Running a company is not an easy thing to do, even if your company is a small scale operation. You devote a lot of time and energy into making it work just so it will not fail the first three years. If you can keep things going, or at least keep them afloat during this period, things should pick up enough that you will begin to see profits.
However, you will already spend so much time working that the thought of spending any more hours on financial records and statements may make you want to quit. You have to have something of a life outside of work in order to keep going. People who live to work are often miserable, but people who work to live are relatively more content. Hiring an outside CFO, like the ones from Deltek CFO advisory services, can help in the following ways.
The CFO Is on Top of All Things Financial
At the end of the day, you can go home and rest. The outside CFO comes in and runs the records and checks the books. They may work all day and half the night to make sure the records are correct. For them, it is "wash, rinse, repeat" when work starts the next day, but you will always know exactly what is going on with your company's financial situation, what debts you owe, what profits have been made, what taxes have been paid, what licensing and permit fees are current, etc., because the CFO you hired to work on an as-needed basis has got this.
Ask for Full Reports Anytime
Even if your part-time CFO only works M-W-F, you can still ask for financial reports whenever you want them. They will make accommodations to have the specific reports ready at a glance. You never have to wait for the quarterly or semi-annual reports to come out. It is a good way to see how well your new CFO from the accounting services provider is working out for you.
You Do Not Have to Pay Full-Time CFO Wages
Hiring other lead department executives is costly, time-consuming, and expensive once you have found someone to work full-time. Slash that salary and hire the outside part-timer. All the financial work is still completed in a timely fashion and up to your standards, but you incur none of the hiring or interviewing costs and only a fraction of the salary.Share