Lifting your business to the next level

If you’re a small-to-medium business, the thought of hiring a CFO, even part-time, may sound excessive – aren’t they for big corporations? Would you have enough for them to do? 

But if your business is entering a period of rapid growth, a part-time CFO could be exactly what you need. After all, if you’re trying to move up to the next level in business, who better to talk to than someone who’s already been there? 

Having access to an expert with experience in bigger, more established companies can help you make the right decisions and avoid expensive mistakes. They can provide everything from operational support to in-depth strategic analysis and can find new ways to move your business forward.  

Bringing on a CFO part-time means you get access to high-level finance expertise when you need it, without paying an unnecessary full-time salary. 

More than just accounting services 

These days, CFOs offer far more than simple bookkeeping or accounting services. They deliver invaluable strategic analysis. This can have a huge impact on your performance, profitability, and long-term business success. 

When you hire a part-time CFO, the scope of duties will depend on the size of your business, your specific needs, the industry you’re working in, and your overall business strategy. Generally, they will work to shape your company’s finance strategy and provide day-to-day support for your financial operations. 

A CFO should also be able to help with business planning and forecasting, tax planning, risk management, compliance, auditing and reporting, investment, working capital management, and general budgeting. 

As an experienced finance expert, your CFO will act as your company representative and help you communicate and negotiate with lenders, investors, and auditors more effectively. They may work with your board of directors to hammer out financial details. They’ll be in the ideal position to offer advice and guidance around any business decisions – mergers, sales, acquisitions, or any other major changes.

A new perspective 

A good part-time CFO isn’t there to simply tick the finance box and go along with every idea the CEO comes up with. They act as more of a strategic partner to the CEO or business owner, using insight and perspective to identify opportunities and offer solutions. 

When you’re running a business, it’s easy to get bogged down in the day-to-day, so an outside perspective can be incredibly valuable. A good part-time CFO will act as a sounding board for your questions and problems, but should also be able to spot issues, boost efficiency, and identify opportunities that you may not have considered. As money experts, they’re the most likely to notice when your strategy isn’t on a firm financial footing and should be able to help you shift your vision to match your financial reality. 

Even though your part-time CFO wouldn’t be working in your business every day, they should be able to offer their own expert opinions on company decisions. More importantly, they can speak up if they disagree. It’s not about negativity, it’s about challenging assumptions and pushing your business forward. 

Face challenges with a part-time CFO

Growth is positive, but it can also mean rapid change and serious business challenges. If you’re struggling to keep up, working with a part-time CFO can help make sure you make the right decisions and avoid financial pitfalls. 

Need help navigating your business through a growth period? Talk to the team at GECA about our part-time CFO services. 

The post What to expect from a part-time CFO appeared first on GECA Chartered Accountants.

The advantages of a Virtual CFO

If you’re a small company looking to scale up, you need the financial expertise of a CFO. But taking on a full-time staff member at that level is often too costly for smaller businesses. Fortunately, there’s another option: hiring a Virtual CFO (vCFO). That is a CFO available on a fractional or part-time basis.

Outsourcing your CFO requirements needs gives you access to high-level financial knowledge and expert guidance without costing the earth. You’ll get in-depth advice and help to make the right decisions as you scale up your operations.

Here’s why it’s worth taking on a Virtual CFO:

CFO services at the right price

Most small businesses don’t have the funds to take on a full-time CFO, and often don’t really need full-time CFO services either. Hiring a part-time CFO lets you avoid recruitment and hiring costs, and gives you access to expertise when you need it.

Flexible, accessible support 

Many businesses find that their need for financial support ebbs and flows. That’s why a part-time or on-call CFO can be so valuable. Having an expert on hand who knows the business means you can access services when you need them, whether for day-to-day financial functions or one-off projects.

High-level help

When you’re working in a business, it can be difficult to get an objective view of your needs and goals. A CFO offers high-level analysis and support, providing insight and advice, highlighting opportunities and risks, and setting broad strategic goals for the financial side of the business. For young companies in periods of rapid growth, help from a CFO – part-time or not – is essential to establish and achieve financial milestones and avoid unknown pitfalls.

Wide-ranging experience

Hiring a full-time CFO when you’re running a small business could mean compromising on the level of expertise and experience you get. Working with a part-time CFO means you’ll have high-level experience without the price tag. Even better, you can choose to work with a CFO who has experience across a variety of industries. This level of expertise gives you networking opportunities and in-depth insights that you wouldn’t get with an industry-specific expert.

Vital support

Running a business is satisfying, but it can also be a tough, lonely job. Business owners need a sounding board and support person to bounce ideas off, and to offer constructive advice when things seem overwhelming. Because part-time CFOs are usually contractors rather than employees, they can act as sounding boards. They’re still partially independent, which gives them an objective view of the business.

Guiding your finance team

If you’re a small business experiencing rapid growth, your existing finance team may need support to get up to speed. A part-time CFO can help by improving systems and processes, and by acting as a mentor to members of the team.

Crisis relief

Every business runs into a crisis now and then. If you’re expecting the loss of a major contract, losing customers, or facing closure, a part-time CFO will be able to help you find your way through. Rather than scrambling to find an available expert, you’ll have someone on hand to help with cash-flow reports and forecasting, cost-cutting measures, and fund-raising advice.

Navigating growth

Growth is exciting, but it’s not always easy to navigate. If you’re a new business owner or you’re dealing with a new level of growth, it can be hard to know which decisions to make – should you expand into new markets, introduce new products, take on big new clients or focus on your current customers?

Taking on a part-time CFO gives you the strategic insight to turn rapid growth into sustainable business success. Having access to high-level expertise means you’ll not only be making the best strategic decisions, but you’ll eliminate the fear, uncertainty and stress that so often comes with times of change in a business.

Call in an expert – part-time

If your business is moving into a growth period and you need help deciding on your next steps, a Virtual CFO can make things simpler.

At GECA Chartered accountants, our Virtual CFO service gives you access to the insights and expertise of CFOs with experience across a broad range of industries and sectors.

Get in touch now to talk about your CFO requirements and find out how you can outsource to GECA.

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