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Why does my business need a part-time CFO...
...if we have an on-site accountant or bookkeeper?Accountants and bookkeepers at emerging businesses are typically focused on keeping up with Accounts Receivable, Accounts Payable and Payroll. Accordingly, developing and executing a financial plan may take a back seat to "fighting fires" in these areas.
To achieve your business's goals, however, the finances of your business need to be managed on a pro-active basis. As your part-time CFO, our primary responsibility is to develop a financial plan and help your managers execute that plan.
...if we retain a CPA firm?In addition to tax planning and filing, CPAs are trained in financial accounting and auditing. Their "scorekeeping" reports simply indicate where your business has been in the past.
But you need more than accounting scorecards to manage your business. You need professionals that can tell you where your business is headed. As your part-time CFO, we analyze your business's leading indicators to recommend actions that will enhance financial performance in the future.
....on a part-time basis versus a full-time basis?Hiring a qualified CFO on a full-time basis is an expensive approach for an emerging business to get financial management support. A full-time CFO at a small-to medium-sized company is likely to end-up performing low value tasks - tasks that can be conducted by lower level personnel.
Retaining the services of a qualified CFO on an as-needed basis is a cost effective approach to accomplishing financial analysis, planning and implementation. As your financial consultant, we leverage your staff (or our staff) so that time is spent on the high value processes.