Say you need a financial guru to help make tough decisions that go beyond your accounting department’s expertise … yet you can’t afford a full-time CFO.
In such situations, more small companies are choosing to outsource that function. They’re “renting” part-time CFOs from an increasing number of small-business consulting services that provide CFO services, says a new report from The Wall Street Journal.
These rent-a-CFOs play a bigger role than accountants, who mainly keep the company’s books. They work with the owner to provide financial data to make strategic decisions, establish proper bookkeeping systems, manage the company finances and connect with business or financing sources.
Freelance CFOs can also provide a “reality check” on your company’s finances and provide objective advice—something you may not get from an internal accountant.
Cost structures vary from hourly to flat monthly fees to project-based fees. One national firm, B2B CFO Partners, charges at least $300 to $400 per month.
Advice: Rent-a-CFO services are best for small firms looking to expand, fix problems or iron out complex financial issues.
Like what you've read? ...Republish it and share great business tips!
Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...
We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.
The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.
" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/20760/cost-saving-trend-renting-a-cfo "