Chief Financial Officer & Controller
Effective controls, timely managerial reports, and accurate budgeting are critical to the management of a successful business. These functions are the primary responsibility of the corporate CFO, Controller, or Managerial Accountant.
It has become evident to Leonardo & Co. that Maine businesses from Portland to Caribou face significant challenges when looking to fill the position of CFO, Controller, or Managerial Accountant.
Cost– Hiring a full time CFO is without question a very expensive proposition. Salaries can range between $60,000 and $130,000 depending on the region in which the company operates, the size of the company, and the experience of the professional being hired. In larger Portland-based companies it is not uncommon to see CFO compensation approaching $200,000 per year. Health insurance, retirement plans, and payroll taxes are substantial additional costs to consider.
Lack of Qualified Candidates – The credentials and skills necessary to be considered for this type of position are in short supply. These professionals tend to gravitate towards major metropolitan areas, such as Boston and New York, in search of better pay. Even Portland companies struggle to compete. This often places Maine businesses at a significant disadvantage when recruiting talent.
Solution – CPA as CFO
Leonardo & Co, PA provides businesses with CFO, Controllership, and Managerial Accounting Services. Our associates possess the skills necessary to function as a part time CFO or Controller for businesses in most industries.
Businesses throughout Maine are able to successfully delegate the crucial functions of a CFO to Leonardo & Co, PA with the confidence that effective controls will be implemented, and managerial reports will be timely and accurate.
The economic and time efficiencies realized with this approach are exceptional. We have contracted with companies to perform these crucial internal accounting functions for as little as $12,000 per year. In the process, we eliminate the cost of a massive salary & benefits package that comes from hiring a full time CFO.
If your company is interested in learning more about this type of service, please contact Jeffrey Leonardo, CPA directly at (207) 782-9018 ext. 1.