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Why A Growing Enterprise Should Consider Hiring A Temporary CFO Whether an enterprise is growing or has been established, they need the services of accounting officers to help them achieve their financial targets. However, upcoming enterprises may find it difficult to hire a permanent chief financial officer as it will increase their wage bill. For such businesses hiring a temporary CFO makes sense as they get the same services but at a lower cost which helps the business to grow to the next level. The duties that are placed on the CFO include helping the business to access finances and also manage finances which are essential to growth of any business. In the recent times getting finances from the lending institutions has proved to be rather difficult due to recession and economy. Most lending institutions have set up tough guidelines where for an enterprise to get financed they require the enterprise to provide key financial documents such as balance statements and cash flow for them to get their loans approved. Investors are also keen with their investments where they are seeking to invest in financially sound companies hence the need to have accountants and a CFO in place as they can help a company to be more appealing and thus attract investors. They also help the company to prepare and gather the relevant documents when they seek finance from the lending institutions. When one is hiring a chief finance officer there should seek to hire an individual possessing the relevant experience in handling complex financial matters which are involved in a small enterprise. Even when one has an accountant who deals with the daily bookkeeping they will need a CFO to help them obtain a loan and are thus useful in taking a company to new heights. A CFO also possesses managerial skills and will help the company in handling the employees when it is necessary. It is advisable that when an enterprise is hiring a CFO, they analyze their strengths, weaknesses, character and their work experience. An enterprise should enquire about individual’s work experience which they should also support through references and recommendations as a proof of having worked in similar capacities in the past. Although every enterprise will have unique challenges, when one has the relevant experience they might have experienced similar challenges in the past.
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It is advisable for small enterprises to hire a temp CFO. While a CFO is hired to bring financial stability to a company they may lead to instability when they are hired permanently as they attract huge salaries. Growing enterprises will need to utilize the available resources correctly where they should reinvest to expand their productivity.Getting To The Point – Accountants