The basic differentiation has to do with the focus of their responsibilities. The Controller oversees all general ledger, accounts payable, payroll, cash management, internal controls, cost control, and reporting responsibilities. It is primarily a function of reporting what has already occurred. The CFO focuses on what will occur and works hand in hand with the CEO and COO to provide the planning and resources to competitively navigate the company in the future. In smaller companies, the CFO must also provide the oversight of the controllership functions as well.
How can you act independently when you are working for several different restaurant companies?
We treat each client in the same way as an independent CPA with multiple restaurant clients or a full time in-house CFO.....with complete confidentiality. Only our knowledge of best practices within the restaurant industry, vendor relationships, and our experience as a CFO is shared among clients. This promise is backed with a binding confidentiality agreement executed before the beginning of every engagement.
How can a part time CFO be as effective as a full time CFO?
You pay for our experience and experience translates into getting objectives completed the best way possible and in a timelier manner. What you don't pay for is down time, holiday time, training time, vacation time, sick time, or personal time.
How would this compare financially?
As an example, lets compare the cost of a Restaurant CFO Partner with a full time employee and assume that the amount of hours actually worked by the full time employee is equivalent to a four-day workweek by a Restaurant CFO Partner. As you will note, exclusive of hiring costs and other incentives such as stock options, there is only small financial premium paid for the flexibility you gain from hiring a part time CFO.
* Based on Median Annual Restaurant CFO salary ($127,019) and bonus ($10,221) for restaurants with revenues under $50 million per 2000 HCE Hospitality Compensation Exchange as surveyed by HVS Executive Search and divided by 52 weeks.
** Based on daily rate of $720 per day.
When do we need a full time CFO?
The simple answer is when it becomes more economical. This can vary dramatically depending on your company's rate of growth, size, and the amount of time a dedicated CFO needs to spend within his area of responsibility. If you have been utilizing our services, then this is the point at which your company's growth requires more than 4 days per week of our time.
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