How Part Time CFO Services Can Supercharge Your Nashville Startup

Finding a reliable part-time CFO can be tough. The task can be harder when you are a startup and aren’t sure exactly what you are looking for. Every business needs someone who knows the numbers. If that isn’t you, at some point you might consider asking for part time CFO services.

What Does a Part Time CFO Do?

Part time CFO professionals help you stay aware of the financial health of your business. Their responsibilities may vary and they may work with other clients.

They can bring more experience and perspective than with a full time CFO. Keep in mind they likely juggle their time with other clients, so your business may not be a top priority.

part time CFO services for Nashville startups

Where to find a Part Time CFO services?

Online Platforms: Places like Toptal and Upwork can get you started finding part time CFO services.

Professional Networking Events: Attend business conferences or networking events in your industry. Rub shoulders with financial professionals who are looking for part-time engagements.

Financial Advisory Firms: Some financial consulting companies offer these services. They can connect you with experienced CFOs tailored to your needs.

Local Universities: Check if your local university has a career service center. They might help you find finance graduates looking for part-time opportunities.

Referrals and Recommendations: Ask local business owners, mentors, or advisors if they know any part time CFOs.

Responsibilities by Level of Revenue

There are many levels of financial management in a business. Bookkeeping, reporting, cash flow management, risk management, corporate strategy, investment, and many others.

Every part time CFO has their own specific skill set and experience. It’s best to find a part time CFO that has the skillset that aligns with your objectives.

$0-$500,000 Revenue Per Year

At this level, having a part-time CFO can result in a step-function increase in your maturity as a business. They will help you set up a bookkeeping system, create budgets, and manage cash flow.

Services at this level will focus on bookkeeping, pricing analysis, and basic cash flow forecasts.

As a startup, they might help put together a pitch deck or financial model for investors.

The cost at this level will likely be anywhere from $50-100 per hour. Some industry expertise helps, but not required here.

$500,000-$2,000,000 Revenue Per Year

At this level, things start getting a little more complex. Depending on your industry and specific needs, consider someone with relevant industry experience.

Expect your part time CFO to spend time on similar types of projects as they would at the $0-500,000 revenue per year level. The big change will be more sophistication in the financial models.

You are likely dealing with real estate or some other commercial assets. CFOs are this level need to know about term loans, LOCs, and other credit facilities.

If they don’t have industry experience here, they need to at least have some related experience. For example, you run a specialty welding shop but your part time CFO only has manufacturing experience.

Costs here will likely be $100-175 per hour.

$2,000,000 – $10,000,000 Revenue Per Year

At this point, your part time CFO has likely been in your industry for a few years or has had many clients in similar industries.

A CFO’s focus here is to maintain financial statements, forecast cash flow, optimize pricing, and manage risks.

If your CFO has technical knowledge but lacks experience, seek out a Strategic Advisor that can serve in a COO role.

Costs here will likely be $175+ per hour.

$10,000,000+ Revenue Per Year

At this point, you might not be referring to your company as a startup anymore.

This level of service requires significant experience or significant time commitment. Professionals at this level likely only work with you or only a couple of other companies.

At this stage, your CFO will help you plan long-term (5+ years), discuss capital allocation strategies, hiring, and fundraising (debt or equity), have a deeper involvement in pricing strategy, and help drive the direction of the business and its balance sheet.

Hiring Full-Time vs Part-Time CFO Services

At a certain point, you will want to consider hiring a full time CFO to help you manage your business. When someone is working with more than one business, it can be tough to keep track of all the detail and nuances.

Are you more of a DIY type of person?

Sometimes it is better to do it yourself. It could be that you aren’t ready for part time CFO services.

You know enough Excel to be dangerous, but not a pro.

We’ve got you covered.

By confirming your email, we’ll send you a brand new spreadsheet template every week to help you get your finances organized.

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Here are some examples of templates we’ve sent over the last few weeks:

…a simple budget template that will get you started with cash flow planning.

…an inventory tracking template to keep up with gross profit.

…and even a template to help you calculate breakeven so you know what your monthly sales goals should be.

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Clarity Cash Flow

About the author

Clarity Cash Flow is an online resources with a mission to provide business operations with the best cash forecasting and treasury management information available on the internet.

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