How Do You Know if You Need a CFO?

Many small companies have a bookkeeper, accountant or CPA. Their roles are important, but very limited in scope compared to the experience of a CFO. Is it time for you to take your finances to the next level?

This article contributed by guest writers Marty Koenig and Keith McAslan of CxO To Go

Bookkeepers and accountants function mostly in the day-to-day work of keeping up with your records and taxes. Even a controller is often seen as a “number cruncher” that spends a lot of time with their nose in spreadsheets and doing reports. A CFO is very different and provides far greater value to small businesses.

Here are some examples of why a small company might need a CFO:

• Rapid company growth has stretched the capabilities of your current accounting staff to the limit, but you still cannot afford a full time senior financial executive.
• You are planning a major expansion and can benefit from adding an outsourced CFO and trusted advisor to your management team.
• You need assistance in dealing with bankers, lenders or outside investors.
• Your company is in a crisis, experiencing financial or other difficulties and requires strong financial leadership that cannot be provided by your current accounting staff.
• You need specialized financial expertise not available internally, and could use the help of an experienced CFO to mentor and coach them to do better at what they do.
• You are planning an exit from your company with a merger, acquisition, or sale and want to gain maximum value and sale price in the future.
• Your CFO leaves unexpectedly and your company has no one internally with the skills and experience to take over. Until you complete the search for a replacement, CxO To Go can provide the financial expertise to keep your business running smoothly.
• You need a periodic financial advisor to keep your company on track, someone that is dedicated to your company as it grows.
• You are a new start up company and want professional advice to begin your financial management correctly.

Have you considered outsourcing the CFO role?

Part time, interim, project and virtual CFO’s are one of the cornerstones of companies like CxO To Go . CxO To Go’s senior financial executives bring vast experience that is immediately brought to bear on the key opportunities/issues faced your company in today’s market thereby delivering high ROI. Since CxO To Go works on an interim, virtual, part time, and project basis, clients are more readily able to afford resource quality that is usually only associated with a permanent hire and/or priced beyond their ability to afford long term. CxO To Go’s experience is that their CFO’s quickly become trusted advisors to the client company CEOs and/or Owners.