Warwick firm Barba & Associates Certified Public Accountants provides a different kind of service to its clients. The firm offers “CFO for Hire,” which it says gives small businesses full access to CFO services and expertise without paying the big salary of in-house CFO. Barba & Associates’ “CFO for Hire” services can range from management of an entire accounting department to something as simple as overseeing the company bookkeeper.
Jeff Barba, founder and owner of Barba & Associates, has six years experience in public accounting and five years as a controller/vice president of finance.
PBN: When did you begin the “CFO for Hire” service and what has the response been?
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BARBA: The CFO for Hire service began in the spring of 2011. … Everyone has been very positive about our ideas and the benefits of using an outsourced CFO firm. However, as we expected, there is still some hesitancy to use this service. But many of the reasons for the hesitancy are actually just incorrect assumptions about our services. For instance, people may think that we will never be on site or that we won’t be there when they need us. In fact the opposite of both of those are true.
PBN: Why is there a need for this type of service?
BARBA: Two main reasons:
- Smaller companies, frequently those that are growing, may need more than just a bookkeeper or clerk, but they are not ready to commit the full-time salary of a CFO or controller
- Small to medium-size companies that want to get more out of the CFO/controller position. We will have multiple CFO level resources that have many different skills, talents and experiences that will collectively be unleashed to maximize the output of the accounting function.
PBN: How does this process work?
BARBA: It all starts by listening to our clients’ needs and then mutually coming up with a vision of what that client’s financial function should look like. Then it’s all about execution.
We will develop processes and procedures for all accounting functions. And we use these processes and procedures to make sure everything is done accurately and timely.
We are huge into technology too – always looking for ways to use technology to improve things. We can do pretty much anything remotely, but we think an on-site presence is still important. So we are on site anywhere from 5 to 25 hours per week, depending on the needs of our clients.
PBN: Do you think a CFO from outside of a company can be as effective as someone who is more familiar with the business?
BARBA: Absolutely … We won’t only be as effective, but actually we will be more effective. Because we are technically a vendor, I think we are more motivated to keep clients happy than we would if we were employed in a typical 9-to-5 position. And perhaps the largest benefit is that as we continue to grow, we will have other CFOs that have specific talents and experience. So by hiring us as your CFO, you are getting not just one CFO, but multiple CFOs.
PBN: Will it be difficult to take on a CFO role at another company and still maintain your other clients at Barba & Associates?
BARBA: We are building our entire business around the CFO for Hire service. The companies where we serve the CFO role are our clients. No other work will get in the way. And of course, as the demand for our service increases, we will look to add other excellent accounting resources to service our customers. It will be a great job for qualified accountants who love accounting and working with clients, but hate tax season.
