at the table. In such an example the Part Time CFO can help to ensure that your growth plans actually make financial sense. It can be a reality check to the CEO’s strategies. Adding bench strength to support and supplement the accounting and finance team is often critical with smaller organizations where short term absences, or unexpected departures or even peaks in the workload can cause some serious financial management issues in a hurry.
So while not for everyone, a Part Time CFO can be an integral part of the management team in many cases. They can provide the comfort of knowing that a professional is overseeing, protecting and constantly improving the financial side of the business.