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Interim CFO, Part Time CFO Services, Accounting Support, Temporary CFO, Accounting Bookkeeping Services

Charlotte · Raleigh – Durham · Chapel Hill · Triad · Southern Pines · Coastal Carolina
Closing the GAAP to Scale Your Business
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919-230-4667
Scale Finance, LLC, Financing, North Myrtle Beach, SC
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9 Traits of a Rockstar Part-time CFO

Source: BusinessCollective

When you are taking on funding or expanding your businesses, and looking to add a CFO, but may only need one part-time, what are the traits that you need to focus on. We asked nine entrepreneurs what they look for in a part-time CFO?

Financial Modeling Experience

The CFO should have strong financial modeling skills that improve forecasting of the business, which greatly assists the CEO in planning capital allocation. In addition, the CFO should help create a data-driven culture so that strategic decisions can be more informed by sound data analysis.

-Nanxi Liu of Enplug

The Ability To Be a Partner

Being great at financials/taxes/etc. is just the point of entry for a great part-time CFO. The right candidate needs to have the personality and expertise that lends to being a sounding board, advisor and partner; not just a CFO who answers your questions about money. Our CFO, Adam Falk, has advised us on everything from when to hire to how to negotiate discounts.

-Brittany Hodak of ZinePak

An Eye for Every Detail

When hiring a part-time CFO I was looking for someone very detail-oriented, who could look at the bigger picture for our company and finances and point things out to me that others I interviewed did not. When a woman I was interviewing showed up with loads of advice and ideas, I knew I had found the person I was searching for. She has been an integral part of my success.

-Natalie MacNeil of She Takes on the World

Experience with GAAP
Your CFO should be able to set-up all of your financial reports and controls using Generally Accepted Accounting Principals (GAAP). GAAP is the common set of accounting principles, standards and procedures that companies use to compile their financial statements. Adhering to GAAP will be necessary should you ever want to raise capital, sell your business or take your company public.

-Kristopher Jones of LSEO.com

A Forward-Thinking Mentality

If you are looking for a part-time CFO, you need someone who — besides organizing your finances — can help you build a financial structure that allows you to grow and move from a startup to a more established company.

-Alfredo Atanacio of Uassist.ME

Ability to Offer Financial Analysis

A primary role of a CFO is to offer financial analysis versus financial reporting. The difference here is key. Financial reporting simply tells you how your business performed during any period of time, but offers little insight into the future, which is where your CFO comes in. Financial analysis offers insights into how you are likely to perform in the future.

-Obinna Ekezie of Wakanow.com

Leadership and People Management Skills
Even at the part-time level, your CFO will be leading others and managing teams — probably HR at first, finance later. They’ll also be managing your C-team, in a sense, because they’ll be guiding the discussion on how much money to spend and where. For the health of your business, choose someone who knows how to win others and inspire them to work toward shared goals.

-Jared Brown of Hubstaff Talent

Proactiveness

Since your CFO will not be in your office at all times, you need to make sure that you find a part-time CFO who is proactive and driven to get their work done and be great in their position. Just because they are not full-time doesn’t mean they don’t have to complete all the tasks at hand that any other CFO would handle. Look for individuals who commonly go above and beyond!

-Miles Jennings of Recruiter.com

Boldness to Put on the Brakes

Many entrepreneurs are hard-charging and vigorously pursuing their passion. Just like your car has a gas pedal and brakes, the CEO is often pushing for the gas to accelerate; it’s the CFO who needs to be the one reaching for the brakes to grow at a slow, more tempered pace. Both roles are vital in avoiding an accident, so look for a CFO who has the boldness to confront you.

-David Ciccarelli of Voices.com

About Scale Finance

Scale Finance LLC (www.scalefinance.com) provides contract CFO services, Controller solutions, and support in raising capital, or executing M&A transactions, to entrepreneurial companies. The firm specializes in cost-effective financial reporting, budgeting & forecasting, implementing controls, complex modeling, business valuations, and other financial management, and provides strategic help for companies raising growth capital or considering M&A/recapitalization opportunities. Most of the firm’s clients are growing technology, healthcare, business services, consumer, and industrial companies at various stages of development from start-up to tens of millions in annual revenue. Scale Finance has multiple offices in the Carolinas including Charlotte, Raleigh/Durham, Greensboro, and Wilmington with a team of more than 45 professionals serving more than 130 companies throughout the region.

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Knowledge Bank

Mitigating Risk for Small Companies – How to Best Leverage Your Attorney

How Small Companies Are Experimenting with Cryptocurrency Applications – Cardano Example

Hiring a Startup CFO – When to Hire a CFO & Why You Need One

Owner Financing of Small Companies – Debt or Equity Considerations

Will Your Merger be Blindsided by Fraud?

Series C & Beyond: How Growth Investing is Different Than Early Stage

5 Rules for an A+ Board Meeting for Investor-backed Companies

Understanding & Using Your Cash Flow Statement

Why Business Valuations are Helpful (& What do they Typically Cost)?

Managing Merchant Fees – Role of Zero Fee Processing

Can Accountants Value a Business?

Personal Guarantees – Should You Grant One?

10 Pieces of Advice When Someone Wants to Buy Your Company

Convertible Note Financing – Payback Time

Due Diligence Fiasco – A Look Back at HP-Autonomy

Applying for Business Loans – Hard Credit Checks

7 Ways a Business Name Generator Can Help Entrepreneurs

Citizenship by Investment Overview

Understanding the True Cost of Employee Turnover

How to Think About Valuation When Raising Venture Capital

Explore the Knowledge Bank…

Secondary Sidebar

Recent News

Scale Finance Closes $20M ABL Financing for TRA

Scale Finance Leads the Successful Sale of Carolina Restoration Services

Scale Finance Advises FX HedgePool on $8M Series A Funding

SF Closes Acquisition of Midwest Outdoor Resorts for Travel Resorts of America

Scale Finance Closes $7 Million Senior Debt Financing for Travel Resorts of America

Scale Finance Advises on Acquisition of Falcone Crawl Space & Structural Repair

Congrats to Payzer for Closing $23 Million Equity Financing

SF Client Headbands of Hope Closes Strategic Growth Investment

SF Assists Semper Investment Company in Acquisition of ACM Removal

SF Client SentryOne Acquired by SolarWinds (NYSE: SWI)

Scale Finance Assists GPM with Acquisition by Netsmart

SF Client Broadstep Behavioral Health Continues National Growth Through Acquisitions

SF Client Impact Financial Systems (IFS) Acquired by iPipeline

Scale Finance Assists TrueLearn with Investment by LLR Partners

Scale Finance Assists Textum Weaving with Investment by Quad-C

Scale Finance Closes Debt Financing for Horizon Eye Care

Scale Finance Closes Acquisition of Horsepower Site Services by MCG Civil

More News…

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Media

Scale Finance Managing Director Dave Gilroy interviewed on WSIC Radio (local Fox affiliate)

/wp-content/uploads/2014/02/David-Gilroy-Interview-Local-Biz-Now-2-7-14.mp3

Entrepreneurial Tips

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