Bookkeeper, accountant, CFO – what do they all do?
There are some clear boundaries as to who does which tasks, but also a number of grey areas. As businesses grow over time the work becomes more complex and requires a higher level of expertise.
What will a CFO do for my SME?
Deciding to hire a CFO or Finance Director is a significant step for your business. Even for a part-time CFO the cost will be significant, so you need to be sure that they are focused on adding value in key areas so that you can get some immediate benefits.
If you get this right, you will see improved profitability, grow more quickly and build a more valuable business.
How much do CFO services cost?
If you want your business to continue to grow profitably, sooner or later you will need to hire a CFO or Finance Director (FD). The cost of a full-time CFO will be prohibitive for most businesses, but many SMEs work with one on a part-time basis.
Ideally, this individual will have at least ten years’ experience as a CFO in a variety of commercial enterprises and be familiar with the issues affecting growing SMEs.
5 signs your business needs a CFO
Bringing in your first Finance Director or CFO is a big decision for any business. Get this wrong and it could be a very costly mistake.
In my experience, business owners are far more likely to make an appointment later than they should, rather than too early. They look at the cost to the business rather than focusing on the value that the role brings.
Here, we talk through five common scenarios that signal your business needs help with financial management and strategy - CFO Services.