Strategies for Working with a Part-time or Interim CFO
by Debbie Adkins, MSA, CPA - Nperspective CFO Partner 
As the economy continues to thrust new obstacles in our path, starting a new business or just maintaining an existing one takes a lot of hard work, extreme planning and perseverance to succeed. Have you found yourself recently (or know of someone who is) in any of the following scenarios?
- There isn't enough time to spend with your customers because you're spending a lot of time on the company's financial posture.
- Financial statements need to be submitted to the bank, but you're not sure they are really accurate.
- The bank line of credit is maxed out.
- You're not really sure if your internal controls can prevent fraud from occurring.
- You have an idea for a new service or product offering, but you just don't have time to invest on how to cost it appropriately.
- Reducing your spending is a path you'd like to pursue, but not sure where you should start.
- You're concerned that if one of your key employees gets sick, no one else could easily step in and fill their shoes.
- There never seems to be enough cash to get current with your creditors, or even worse, to fund your payroll.
- You would like to find out if there are alternative ways to finance your business.
- Having a CFO seems like a good idea, but you can't afford a full-time position.
If you find that one or more of these fit your current company's posture, it may be time to consider finding a part-time or interim CFO. A seasoned CFO can help you navigate the bumps that come with both the growth of a new company and the downturns in existing ones. A skilled CFO will help you charter new territory, build a strong financial strategy and be your trusted adviser to let you know what's ahead. A strong CFO will help you identify solutions to all of the above scenarios.
Here are eight ways in which a part-time or interim CFO can assist you and your company:
1. Allows the owner or the CEO more time to focus on their customer needs and less time on the company's financial needs. Critical decisions require accurate financials on which to base the solutions. Place your financials in the hands of an expert who can ensure accuracy.
2. Provides more credibility in support of the financial statements, which translates into stronger relationships with the bank(s) and creditors. The right CFO can build the relationships with your banks and creditors so they in turn will rely on the financials provided to them. Having the relationship in place before you need extra funding is also key.
3. Provides the company with an immediate solution to focus on financial goal clarity and problem solving. A successful candidate will have developed a strong network of business associates with whom he/she has previously worked to provide solutions to the company's current challenges.
4. Serves as an agent of change. If you know you need to make changes or lack the sequence of steps to execute, the interim CFO can help guide the process. Once you've completed the changes, the interim CFO can help you find the permanent CFO, if that is your goal.
5. Acts as a key sounding board to the CEO. It's been often said that the CEO role is a lonely one. The CFO can provide an objective perspective and trusted advice. An achieving CFO possesses confidence in decision-making and can help the company find necessary knowledge that supports clarity in decision making.
6. Helps to coach the accounting and finance team in order to elevate their knowledge of accounting policies, procedures and best practices. The right leader can help you invest in the team so you have fewer accounting "surprises."
7. Allows the company to pay for the services they need and use. By using an outsourced CFO, the company is in a better position to control expenses for the function, which is key in today's economy, to a growing business, or simply for one that is struggling to survive.
8. Provides opportunity to strengthen internal controls and fraud detection controls. Your CFO can help you spot the red flags of fraud and build efficient and effective controls.
Investing in an experienced CFO is a key decision in your overall financial strategy. Do not risk foregoing strategic financial advice in times like these. Let us help you...it's what we enjoy doing!
Please contact Janet Watson at (813) 317-3460 or jwatson@npcfo.com for further information or a free consultation. | 
