Having problems handling your payroll internally? Need help developing a bankable financial picture of your business? Or do you need someone to help you create a corporate tax strategy? If so, you might need to hire a chief financial officer (CFO). Can't afford one of these pricey execs? Try hiring a temp.
"We manage the financial side of a business, and that can mean hands-on development of policies and procedures for cash management," says Michael J. Kettner of CFO Resource Group Inc. in Lexington, Massachusetts. "It could also mean negotiating with vendors or helping find a banker who works with companies in your industry." Kettner's firm has part-time CFOs for hire so companies can get the services of a permanent CFO without the expense of a full-timer.
CFO Resource Group provides assistance to start-up and existing small businesses on an as-needed basis. There is no monthly retainer; a day rate of $500 to $1,200 is usually charged. "Our typical client is a [fast-growing] company with $2 million to $25 million in revenue," says Kettner, whose three-year-old firm primarily services clients in the New England area.
There are several other independent companies nationwide that outsource CFOs, including CFO2Go Inc. in Bothell, Washington, and CFO Associates in Stamford, Connecticut. Check your local Yellow Pages for more resources.