Let’s start with the typical responsibilities of the Chief Financial Officer (CFO) - the CFO of a business is the right hand man (or woman) to the business owner, managing the finances and financial systems of the company and providing financial data to help make strategic long-term and day-to-day decisions.
Some business owners turn to CFOs to establish proper bookkeeping systems, billing and collecting processes and bill paying processes. Now, the CFO has a different role than a bookkeeper or accountant who mainly keeps track of the company’s books. While this is a MUST for any business, it is not the CFO’s job. The CFO uses that historical information from the accountant to plan for future cash needs, analyze current business financial performance so decisions and improvements can be made, and to help the business owner proactively manage the business.
Sounds great, huh? It really is! The CFO can make a huge impact on profitability and cash flow of a business. However, a lot of small businesses cannot justify making the leap and hiring a full-time CFO for their business. We’re numbers people. We get it. Typical CFO compensation ranges from $90,000 - $140,000 (not including benefits, taxes, etc.).
That’s why we have officially launched our outsourced CFO program – it’s a CFO at the right time, when you aren’t ready for full-time. Many businesses don’t have the need for a full-time CFO, but can benefit tremendously from having a financial executive on the team. If this sounds like you, give us a call (785-234-3427)! Not sure if it’s for you? Take the CFO quiz at http://www.btandcocpa.com/new-index and see how you score.