The Role and Rewards of an Outsourced CFO

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Overview

The role of a chief financial officer (CFO) is complex, but basically their job is to advise on the financial performance of a company including its reporting, liquidity and return on investment.

The rapid developments in technology, Cannabis and Crypto currencies have changed the accounting and finance industry. As a result, the role of the CFO has also evolved and their job is more important now than ever before.

A full-time CFO in Canada can cost a company at least $122,000 a year and can go up to $275,000. This is challenging for many startups and smaller businesses. But now they have the option of hiring an outsourced CFO, also called a contract CFO, that works part-time or on project basis at a fraction of the cost.

How a Contract CFO Helps Companies

Contract CFOs have extensive experience in high level corporate financial roles. A part-time CFO is not less impactful than a full-time one because of their years of experience.

Here are a few ways they help companies:

  • Provide high level financial strategy, systems analysis and operational optimization
  • Resolve challenges like cash flow issues
  • Implement more efficient systems
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When to Hire an Outsourced CFO

There are many situations when a company would benefit from having an outsourced CFO including when a company:

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Experiences growth like adding new products or expanding in new markets

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Needs to raise debt and equity capital by having the CFO attend meetings to establish expertise and negotiate terms

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Scales their systems to handle growth and added complexity such as sales or business systems

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Needs a financial forecast to help budget, restructure or analyze the company’s health

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Maximizes margins by having the CFO analyze costs and pricing structures

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Maximizes margins by having the CFO analyze costs and pricing structures

A CFO has access to a full range of finance talent which allows them to assemble temporary or longer term teams to achieve the company’s objectives.

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Take your business to the next level. Contact us if you have questions or want to use our contract CFO.