Should You Hire A Part-Time CFO The Complete Guide

Should You Hire A Part-Time CFO? The Complete Guide

Occasionally, a firm may need to hire a part-time CFO due to some reasons. It could be that the funds are not enough to hire a full-time CFO, or perhaps, the firm is in a transition to find a full-time CFO. Whatever the reason is, IT firms should ensure that they hire the best talent to get the best value for their money. But, how can a firm get the best fit CFO within a short time? This article sheds light on this by discussing the main guidelines for hiring a part-time CFO. Keep reading.

Benefits of Hiring a Part-Time CFO

Firms that hire part-time CFOs get to enjoy many things, with the first one being cost savings. According to Wall Street Journal, cost-saving is the leading reason why firms hire part-time CFOs. Unlike a full-time worker, the remote CFOs get paid for the tasks accomplished only plus, they don’t increase the office in-house expenses.

Here are other benefits that you can enjoy by hiring a part-time CFO:

  • Immediacy—a part-time CFO can save you the urgent tasks at work as you continue searching for a permanent CFO. A part-time CFO can also come in handy when one of your in-house experts leaves, and you got loads of work.
  • Experience—your in-house team may not have the expertise to handle the complex tasks done by a seasoned CFO. Most part-time CFOs tend to be well experienced since they work in different companies.
  • Mentorship—an experienced part-time CFO can mentor your in-house team and advise you if any challenges come up.

Setting up The Process

You should plan well if you are impressed by the idea of hiring a part-time CFO. Before you bring in the expert, you should discuss a few things with the other leaders not to make mistakes. The key thing to plan here is the ad posting. Where will you post the vacancy, and how will you do it? Your posting should be compelling and informative to attract the right candidates. Ideally, the post should include the position, the responsibilities, and the remuneration expectations.

Finding the Perfect Match

The hiring process has never been easy, even for other vacant positions. As the IT manager, you should be keen on the person you bring on board to ensure that everything goes well. Here are few things to consider when hiring the best part-time CFO for your company:

  • Check the communication skills— the ideal candidate should have excellent verbal and non-verbal communication skills. They should also be conversant with the leading online modes of communication.
  • Confirm their experience—the worst mistake you can make as a leader is to bring in an inexperienced worker to oversee your accounting and tax needs. You should check out the number of years in the industry and what they have achieved during those years.
  • Availability—confirm the number of hours you can rely on the CFO per day. 
  • Check references—it can be hard to trust a person you have just met. To break the trust issue, you can check a few online reviews to know what other people say about the expert. As a rule of thumb, you should only hire the most reputable CFO
  • Confirm the specialization— it’s essential to know what the CFO is specialized in. Is it financial planning and projection, fundraising, or end month reporting? This information can help you hire the best fit.

Bottom Line

The process of finding the best part-time CFO can be overwhelming, but again, it can be rewarding if you get the right candidate. So, review your company needs and follow the guide above if you would like to get the best part-time CFO.

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