When to hire a CFO is a common question we hear from startup companies.
Of course, each company is unique, but for many of our startup customers, the answer is the same: if you aren’t planning to go public in the next years, you might want to consider working with an outsourced CFO.
Let us first take a second look and discuss what a CFO does.
Your Chief Financial Officer is in charge of all financial matters in your company. From a managerial standpoint, the CFO usually oversees the teams in charge of strategic issues such as keeping accurate, timely books and meeting your tax liabilities. On the strategic front, your CFO will monitor the company’s health and provide assistance to help you meet your financial goals:
- Keep track of your financial metrics and provide regular updates on them.
- Examine and analyze your key performance indicators (KPIs).
- Assist in the creation of your budget
- Create financial projections.
- Plan for future expansion
- Review of the board deck and creation of financial slides
- Analyze your financial hygiene on a regular basis and recommend best practices.
- Make suggestions on how to improve your financial position.
An outsourced CFO will perform the same strategic role, but rather than joining your organization as a corporate officer, they will work on a contract basis with you.
The majority of outsourced CFO services (also known as fractional CFO or virtual CFO services) are available on an hourly or subscription basis.
Contact Outsourced CFO Consulting to gain access to the expertise and support you need to make informed decisions about your business finances.
And don’t forget your Free eBook of 12 Reasons Every Company Needs a CFO.
