Bay Shore accountant has calculator, will travel

ACCOUNTING

Chief financial officers are generally thought of as staid people in dark suits who stay with the same company for years, until they become chief executives. Things may be changing.

You can now rent a CFO!

Keith Simmons of Bay Shore is one of about 150 partners in a Phoenix-based organization, B2B CFO, which rents out CFOs to companies.

Simmons, who worked in finance for aerospace and other companies on Long Island for decades, acknowledges he sometimes gets double-takes when he networks and tells people what he does for a living.

"To many, it may seem odd," said Simmons. "Some people may not know how it fits" into their business. Simmons said he usually has three clients at a time and works for them one day a week fixing financial problems.

The companies are usually small and can't afford a full-time CFO.

Simmons admits he is not familiar with each and every industry, but he is able to tap into B2B CFOs nationwide network for guidance and information. There is a fee to become a partner, and the organization receives 5 percent of his take from a company.

B2B CFO got started in 1987 by Jerry Mills, a certified public accountant, who had worked for the now defunct Arthur Andersen & Co.

It's also possible to rent a chief information officer, courtesy of CCS Inc. of Commack. The company provides CIOs to small and medium-sized Long Island businesses - the only firm on the Island providing such a service, said owner Matthew Stern.

"We report to the client's CEO and/or board," Stern said. "So if we decide there's a need for a new product or service to be performed, it is solely in the client's best interest and in no way lines our pocket."