Contract & Fractional CFO Services
You can save 50% of salary cost by hiring a contracted CFO instead of a full-time CFO. Generally CFO compensation packages run between $175,000 to $225,000 per year. These compensation packages often include base salary, 401k, annual bonus, health benefits, and performance bonus. We can cut the cost, and provide a higher level of expertise.
A contract CFO’s role is broad in nature, but typically includes the following: Assisting in formulating the company’s future direction through providing input on the company’s business plan, financial and tax strategies, budgeting, and forecasting. Develop performance measures that support the company’s strategic direction. Maintain in-depth relations with all members of the management team. Manage the accounting, human resources, investor relations, legal, tax, and treasury departments.
Oversee the financial operations of subsidiary companies and foreign operations. Manage any third parties to which accounting or finance functions have been outsourced. Oversee the company’s transaction processing systems. Oversee employee benefit plans, with particular emphasis on maximizing a cost-effective benefits package.
Personally review and approve all financial reports and filings. Understand and mitigate key elements of the company risk profile.
CFO Services
Additionally, CFO's also redesigning the entire accounting process. When you bring in an experienced contract CFO, you're not only getting someone with helpful knowledge; you're getting someone who can implement processes which have been proven to work in other organizations. You might be surprised by the number of errors which can be eliminated and how much your financial team efficiency can improve. Assist with raising capital. Contract CFO service providers are willing to hit the road with you as you pitch to angels and VCs. Also prepare your financials in a way that will attract capital, even if they don't actively participate in those pitches and negotiations. Either way, find a contract CFO with experience in fundraising, preferably in your industry. Contract CFO can also put cash management controls in place to ensure the business is never blindsided by a cash crisis again. These controls give you the time to respond if a crisis is on the horizon