In small businesses, executives must wear many hats. There simply isn't enough revenue to fund specialists in various "non-direct" areas like accounting. For this reason alone, the Chief Financial Officer (CFO) duties are often carried out either by a founder with limited financial experience or carried out by someone who does not have enough time to devote to the duties to do the job in a complete and efficient manner. As a result, the business usually suffers.
A small business needs the expertise of an experienced CFO more than a larger company. The difficulty for the small business is affordability. Most small businesses can't justify hiring a full time, experienced CFO.
The solution is to hire a "part-time" CFO to help the business grow. To hire, as a consultant, a part time CFO for your business will allow you to focus on the tasks that will bring the most benefit to your firm while relegating the financial tasks to an expert. A second opinion is also extremely beneficial to the small business in making crucial strategic decisions in the early years of a young company. By utilizing a CFO from a firm like ReliAscent, you don't just get one CFO with one experience set but you get a full team of CFO professionals with vast experience bases.
Some of the best reasons to consider hiring a CFO for the small business include:
- Managing Cash Flow
- Managing Government Indirect Rates to the Best Benefit of the Business
- Knowing When and Where to Get Additional Capital to Finance the Business
- Managing Relationships with the DCAA & the DCMA
- Identifying the Best Indirect Rate Structure to Benefit the Company
- Help Guide the Company in Strategic Planning for Company Success
- Building Budgets to Manage Company Growth
Again, most people may be aware of the benefits of the CFO but may not be able to find the time to get it done. By hiring an outsourced CFO, the company only pays for what they need and yet can fill these necessary tasks to maximize the success potential of the business.ReliAscent offers experienced part time CFO personnel on an "outsourced" basis. All of our virtual CFO's have over 20 years experience with government contracting and financial responsibilities. Call us today if you want to discuss how this could positively impact your business.