If you are looking for some of the best cash flow consultants to manage your cash, Toptal is a great place to start. The site rigorously vets its talent and only accepts 3% of those who apply. Toptal can expertly match you with contractors who have niche skill sets that meet your needs. Companies end up hiring 98% of the people they try out through Toptal. The site's exclusive network of world-class, high-caliber contractors includes those in the cash flow consulting industry.
Guide to Hiring Freelance Cash Flow Consultants
Because cash flow consulting is a niche skill in the realm of finance and accounting, it can be difficult to find the right people to meet your needs. Some of the challenges you might face when hiring include:
- Competing with other companies looking for people with the same set of skills.
- Marketing to the correct target audience—for example, if you are looking to hire a cash flow consultant, you would not want to post a job description on a website that focuses on creative fields.
- Assessing resumes and cover letters to interview the most qualified people.
Financial advising, which includes cash flow consulting, is an in-demand career with projected job growth of 15.4% between 2021 and 2031. This means that a lot of companies will want to hire people with skills such as cash flow analysis in the coming years with no guarantee that the job market can keep up with the demand.
Websites dedicated to helping businesses hire people with certain niche skills are extremely helpful because such sites bridge the divide between talented professionals and companies looking for someone with a specific talent. For example, many websites allow companies to search by skill set rather than education or experience. This opens up new hiring possibilities for a company that wants to hire a cash flow consultant.
If you run into any issues when trying to hire cash flow analysts, know that there are numerous online resources available to assist you in the hiring process.
What Does a Cash Flow Consultant Do?
Many companies lack the resources to hire a full-time employee to monitor and manage the cash flow of the business. This is where a cash flow consultant comes in.
A cash flow consultant looks at how managers spend cash in all areas of the business while paying particularly close attention to areas where managers might be spending too much money. The consultant can then propose ways that the company can cut some expenses.
The consultant may use analysis and forecasting to inform a company of the risks of continuing to use cash in a particular way; for example, business leaders might ask themselves, "Do we plan scenarios to prepare for a range of risks?"
Typically, a cash flow consultant will also examine how a company uses its cash compared to competitors and make recommendations regarding ways to surpass those competitors.
Every day might look different for a cash flow consultant, depending on the place of work. Some consultants might work in person at a particular company or work at their own office and make frequent visits to the company. Other cash flow freelancers may work remotely and go over a company's records through a secure online system.
One of the more specific duties that cash flow consultants perform is cash operations management, which helps ensure that a business has enough liquid assets to serve its clients and customers on a daily basis. If you own a clothing store, for instance, you need to have enough cash to keep the inventory in stock so that customers don’t buy from a competitor instead. You also need to have the necessary funds to pay the employees who serve customers, as well as funds to pay your utility bills so that customers continue to have a pleasant shopping experience at your location.
Why Should I Hire Dedicated Cash Flow Consultants?
Dealing with cash is delicate because you have to be precise—small discrepancies in reporting can add up and become suspicious over time. Hiring someone who keeps accurate records of your cash flow can reduce the chances of needing to pay back taxes after an audit, and a cash flow consultant can often help you avoid an audit altogether. An audit can be stressful and time-consuming, so it’s wise to have a system for preventing an audit or easing the process if it does occur.Having a dedicated cash flow consultant on hand also helps bolster investors' confidence in the company. Investors want to see funds used wisely, and hiring a cash flow expert signifies to them that your company takes the use of funding seriously. Building trust within a community of investors encourages more people to support your company, allowing it to grow and exceed expectations.
Should I Hire a Freelance Cash Flow Consultant?
There are many options when it comes to hiring a cash flow consultant. For instance, you can choose between bringing someone on board to work as a freelancer or as a part-time or full-time professional. Hiring freelancers who work remotely is often the most cost-effective way to bring a financial analyst into your company.
What Skills Should I Look For in a Cash Flow Consultant?
Before posting a job advertisement or beginning your search to hire cash flow consultants, you should know what types of skills to look for in the ideal job candidate. For example, you might peruse existing job descriptions to see what soft and technical skills your competitors look for in a financial expert.
Some of the soft skills a cash flow analyst needs include:
- Decision making
- Critical thinking
- Communication, especially about uncomfortable situations
- Dealing with conflict
- Management of stressful situations
Some hard or technical skills that cash flow consultants might need include the following:
- Financial data analysis
- Bookkeeping
- Revenue optimization
- Budgeting
- Knowledge of relevant programming language(s), such as Python, for task automation.
You can differentiate between junior, mid-level, and experienced consultants by the number of years of experience they have, which may or may not matter to your company. An experienced consultant will be more used to dealing with complicated issues and difficult scenarios. If your company's finances are complex or if you frequently deal with problems due to your cash flow operations, you might consider hiring someone with a bit more experience. However, keep in mind that you need to appropriately compensate someone who performs at a higher level.
What Is the Salary of a Cash Flow Consultant?
A typical salary range for a freelance financial analyst is $30,000 to $50,000 per year. This figure depends on things such as the education level and the number of years of experience the consultant has. The average salary is approximately $39,000.
Tips for Writing a Cash Flow Consultant Job Description
When writing a job description, make sure to include all responsibilities that you may require of the professional. Many companies choose to write something along the lines of "Other duties as assigned" to make sure they cover all their bases.
A job description for a cash flow expert might include some or all of the following responsibilities:
- Examining financial statements for potential errors and bringing them up with the appropriate department
- Preparing daily, weekly, or monthly cash flow statements in a manner that is easy to read and understand
- Following all rules and regulations according to the industry standards
- Performing any other relevant duties that might arise throughout the workday
Your specific job description will vary according to not only your industry, but your company's needs as well. In addition to the role’s responsibilities, include any perks or benefits that your company provides, as these may entice more talented applicants. Include some information about your company's culture and work environment to help applicants determine if they are a good fit.
How To Find Freelance Cash Flow Consultants for Hire
Cash flow consultants perform numerous duties that help take the stress off full-time employees of the company. When choosing a website for hiring cash flow consultants, consider all the factors, including how long it takes to get someone on board, how well the platform vets potential candidates, and what types of service the platform provides to clients. For example, when you use Toptal, you know you’ll see only top performers. By comparing all the websites that offer the ability to hire cash flow consultants, you can make the right decision for your business.
