How can Part-Time CFO services in Sydney benefit your business?
A Chief Financial Officer (CFO) is an individual on your executive team whose chief responsibility includes increasing cash flow, business profits and improving the bottom line. A part time CFO undertakes same jobs as a CFO, but works for less number of hours for a company. Lot many companies who need a skilled Chief Financial Officer do not have the funding to actually appoint one. Experienced professionals charge large amount of fees that many small-scale businesses cannot pay. In such cases, companies can hire a part time CFO to guide them in the right direction.
A part time Chief Financial Officer is responsible for looking after all the financial and accounting practices of the company. This includes preparing the budgets, preparing precise financial statements on time or even playing the role of a business advisor for the CEO. He has to develop tools and systems to provide the CEO with crucial information related to finance and advise him on company’s operations as well as strategies. A part time CFO inspects budget planning and based on that he suggests strategic plans for effective management of company’s costs. A CFO has to look at the business functions to make authoritative, well-informed decisions.
A few other responsibilities of a part time CFO include managing the cash flow of an organisation and making predictions in terms of where the profits will go and where they are required to go. He is also responsible to build and maintain healthy relations with the banks a company works with. In addition, he also takes charge of mentoring company’s staff to ensure that the procedure set up by the professionals is properly carried out.
Following are a few jobs performed by part time CFO to keep your company’s financials in order:
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Financial planning and analysis
Cash flow management
Fiscal management and cost control
Financial projections and reporting
Business planning and strategies formulation
Customer-focused needs analysis
Audit preparedness and representation
Crisis management
Process mapping and re-engineering
Credit and risk management
Revenue and margin improvement
A large number of companies that cannot afford to pay hefty amount of fees to full-time CFOs are hiring Part time CFOs so as to solve their money woes. This decision can improve a company’s financial standing and lead them to a more profitable path. The cost that an organisation has to pay for a part time Chief Financial Officer will be lower than appointing a full-time CFO, while the services will be the same.
However, it is important to understand that the person you choose as your part time CFO Sydney or anywhere around the globe will be responsible for handling all the financial matters of your company and you need to hire someone who is skilled, experienced as well as accountable. Appoint someone who can guide you on financial matters, and analyse current as well as plan future strategies to let your business grow and flourish.