CFO Services? What is that?

Since I graduated college, I find that more often than not, I am constantly explaining what it is I do for a living to my friends and family – most of which still have no idea.  Whether I was an auditor or a financial analyst or a controller, I usually just responded with:  “I’m an accountant” or “I’m a CPA”, and I probably always will to some degree.  But if I really answer their question, it’s that I provide part-time CFO services to small businesses. 

I can usually tell how much of an accounting background a person has by their next question.  I will either hear:  “What is a CFO?” or “So, what type of services does a part-time CFO provide?”

A part-time CFO (or Chief Financial Officer, in case you are in the group that asked the first question) is an outsourced consultant to a business that needs an accounting professional.  Part-time CFOs scale their services to what a business needs and can afford. They are flexible in that they can work within all levels of the accounting department – as CFO, controller, accounting manager, and/or staff accountant. Part-time CFOs provide support in a variety of ways from strategic planning to all elements of financial operations and financial reporting.  They can also provide project-based support.

Since the recession, there has been an increasing trend in the use of part-time CFO /Controllers.  In general, a business owner may decide to outsource their CFO/Controller when they find that their business is need of a financial professional in some capacity - but they may not need to hire someone full time.  A full time CFO or Controller can demand a hefty salary which isn't feasible for many growing businesses - nor is it needed.  By contracting a CFO/Controller, a business owner can add an experienced financial professional to their executive team at a fraction of the cost.

The services I provide will vary from client to client.  It may range from financial reporting and analysis, development of a budget, monitoring of costs against the budget, short or long term forecasting, cash flow management, profitability studies, etc.. The list goes on….Regardless, I am one of the strange few that enjoy all the accounting profession has to offer and CFO services touch on a variety of areas in finance and accounting. 

Visit my website at www.mytrustedcfo.com