Rent a CFO or CPA Firm

October 2, 2009 | Print this Page.

You may be making payroll and paying all your bills on time, but can you see the big picture in your business? Maybe you're missing out on opportunities to grow and increase cash flow. Instead of hiring a full-time CFO or CPA firm, consider the renting route. You pay far less than you would for a full-timer and don't have to worry about benefits.

The work they do for you will also make it worth the investment as they aren't close to your business as you are. So they bring in an objective view as well as experience in working with other companies.

What a CFO Rental Can Do for Your Business

If you're struggling with creating a cash flow statement or forecast, the CFO can help with this and set up a system so you can keep it up after the CFO leaves. This will give you a clear picture of your working capital and cash flow at almost any given time.

CFO temps can find cost savings, yield good returns and cut overhead. If you're a small business that doesn't have loans, this service may be overkill. It's better for companies that see their finances growing more complex. They can also help with raising capital or advise you to hold off on plans for growth.

CFOs can provide advice on contract negotiations, screen candidates for accounting-related jobs, do an analysis on relative returns and other financial and operations-related activities.

To Rent or Not to Rent

The advantage CFOs have over accountants is that they can look at the operations, not just the books. Besides, most CFOs tend to be CPAs. They can help you set up a process or system to better manage your books and finances.

You don't have to be concerned with the rent-a-finance pro sharing company confidential information with others. Just cover yourself with a non-disclosure agreement. As for payment structure, it varies. You may pay per hour, by project or per month.

If you're a start up, don't invest the money in a CFO or CPA. Right now, you need to focus on your core business. Your finances aren't far along enough to make renting a CFO a worthy investment. Businesses experiencing gradual growth without a need to seek a loan or financing probably don't need to rent a CFO, but instead rely on an accountant and software. For those interested, here are tips to grow your business.

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