CFO for Mentoring of Accounting Staff

May 29, 2012

 

Many smaller companies still have financial challenges and complex operations. They are just typically on a smaller scale when compared to the larger corporate giants.  Although businesses of all shapes and sizes could greatly benefit from having a Chief Financial Officer (CFO) on their staff, the cost of hiring a full-time CFO can be cost-prohibitive for many Mentorbusiness owners. This is especially true for smaller businesses with less than $1 million in revenues or start-ups getting their business off the ground. However, even smaller businesses can gain a competitive advantage from hiring a CFO to help mentor their existing accounting staff.

In addition to a CFO offering general assistance when mentoring your accounting staff, there are many more specific tasks they can help with as well. Here are some of the many benefits of getting a CFO for your business:

  • Ensure your accounting reports are accurate and completed on time
  • Provide supervision in accounting functions
  • Help train accounting staff
  • Select and implement new accounting systems or software
  • Develop financial business plans for business start-ups
  • Accomplish financial ratio analyses
  • Discover back-office staffing requirements for new positions
  • Oversee all accounting and financing tasks

Successful businesses have long known the value of having a Chief Financial Officer on their staff. Keeping information and reports accurate and completed on time are only two of the many benefits for a business. Business owners can never be too safe when it comes to receiving error-free financial statements. Without checks and balances you will most likely never realize that an employee might be stealing from you. In addition to stealing your cash this can be an employee overclocking their time on the job or the theft of your products.

No matter what size your business you can benefit from hiring a CFO. You’ll get an advantage over your competition with a seasoned Chief Financial Officer helping you, but at a price you can afford. At some point in all businesses you will experience growth. While the growth may not require hiring a full-time CFO you’ll want to receive assistance from a professional financial advisor. This is when you decide on using a CFO as your needs require. It can often make more economic sense to choose this route. Contact us today to learn how our financial professionals can help your business grow.

 

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