What is a CFO?
A Chief Financial Officer (CFO) is the top financial executive in an organization. The CFO leads budgeting, cash flow forecasting, investments, and oversees revenue production, collections, and spending. In smaller organizations, it can be impractical to have someone with the extensive training and experience required to excel in these duties.
How can we leverage the skills of an experienced CFO in our smaller organization?
A part-time CFO serves multiple organizations and goes by various titles—shared CFO, outsourced CFO, virtual CFO, interim CFO, contract CFO, or fractional CFO. Regardless of the name, this role offers flexibility and access to the expertise you need. This means maximizing revenue opportunities, enhancing efficiency, and minimizing risks—all contributing to a more successful operation.
Hiring a full-time CFO can be a significant financial commitment, often starting at six figures annually. A part-time CFO allows you to benefit from high-level financial expertise without the long-term risk.
We already have a good bookkeeper/accountant. Why do we need a CFO?
While your bookkeeper/accountant is essential, they may not have the skills or experience necessary for complex financial decision-making. Our services complement your current staff, enhancing your accounting systems, processes, and financial reporting.
If your current team isn’t meeting your needs, we can help identify the skills required and facilitate a smooth transition.
Navigating today’s complex financial landscape—tax compliance, legal traps, and government regulations—requires expertise. Our experience helps you steer clear of pitfalls.
Can you help with technology decisions?
Absolutely! Many nonprofits underutilize technology. Counterpart CFO can bridge the gap between technical experts and your operational needs. We’ve assisted organizations in developing CRM databases, secure websites, and other essential technology solutions.
We have a CPA for our annual audit and Form 990. Why do we need a part-time CFO?
Even organizations with a full-time CFO often need an external accountant for tax compliance and audit services. Counterpart CFO works alongside your CPA, forming a vital part of your multifaceted support team.
What about confidentiality?
Rest assured, your organization’s data will be kept strictly confidential and will not be shared with anyone else.
Can we afford it?
Can you afford not to maximize your results? Our services are based on the value we bring. The best way to understand how we can help is to schedule a no-cost, no-obligation consultation—either in person, virtually, or by phone. After gathering information about your goals, we’ll provide a specific cost for our services.
Expect direct results that will far exceed your investment. If we’re unsure we can deliver results, we won’t accept the engagement.
We’ve hired consultants before with mixed results. How will this be different?
Unlike typical consultants who are often engaged for short-term projects, Counterpart CFO services thrive on long-term relationships. This flexible approach addresses ongoing needs effectively.
What if we don’t feel we’re getting our money’s worth?
Our services are flexible; you can cancel with 30 days’ notice, with no obligation to continue.
How do we know if our organization is ready for a part-time CFO?
Do you find financial reports confusing? Struggle to get the insights you need for informed decision-making?
Would your organization benefit from a disciplined budgeting process that keeps departments accountable?
Are you looking to evaluate whether it’s cost-effective to:
- Hire a new employee?
- Become a fiscal sponsor for another project?
- Purchase new equipment?
- Launch a marketing campaign?
Interestingly, many organizations slow down due to success. Growth can strain cash flow, requiring careful management and strategic planning. Would an “early warning” system help you anticipate cash flow issues?
As a skilled manager, you may excel at making quick decisions, but as your organization grows, having the right tools and insights becomes crucial for continued success.