How can they help my company?
The answer varies depending on your circumstance:
- Is there a particular financial challenge such as raising capital?
- Are you implementing a new accounting system?
- Are you navigating a specific project like an audit or preparing for a merger, acquisition or sale?
- Has your former CFO left the company?
The most obvious advantage is the ability to have a seasoned veteran on the team at a fraction of what it would cost to hire a full-time equivalent.
Our fractional CFOs have experience with many different companies. This allows them to bring a unique and unbiased perspective to their assignments. Additionally, both the company and the fractional CFO have the opportunity to initially work together on a limited scope and can get a sense of whether or not there is a good cultural fit for all involved.
Over time, many fractional CFOs function as an integral part of the management team, so they are involved with goal setting and strategic initiatives of the company. As they become familiar with the company’s operations, they can act on the company’s behalf with outside counsel, lending institutions and/or investors. This can free up others in the organization, like the CEO, to focus on growing the overall strategy and vision for the company.
The fractional CFO also works alongside the company’s controller and other accounting staff to ensure the company’s financial statements are in order. Many times, the fractional CFO will close the month’s books after the accounting staff have entered their data and then issue the financial statements. This adds an extra layer of oversight and can provide additional internal controls to ensure best practices are being followed.