How Do I Know I Need a Part-Time CFO?

We often get this question from friends of Quincy CFO that want to help those they meet, but we don’t exactly expect them to be able to answer the question. After all, there are a lot of variables in choosing a full-time CFO for your business, let alone a part-time one.

In order to help others out there who might have the same question, I thought we’d put our thoughts down in a blog post.

If we had an elevator pitch it would sound something like this: “We work with CEOs that know that can no longer do it alone.” That is an apt summary for some clients, but not all. Generally, there are a few types of reasons that a business would do well to hire a part-time CFO.

They are seeking clarity or confidence in their financial position. Most companies are working with a bookkeeper or have a team member that juggles the AR & AP among other responsibilities.  However, the CEO may lose confidence that this person is doing it right or might feel that this person could be a little bit more proactive in bringing this to their attention. In such a case, a part-time CFO could be the way to go to get things on the right track.

Performance by their bookkeeper is lacking. When we hear someone talk about a team member that is not doing as effective a job as they used to do, we immediately start to inquire about the growth in the business. Is the business twice as big as it was when that seemingly underperforming team member first started? Does this person have too much on their plate? Is this person overwhelmed and needs help? Is this person in need of a more hands on supervisor, someone other than the CEO that’s focused on the clients and the product? Whatever the case, the job may now simply be outside of their reach and will benefit from some outside help.

Your business needs a loan from the bank. We often hear from bankers that the financial statements of their prospects aren’t quite what the bank needs to start lending. Remember that a bank isn’t about taking a risk with your business – they want to be a partner in your growth and continued success. They will lend when they have faith in what you’ve built and want to help you succeed. But if you have not yet gotten a handle on your financial position with solid financial statements, they might not feel comfortable with a loan. A part-time CFO can help get these statements in order without you necessarily taking the plunge on a CFO full time.

The CEO is too busy. As companies grow, so do their infrastructure. If the CEO doesn’t know what the next back office hire should be, well, maybe it’s time they reach out for some advice. We want our CEO’s focusing on the product and the clients, we are ready to help with everything else. 

Whether you’re just starting to review your accounting needs or are deep in the weeds and looking for help fast, let’s get started with a conversation to see if now is the time for someone to help your business move to a better place! Contact us at info@quincycfo.com.