Early-stage tech founders often occupy every role in the C-suite. As the chief executive officer, they set the mission. As the chief operating officer, they oversee all operations. As the chief technical officer, they improve the R&D. As chief financial officer (CFO), they manage financing, fundraising, cash, and compliance.
In most cases, founders struggle as they try to successfully manage to wear this many hats. This jack-of-all-trades by necessity stage often goes on for too long, preventing the founder from behaving as a true CEO.
When a tech founder does begin to spread the executive functions among a team, they often look at the CFO as one of the first roles to fill. Typically, they decide between three options: full-time CFO, a part-time CFO contractor, or hiring a professional services organization to provide value-added CFO services.
What do CFO services include?
CFO services include supporting and collaborating with existing CFOs or providing a fractional CFO as a strategic financial consultant. A highly experienced fractional CFO works with businesses in an on-going, part-time basis, providing the start up with financial acumen in an agile and cost-effective solution. They work across different stages of growth but cost less than a full-time, in-house CFO. BDO's range of services can support your business in a number of ways, including:
- Financial stewardship
- Cash flow projection
- Break-even analysis
- Bank negotiation
- Budgeting and forecasting
- Strategic business planning