Occasionally, a company may need a part-time chief financial officer (CFO) because their full-time employee has left or moved, or because they simply cannot afford to hire a full-time CFO early in the business. While a part-time CFO may not have exactly the same responsibilities as a full-time CFO, they must have certain qualities that make them suitable for the position in order to be successful in their jobs.
To find out which traits are most important, we asked 11 members of the Young Entrepreneur Council (YEC) to weigh up the following question:
What is a key quality that a part-time CFO must look for and why is that quality so important to the role?
1. Money management skills
Money management and an understanding of your industry are key characteristics. When trying to find a CFO, it is likely that you are currently not managing your finances optimally. The new CFO should have a nice story on their résumé and positive feedback from all their previous positions. The last thing you want is to hire someone to fill the position and then leave them in a worse situation than when they first walked in. – Zac Johnson, Blogging.org
2. Logic paired with trustworthiness
Logic is a key feature. Since the CFO must manage a company’s financial operations, logic is essential to keeping track of cash flow, analyzing the company’s financial strengths and weaknesses, and even suggesting corrective actions. Next to logic is trustworthiness. You can’t ask a liar or a thief to take care of your bank statements. Logic and trust should go hand in hand. – Daaisy Jing, banish
3. Leadership skills
CFOs must have strong leadership skills. You need to be able to communicate well with the team, share important information and develop a vision for the future. I would be looking for someone who is not only good with numbers, but also someone who can lead a team. – Blair Williams, Member Press
4. A results-oriented mindset
A good CFO needs to have a results-oriented mindset. Setting goals gives the company something to work towards and thus motivates your team. The CFO must find ways to measure results, hold people accountable when goals are not met, and reward those who achieve their goals. – Ibrahim Alkurd, New Mine
5. Self-discipline
When hiring a CFO, especially one who works part-time, it is critical that he or she be a self-disciplined motivator. They can get their chores done without being micromanaged and can easily take over their workload even though they do it in a few hours. If they can’t take the initiative, they probably don’t go well together. – Jared Atchison, WPForms
Other items from AllBusiness.com:6. An understanding of your services
If they are part time, you want to see if they are good enough to work full time. Make sure they understand your main services more than just the finances behind them. You should have a deep and thorough understanding of pricing in the market so that you can make effective decisions. – Nicole Munoz, Nicole Munoz Consulting, Inc.
7. Versatility
Versatility is important. I believe that the ability to adapt quickly and properly to change is an essential quality for a finance director. This environment is very changeable and you have to be prepared to face every situation in the best possible way for the company. – Kevin Leyes, Leyes Media & Team Leyes, of Leyes Enterprises
8. Delegation skills
If your CFO is part-time, he has to be a good delegator. You should be able to effectively delegate tasks to other members of the accounting team as they are not in the office full-time to perform all of these tasks or to oversee them at all times. – Josh Kohlbach, wholesale suite
9. Passion
There are many skills a CFO should have, including leadership, resourcefulness, problem solving skills, and innovation. But when it comes to running a company with a part-time CFO, you need someone who is passionate about it. You don’t have to be crazy about the mission of quitting your job, but you do need to be passionate enough to use your talents for the right reasons. Money alone is not enough. – Samuel Thimothy, OneIMS
10. Communication skills
Candidates’ speaking skills should be weighed when selecting part-time executives such as the CFO. Since they are limited in time, they should be able to communicate and delegate even the most complex aspects to their subordinates. You also need to be able to communicate effectively with owners, executives, vendors, and the entire management team. – Kelly Richardson, Infobrandz
11. Attention to detail
Attention to detail is an important quality of your CFO. There is no question that when it comes to a company’s finances you need someone at the top who is willing to handle the little details and make sure everything is done right. It is important because your financial activities must comply with the law, and it is not an area to be lightly treated. -Syed Balkhi, WP beginner
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