Part-time CFO Frequently Asked Questions
We understand that the cost of a highly experienced, strategic CFO may be out of reach for many small - medium sized businesses. CFO Evolve was established to enable business growth through providing a highly strategic part-time CFO, reducing the cost to the business and allowing flexibility on the commitment of the finance role.
We match you with your perfect CFO and depending on your business requirements and budget; we work out the duration you will require them for a project or ongoing.
A part-time CFO can work with you to suit your budget. This can be on a project basis, weekly or monthly mentoring as required.
A part-time CFO can scale up or down how frequently they work with you to suit your budget. This could be 2 days per month through to 2 days per week. As your business demands change, you can adjust your part-time CFO requirements. For example, requiring a part-time CFO to provide comprehensive forecasting for strategic funding purposes or to provide due diligence as part of an acquisition or merger transaction.
The Chief Financial Officer (CFO) has a much larger role in an organisation than a financial controller (FC). Whilst the FC is the head of the accounting, the CFO is responsible for, and has to observe every financial and operative function of the organisation including combining forecasts and strategy to ensure that the business is moving forward.
A 3-way forecast is a combination of cash flow, profit and loss, and balance sheet forecasts all integrated into one spreadsheet. Banks and all other providers of finance are increasingly requiring these from businesses before granting them finance.
A 3-way forecast allows the business to understand how changes in one aspect of the business affect other elements of the business.
Every business lender is different however there are some basic principals that a lender will want to see in understanding your ability to repay the loan.
The aim is to enable you to have clear talking points as you begin talking to lenders
You may required to provide:
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A Balance Sheet
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Business Forecasts
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Business Plan on how you will deploy the funds
Good cash flow management is critical to the success and survival of your business. If you don’t take care of your cash flow, you could end up not having sufficient funds to settle your bills. Effective cash flow management and cash flow forecasting will ensure that reoccurring costs in addition to all the regular costs such as creditors, employees and tax can be paid on time.
Read more about how we can help you with better cash flow management >