If your business has seen tremendous growth since its beginning, it may be time to hire a part-time CFO that can provide valuable knowledge regarding your business’s finances. Your first thought may be, “Isn’t that a large expense?” However, choosing to outsource a part-time CFO can be a cost-effective move. Rather than paying a full-time salary and benefits, you would instead pay a CFO by the number of hours worked.
Now let’s discuss exactly how a part-time CFO can help your business.
Gaining a better understanding of finances
Although you may think you have enough experience and success managing this on your own, the details of the financial life of your business are often best to be taken care of by a professional. There may be certain goals you have set for your business that require guidance from another person who has a different skill set. Your part-time CFO can help you come up with strategies that are designed to maximize profit and manage cash flow effectively.
An outsider’s perspective
Taking on an employee that has a neutral standing regarding the finances of your business means that you will receive truthful information from an unbiased source. Hiring a person based on personal ties puts you at risk of apprehensions regarding financial issues. A part-time, neutral CFO will focus on effective solutions that address a problem without relationships creating a barrier.
Making more profits and saving time
A CFO will have prior connections with financial backers or funding possibilities that alone you would not have access to. Once a CFO researches and understands your financial status, they can then put these connections to work for you.
Now that you’ve seen exactly how beneficial a part-time CFO is, let’s review how Ryder and Company can help you. Below is a list of assets you can expect should you engage our part-time CFO services to help expand your business’s success.
- Improved quality and timeliness of financial information
- Budget preparation and monitoring
- Profitability analysis by service or product line
- Tax saving strategies
- Trend analysis
- Assistance in defining long-range plans and the quantification of goals
- Cash management
- A liaison with bankers, attorneys, vendors, insurance agents, etc.
- Assistance in obtaining financing from banks, including assistance with negotiations
- Review/negotiation of insurance policies
- Development of company accounting procedure manuals
- Analysis of equipment purchases, expansions, etc.
- Mergers and acquisitions assistance
- Custom designed collection policies and procedures
Wondering how to get started? Contact Ryder and Company for a free consultation!