The role a CFO plays in a small business depends on several factors. These may include expectations from the CEO, the specific industry, corporate strategy, and goals of the business. How big or small a company is also greatly matters. 

To establish a solid foundation for a business, it is necessary to have a strong finance department. With so much on your plate as a business owner in California, you might not always have the time to produce accurate financial information. 

This is where you need a CFO and CPA in Oakland, CA. Both of these professionals add value to your company. 

What is a part-time CFO, and what role do they play?

A part-time CFO is also known as a fractional CFO and sometimes as a virtual CFO. CFO stands for Chief Financial Officer. They assume the role of a CFO but only as a part-time employee. 

Part-time and full-time CFOs in Oakland, California, only differ in the number of hours they work. Their roles and responsibilities, as well as the scope of their accountability, remain the same. However, part-time CFOs have more specific areas of financial responsibility. 

Some of the obligations of a part-time CFO include the following: 

• Part-time work commitment, about 10-25 hours per week.
• Specific financial accountability, with cost-efficient and targeted support for certain tasks. 
• Specialized leadership roles, such as overseeing launches, growth, and mergers. 

Benefits of hiring a part-time CFO instead of a full-time one. 

Hiring a part-time CFO offers several benefits to small businesses. Understanding them is crucial to make an informed decision about whether your business needs one. Here are some of them: 

• Cost-effective financial expertise. 

The cost of a part-time CFO depends on several factors, including their expertise, type of work, company size, industry experience, etc. The scope of work also matters. If the projects are extensive and involve in-depth financial analysis, they will charge more. 

Businesses have several options when it comes to hiring a CFO. However, it is important to weigh the pros and cons of each option to determine what is best for the company. Hiring a full-time can be a large financial commitment for small and mid-sized companies. The salary, benefits, and overhead costs can be substantial. 

On the other hand, a part-time CFO offers a cost-effective alternative. It allows businesses to acquire the benefits of financial expertise without bearing the costs of a full-time employee. 

• Flexibility in engagement. 

The second benefit of a part-time CFO is the flexibility they offer. The company can decide the specific roles of a part-time CFO according to their specific needs. They can determine how much involvement the CFO should have in each task or project or whether their work will be project-based or certain hours a week. 

The amount of flexibility allows businesses to seek financial assistance for urgent projects without the burden of a full commitment. It also negates the time spent on recruitment and training of new employees. 

• Access to diverse expertise. 

Finally, part-time CFOs often have experience working in different companies, businesses, and industries. Since they do not commit to one particular client, they know how to manage multiple clients from varying business sectors. Therefore, they have expertise in various work settings. 

They possess the unique knowledge that comes with working in different areas. If there is a problem in the business, you can rest assured that there is no financial challenge that they have not encountered in their career. 

Unlock your business’ potential today!

Are you tired of going through the hiring process when you need urgent work done? A part-time CFO is what your business needs! Contact a reputed accounting firm in Oakland, California, today.