CFO For Hire
Jul 01, 2010
Many companies of all sizes need the services of a CFO but they may only need these services periodically, like once a month, quarter or year. A good CFO will expect a salary from $150k to $250k annually, plus benefits. The total cost to hire a CFO can easily reach $300,000 per year.
While this investment can be justified for business with annual sales in excess of approximately $70 Million; for businesses smaller than this it may make more sense hire a B2B CFO. A smaller company cannot fully utilize the skills or abilities of many CFOs and unless the employer is willing to delegate other operational responsibilities, the employee may become bored and look for employment elsewhere. This will lead to the costly and time intensive process of finding a new CFO, which may ultimately lead to the same conclusion.
A good CFO is an expert not only in financial matters but also in the strategic management of a company, your CFO should be included and consulted with regard to any major strategic decision of your business. A B2B CFO is well equipped to participate in these decisions as well, as they will be familiar with your particular situation and should have a good understanding of the industry in which you operate.
A B2B CFO can be helpful in preparing annual operating budgets, periodic financial reports, establishing cost accounting systems, establishing management and financial controls. They will also provide analysis with regard to costing and evaluating purchases of equipment and many other business decisions.
A B2B CFO can also bring many other contacts and resources which will typically include relationships with banks, insurance companies, attorneys and many other professional resources which may be of use to your business.
There are many benefits of hiring a B2B CFO as opposed to a full time CFO, these include greater control over cost, valuable contacts and high caliber professional service.