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Benefits When One Hires 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. But in the case of small and growing business it may prove to be expensive to hire a permanent CFO due to the high cost of hiring the staff. 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. When a company hire a CFO they easily manage to access funds mainly as loans and are also advised on how the finances can be channeled towards the projects of the company to ensure increased productivity. Currently most enterprises are also finding it difficult to get loans from lending institutions due to economy and recession. 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. When seeking to invest, investors also select companies that seem to be financially sound and one way of achieving a more appealing status is through hiring a CFO or having accountants working with your company. They also help the company to prepare and gather the relevant documents when they seek finance from the lending institutions. In a growing business, there are complex financial matters and thus when hiring a CFO there is need for the enterprise to hire an experienced individual. Even when a company has accountants who handle their daily bookkeeping it will need the services of a CFO as they are useful when seeking funds from the lending institutions as a company seeks to achieve its targets. The CFO usually possesses managerial experience and will help the company in management of the employees when the need arises. Before a company hires a CFO they will need to analyze their character, work experience as well as their strengths and weaknesses. A company should evaluate the CFO and also seek their recommendation to prove they have 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. Any growing business will need to utilize their scarce resources properly through reinvesting to increase the productivity of the business.4 Lessons Learned: Accountants