You’re a company or organization may not be in the right place to hire (or need) a full-time CFO, but you’re facing a specific challenge that requires a skilled professional – you need a project-based CFO.
A project-based CFO has all the experience and expertise as a regular CFO but can be hired to help with a specific project or time period. Although bringing a project-based CFO in person is possible, it’s often more beneficial and budget-friendly to bring a virtual CFO to your team.
Here’s what you need to about project-based CFOs and how you can hire one for your upcoming or current project:
CFOs have a plethora of tasks that are performed at a higher level for forecasting and reporting along with a lower level of organization, handling payroll, and keeping your finance department functioning smoothly.
Project-based CFOs can do all the same tasks but tend to only perform tasks that are beneficial to the project. This may mean that rather than handling payroll, they focus on delivering reports and providing financial insight. Or, if you’re current team is struggling, they help organize the work into a more manageable form.
They’re there to help take the pressure off of you and your team – and if you don’t have a sufficient team for your current project, most project-based and virtual CFOs can also provide a virtual finance department if needed. This can be extremely helpful if the project continues to expand past your organization’s current bandwidth.
The number one benefit of hiring a project-based CFO is expanding your capabilities and bandwidth. Project-based CFOs are professionals and are able to get up to speed on your project quickly, allowing you to continue with your project with little or no onboarding delay.
As they are experts in their field, a project-based CFO can provide financial expertise and present solutions to any pressing financial challenges you’re facing in the project. For example, they may tackle cash flow analysis, restatements, or updating forecasts to build out an accurate model.
And, while there is plenty of transparency when working with them, they don’t need supervision to complete their tasks in a timely and efficient manner.
If you’re currently considering a project-based CFO, then you already recognize that there is a need for supplemental help to your current team. But, if you’re looking for a bit more insight, here are a few signs it’s time to hire a project-based CFO:
These are only common examples of when you should hire a project-based CFO, there are other situations where one can be beneficial and help deliver the results that allow your company or organization to offer the best experience to your own clients and customers.