When Should We Engage an interim cfo?

 A financial professional can save your company time and money by evaluating what you need in your lead financial role.  Most small companies find that, once a reporting system is put in place and procedures established, a part-time position is adequate to fulfill their financial requirements.  Frequently, existing staff can manage the day to day activities once the fundamental structure has been established.  Interim CFO support does not have to be expensive, nor does not have to be long term.  

Below are some of the reasons and times it may be appropriate for you to engage Interim CFO services:

• When your company is still too small for a full-time financial professional, or you are just launching your company and want to do it right
  • Quickbooks and financial reporting setup
  • Budgets and forecasts for internal measurement or bank reporting
  • Training for bookkeeper or owner
  • Seed financing
  • B and C Round Companies
• When you are a small business owner, and want to grow
  • Long-range strategic planning
  • Forecasting and progress measurement
  • Cost management
  • Revenue growth
• When you have a one-time or periodic transaction that requires financial expertise
  • Year-end close and/or audit
  • Bank reporting
  • Funding rounds
  • Formulation of annual Business Plan and Budget
  • Key Employee leave of absence
  • Merger or acquisition
  • Monthly, quarterly, or year-end closing processes
• To satisfy the requirements of investors
• When you’ve experienced a sudden departure of a financial executive and need to fill the gap while finding another
  • Many good practices can slip in the time it takes to hire a new CFO
  • Hiring a CFO or Controller is sometimes difficult for a CEO, as there are many aspects of the CFO role that are not well understood by those outside the finance function.  Having an experienced financial professional assist in the hiring process helps to ensure that the new hire will have the solid financial and technical skills required for the job
  • Inhouse "audit" of the current books and internal practices
• To establish your best practices finance function
  • Financial system will be set up, financial statements developed, corporate policies and procedures established.
• Gain solid corporate governance and instill professional practices within your workforce
• When you are trying to evaluate whether to hire a CFO or Controller – and you need honest,  clear assessment of whether you require a full-time or part-time role