Why large businesses need part-time CFOs

This is the third post in our series exploring how a part-time CFO is a worthy investment for any company, regardless of its size. Read part one and part two here.

If your business doesn’t identify with either of the descriptions already covered in this series, it’s because you already have a CFO. Your CFO has ownership over your accounting, finance and other areas of the back office. It’s a great place to be for any business – congratulations, you could not have gotten to where you are without that CFO.

Where the part-time CFO comes in…

There is no controller or CFO on the planet that is anything but incredibly busy. Those individuals – the good ones – have too much work on their plates, too much responsibility in their job description. He or she puts in too many hours, and he or she is your rock – you would be lost without them. However, if there is ever turnover in that area of your business, a part-time CFO would be a critical asset to keep things moving while the position is vacant and to help your recruiters evaluate candidates for your next hire. A part-time CFO can also help with special projects that never make it to the top of your CFO’s priority list, such as building an accounting manual with all the ins and outs of your monthly-quarterly-annual accounting task list, or building a budget or financial forecast for a new product line. At times, a part-time CFO can be that peer that your controller needs to bounce ideas off of.

Regardless of the size of your team or revenue, always remember that you can’t grow your company without making investments in ALL areas of your business. Even though, traditionally, CFOs do not directly contribute to the top line, hiring one could still be the right investment.