When Edmonton Businesses Should Hire a CFO

By October 30, 2020News
When Edmonton Businesses Should Hire a CFO

Hiring a CFO

As companies grow, so too do their financial needs. Businesses that are hiring more employees and taking on new clients often begin to need more financial oversight, which requires an extensive amount of attention on a regular basis.

As an owner, you already have multiple responsibilities and can only do so much. Hiring for the roles that are time-consuming and require a high degree of expertise is at the top of your priority list. For businesses to continue to grow and succeed, full financial health is essential.

In order to balance financial priorities and workloads, many companies choose to hire a CFO (Chief Financial Officer). Not only does this help limit financial burdens, but it can provide more runway for further growth and opportunities.

However, many businesses have questions about how to hire a CFO. Is it the right time? Who do you hire and should you have an internal CFO or an outsourced CFO? Let’s explore these possibilities in more detail.

 

The Role of a CFO

What is a CFO?

A CFO is someone who is hired to oversee all the financial aspects of a business. They are masters at managing, planning, implementing, and strategizing. Think of this person as your own personal banker or accountant for your business. They will be able to keep up with and track all of the business’s records, manage budgets, deal with payroll, and any other tasks pertaining to financial matters of the business.

The role of CFO itself requires extensive prior experience in fields such as finance, accounting, and/or economics. He or she also prepares reports, studies analytics, oversees tax information, and implements policies to balance the financial side of your business.

Why is Having a CFO Important?

As a business owner, you could be neck deep in paperwork on a weekly basis. A lot of that paperwork entails confidential financial dealings of your business, which cannot be ignored. On top of that, you still have to maintain daily operations and keep everything in order for clients, customers, and employees.

Having a CFO around can take a weight off of your shoulders and allow you more freedom and time to tackle areas in your business that need more of your focus. Balancing the workload is key to running any business.

The CFO is fully aware of economic factors, government regulations, and any other areas that can impact the finances of your business. They fully understand your business model and are able to build from it using their knowledge and experience with finances. Foreseeing and predicting potential outcomes is another useful skill accustomed to a CFO. They are always looking ahead towards the future and preparing for any result.

The Evolving Roles of a CFO

Technology is changing the nature of business. The role of CFO is no exception to this as financial technology has been experiencing incredible evolution. In the modern world, a CFO does more than just maintain the books.

The CFO must also be able to create and find ways to expand the financial status of the business they represent. That can include building relationships with other financial institutions and partners, and also navigating the playing field that is modern digital technology. They also know when to make the right decisions on behalf of the business, or to provide options and information to another decision-maker in the business. A CFO can set up your business for greater overall financial success by attending to both the details and oversight of your financials.

When Is it Time to Hire a CFO?

There is a great level of respect to be had in a good old college try; but if it just doesn’t work, perhaps it’s time to hand the keys over to someone who can do the financing. Financial work is not for everyone; but thankfully it’s a niche befitting of others who actually enjoy it and know exactly what they are doing!

Sometimes the best decision is deciding when help is needed. For a business owner, time is money. Managing time can get complicated when there is so much to get done every gruelling week. When confidence in your business finances and the direction of it begins to wear thin, it could be time to look for a CFO or hiring someone who specializes in financing.

 

Edmonton CFO Services

At Schwan & Associates, we offer outsourced CFO packages that cater to all of the financial needs and requirements of your business. Visit our website to find the right plan for your

business. We will be with you every step of the way, so call us today to learn more about how we can help set you up for long-term financial success.

Contact us to learn more

 

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