A Part Time CFO May be the Answer to Your Budgeting Questions

At this time of continuing economic uncertainty, most businesses throughout the world, big and small alike, are still looking for ways to cut down on unnecessary internal costs and expenditures. While the work of ‘trimming the fat’ and finding more cost-saving measures without hitting the company’s long-term efficiency and development is done by the financial and accounting departments, it is important to note that it is these very departments that can, in fact, be trimmed with minimal or no impact on the day to day operations. What is meant, of course, is not laying off or dismissing entire corporate departments – experience has shown that one of the major expense lines in a company’s budget is the chief financial officer. A part time CFO is an option that is becoming increasingly alluring and employed by companies throughout the world.

Finance

Does your company really need a full time CFO or would a part time CFO suffice? How much do you spend on a CFO’s travel and office expenses? Are there times in the year when your CFO is needed much more or much less than in others? If any of these questions provoked a barrage of more questions than answers, it is time to consider outsourcing your chief financial officer position. Thankfully, there are venues to do so easily and seamlessly.

The basic way in which an outsourced part time CFO makes more sense is that you only pay for what you need. There is no more need for paying the director of accounting or financial planning for the time spent waiting for work or sitting in on meetings that do not necessarily concern them. You are in charge of the timeframe in which projects are initiated, carried out, and finalized, and it is only for the time of these projects that your company is billed. Importantly, outsourcing an entire department is also possible, although it is advisable to preserve at least one internal position in this area that would serve as the main contact person and link for the outside part time employees. An outsourced accounting position is particularly useful to ensure no delays in filing your corporate taxes, conducting your month and year ends, audits, and invoicing. As you hire your part time CFO or other staff based on your specific need, you do not overpay for expertise you do not require – the other side of this coin is that your internal highly trained professionals no longer need to spend time on mundane common sense tasks, but can be integrated into perspective-oriented deeper planning and development work.

Research the part time CFO option today. It is quite usual for companies providing this service to also offer casual, interim and other customized placement of skilled financial and accounting workers. This gives you the opportunity to test out the efficiency of this new structure and work on problems before signing up for a longer term. Times are difficult – why not do something that has been done successfully by thousands of companies around you?

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