When a part-time CFO is right for you

The onset of the part-time CFO is fairly new, but don’t let the newness fool you into thinking a part-time CFO is something to be overlooked.  You might be thinking to yourself that your company is too small to need a CFO, part-time or not, or that your company doesn’t need a CFO.  Possibly you already have a full-time CFO and are either seeing great success or are struggling to make heads or tails of the situation.  Whatever your case may be, there’s a lesson here for everyone. 

Allow me to explain.  For decades our legal system has relied on the use of qualified expert witnesses to speak to their areas of strength – because it works!  Experts are just that because they’ve studied something at great depth, they’ve experienced something few others have, or they’ve tailored their skills to a level which not many others have done.  Outside experts are incredible resources, and more often than not, they have a passion for sharing that expertise.

CFO’s are no different.  Some have a passion for stabilizing the financials and preparing for upcoming due diligence.  Others exceed at focusing on strategic initiatives and helping companies achieve a higher level of success.  Whatever stage of life your company is going through, it most certainly could be benefited by having a CFO at the table. 

So what are the benefits to having a part-time CFO?  You have an in-house expert to guide your company through its unique situation, at a reduced cost.  The reduced hours and the often preferred “independent contractor” status of part-time CFOs allow a company to pay a smaller annual wage, eliminate the cost of benefits (benefits average 25-40% of the annual salary) and eliminate the employer’s portion of employment taxes[1] for the individual. 

Whether your company is big or small, privately or publicly held, successful or on the brink of closing, a CFO’s role within your organization is vital.  Take a moment to consider your options.  The only thing separating your company from unmatched success might just be a part-time CFO. 

[1] This article does not constitute accounting or tax advice.  Discuss your unique situation with your accounting specialist to determine your appropriate course of action.