Part-time CFO services best serves small to medium-sized businesses that need the professional knowledge of a CPA on a part time basis. Highlights include:
- Making financial sense – bridging the gap between seemingly meaningless financial reports and how they can be used by Management to run the Company. The goal here is improving operational efficiencies, systems analysis, creating meaningful budgeting/forecasts, business tax planning, and individual tax planning for C-Corp and flow through entities.
- Forward thinking – Traditional firms are focused on the year past, whether doing tax returns or financial audits. This is in sharp contrast to Management, who is thinking about the year, or two, or five years ahead. The Part-time CFO role is to support management, look towards the future, and follow through on execution.
- Compliance – Tax and other Compliance is an integral part of the Part-time CFO’s work(regular payroll filings and reports and processor interface, insurance audits, benefit plan management, etc.). This is a huge stress relief for Management, allowing them to focus on operations.
- Outside professionals – More often then not, clients who engage Part-time CFO services retain their outside Tax Preparer/Financial Auditor. Why? Because they have a long-standing relationship. They trust this outside professional. The outside professional is generally very competent, but does not offer Part-time CFO services. Management is relieved of the burden of managing this outside relationship, but at the same time keeps a trusted Professional in the loop.
- Duties – Services covered go above and beyond the traditional bookkeeping/general accountant roles, including budgeting/forecasts, system & software solutions, benefit plan management, reviewing work of regular employees, operational reports, etc. On the tax side this includes business and personal tax planning. Management finds having a professional with the tax knowledge, and an intimate, up-to-date understanding of the business, an invaluable resource.
- Part time – Part-time CFO clients are offered service anywhere from a few hours to 1 or 2 days per week.
- Technology – Technology saviness is a crucial quality, including accounting, industry, and proprietary software programs. Core accounting software expertise includes: Quickbooks (all versions), Quickbooks Online, XERO, Peachtree, GP, and Frx/Management Reporter, and various payroll software (ADP, Gusto, QBO). All software has pros and cons, and a careful evaluation with consideration of multiple options is a must before any purchase.
- Working remotely – Working remotely is easily achieved via Cloud software, or remote log in using Remote Desktop and a VPN setup.