Is a part-time CFO a cost-effective solution?
A vast range of skills are required to successfully grow a small-medium sized enterprise (SME). These include Sales, Marketing, Product Development, Operations, IT, HR and Finance. Employing full time staff in these roles could cost more than $1 million per annum – simply unaffordable for most SMEs – so how do you bring in those skills?
A key member of any C-suite Executive team is the Chief Financial Officer, or CFO. The CFO is responsible for ensuring that your business is on track financially and ensuring that your staff are all aligned to a common goal usually in the form of key performance indicators, or kpi’s. A full-time CFO alone would require a package upward of $200,000 per annum, and once they are on-board keeping them challenged so that you retain their services can be difficult for a smaller enterprise. But then, do you really need a full-time CFO, or could you hire a part time CFO for a fraction of that cost and still gain all the benefits?
To determine if there is a better way, and if a part time CFO is a realistic option, we can look at how a finance function works.
More @ https://www.theoutsourcedcfo.com.au/is-a-part-time-cfo-a-cost-effective-solution/