Part-Time CFO: Exploring the Benefits and Usability for Small Businesses


Like any other business in the US, Atlanta’s businesses have to deal with various financial matters that require the expertise of qualified, skilled, and experienced professionals. While big companies can afford to hire an entire team of CFOs and CPAs to manage their finances, small businesses do not have enough resources to afford such expertise.

Nonetheless, small businesses and startups can still hire CFO services in Atlanta, GA, to help them resolve various finance-related matters.

Understanding why small businesses need a CFO

Startups and small businesses may have the potential to grow exponentially in a very short time. The owners need to effectively handle the surge in transactions, accountancy, taxation, and much more, which requires the help of a professional. Here’s why businesses need a CFO:

  • They can make financial projections and figure-based financial forecasts to allow businesses to set and achieve financial goals.
  • CFOs can analyze the budget against the actual expenses to determine if they have adequate finances for the determined business goal.
  • CFOs can help companies understand unit economics, such as the average revenue they generate per customer and the cost of production per unit.
  • CFOs are capable of creating board presentations based on the financial results, annual budget, forecasts, etc.
  • CFOs are able to evaluate sales resources and productivity to determine how much manpower they need for their business while also identifying the individuals who are not performing.
  • CFOs can prepare strategic plans by reviewing financial data to suggest modifications or alternatives for better results.
  • CFOs possess the expertise to review customer contracts and other legal documents to ensure that they are in the business’s best interest.
  • CFOs can provide HR oversight on compensations, layoffs, and terminations if needed.
  • Apart from the above, tasks like risk management, treasury management, raising capital, and many other financial tasks also belong to the CFOs.The benefits of hiring a part-time CFO

While there are tons of benefits of hiring a part-time CFO service, the key benefits are listed hereunder:

  • Hiring a part-time CFO is very cost-effective, as you can expect the experience and qualifications of a CFO for a fraction of the price of hiring a full-time CFO.
  • Hiring a part-time CFO gives you the flexibility to hire according to your needs. That is, you can hire a part-time CFO whenever you require their expertise and discontinue their services when you don’t need them anymore.
  • A part-time CFO can also be hired to address the immediacy when a company is looking for a permanent CFO.
  • Usually, the part-time CFOs have experience of having worked as full-time CFOs for businesses. Therefore, they bring along the knowledge that a new CFO might lack.
  • A part-time CFO allows the business owners to focus on core competencies while they manage the finances of the company, thus facilitating the increase in productivity.
  • Part-time CFOs also ensure that the companies comply with the tax laws and regulations.

How to Enhance Parent-Child Relationships with Therapy

Previous article

Confident Nursing: Building Skills And Resilience In Your Breastfeeding Journey

Next article

You may also like


Comments are closed.

More in Featured