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What Does a Part Time CFO Actually Do?

A CFO is a person who is a Chief Financial Officer. They are experts in maximizing the cash on hand, improving the amount of profits that are received, and helping companies to optimize their time. A part-time CFO takes these same steps in helping companies, but they are only there on a part-time basis. Many companies who are seeking help when it comes to their financial status, do not have the funds to add an extra senior officer on their payroll, so they will hire a CFO to help fix problems they may be having and get them to a point where they can again do it themselves.

The main responsibilities that are performed by a part-time CFO include overseeing all of the company’s financial and accounting practices. This can include such jobs as preparing the budgets, dealing with the taxes and all of the audit functions. It includes developing systems and tools to give the CEO of the company vital information about the finances as well as give recommendations on the operations of the company and strategies.

They are there to oversee the planning of the budget and design a strategic plan for the cost management of the company. With someone in a position who can make authoritative decisions like this, it is much easier to streamline your business.

Other duties of the part-time CFO include managing the cash flow of the company and forecasting where the profits will go. They optimize the relationships that the company has with the bank.

They are there to help teach and develop the knowledge of the staff within the company so that when their work is done, the staff can continue with the proper financial workings. The part-time CFO will also help to create relationships with lending institutions and many other important financial members of the community in which the company is positioned.

The option of hiring a part-time CFO for the woes of a company’s financial status can very well turn the company around and give them the strength that they need in order to build their profits and become very successful.

The cost that the company will pay for the CFO will be significantly lower than hiring a full-time financial employee that they would have to offer benefits too as well as other factors that need to be taken care when you hire an employee. There are many resources on the Internet that can direct you to choose the right CFO that would work well for your company.

Tom Benson is a professional CFO and has worked as a part time CFO after his retirement from a major firm. Look for more from Tom.

BoomersNextStep Guest Author

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