What Does A Part-time CFO Actually Do?

Article Written By: Rosamund Dillard

A CFO or Chief Financial Officer is the person on your executive team who sole purpose is to increase cash flow, improve profits and help in improve the bottom line. The difference between a CFO and part-time CFO is only the hours. Unfortunately, many companies who have a need for a skilled CFO do not have the funding to actually hire one. Another senior officer on the payroll might just be a bit too much. In these cases, they might bring on a CFO temporarily to get them running in the right direction and teach them how to keep it up.

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. A CFO will also oversee the budget planning and put into motion any strategic plans for managing the company's costs. Sometimes it requires a specialist to really look at the business functions and make authoritative, educated decisions.

Some of the other duties include taking care of the cash flow of the company, and making predictions on where those profits will go, or where they will need to go. They must also optimize and maintain good relations with any banks they do business with. The part-time Executive will also take on the responsibility of training your designated staff so that the procedure setup by them will be carried out properly; allowing the CFO to leave the business in your hands.

Many companies are taking the option of hiring part-time to help solve their money woes. Very often, this simple measure can turn a company's financial standing right around and set them on a far more profitable path. 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.

About the Author

Rosamund Dillard is a long-time and resources CFO that has created a career working with top corporations. She now dedicates her time and resources as a Part Time CFO to medium sized businesses helping them grow.

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