Additionally, your CFO will help you navigate and provides oversight& execution of all controllership functions. This contains the timely and accurate production of all financial and operational reporting, direction of all human resource compliance issues, and filings for all federal and state taxes.
In house vs outsource CFO services: If this is your first restaurant or you have a small operation it will not make financial sense to have a full time CFO. The average CFO salary is average CFO salaries running into the six figure range, plus bonus and equity, business that need such leadership for many of their important early decisions are the ones least likely to be able to afford them.
The other options it to have a part- time CFO works as an employee of your company a allocate number of days per week or month. For example, in early-stage restaurant companies, a half-day to one day a week is more than sufficient to establish a solid ground from which the company can grow. As new locations are added and the demands grow, the number of days can increase.
The main benefits are flexibility and price. By using anoutsource approach, now many business can economically gain access to a financial skill set that was previously out of reach. They can allocate the amount of time needed for a part- time CFO to fit their current business needs, thus enabling them to pay services for only for productive time spent at their company.
Mario Villegas Seattle is serving as a Twilium Management Group. - Seattle, WA 2011