Fractional CFO: Expertise of a CFO for a Fraction of the Cost

As your business begins to grow, financial tasks are simply added to your to-do lists and are, for the most part, manageable. The growth continues, yet, as the owner, your priorities are building a skilled team to maintain that growth and expanding a client base. Now, when you need even more financial expertise, you have less time to spend on it.

This is a critical time for any business: the point where you have moved past bookkeeper and are encountering more financial obstacles, when you need to implement systems to match your growth, and when you need to start looking ahead to where you want to be. It is at this point that a business owner needs to consider hiring a Fractional CFO

Fractional CFO vs. Full-Time CFOs

In the past, bringing a Chief Financial Officer (CFO) onto your team meant hiring a C-suite executive accompanied by an executive-level salary and a full-time commitment. For many growing businesses, that’s simply not feasible, or necessary at this stage.

A Fractional CFO has the experience and expertise of any CFO and is available on a more part-time basis. For a few hours a day, week, or even month, that CFO is committed to your company. The schedule, as well as the services provided, are tailored to the needs of your specific business. This allows for the benefits of a CFO in your corner without the full cost of a salary and benefits.

What a Fractional CFO Brings To a Business

Fractional CFOs are experts in their field, and have the abilities to perform the services a full-time CFO would typically provide. They have the knowledge and experience to put together strategic plans for the future of your business. They work along with key stakeholders to project your business’ possibilities and advise you on the steps it takes to get there. 

Their wealth of experience allows them to efficiently put systems into place that will help your business maintain its growth. They have the tools and the experience to facilitate their implementation and bring a business to the next level. 

In addition, they are able to provide mentorship and coaching to your in-house team. Your current accounting department may have some of the tools but lack some of the essential expertise to take the company forward. 

How Hiring a Fractional CFO Will Help Your Business

A Fractional CFO has years of experience in their role and can learn the ropes of your business efficiently. Many who have chosen this path choose specific industries to focus on, meaning they know the business’ in’s and out’s, and have industry relationships that will benefit your business’ network. Though they provide limited hours, you will find they are extremely dedicated to the businesses they serve. 

As you build your business, a Fractional CFO can help serve in that in-between stage, between a small business that needs minimal accounting services and a large business that necessitates a full-time CFO. Depending on your unique business, they can help:

  • Plan for the financial future while you focus on the day-to-day.
  • Ensure the finances are in order and can meet the needs as you grow.
  • Provide knowledge on the market of your specific business.
  • Lead special projects that need to be completed.

The flexibility of a Fractional CFO allows you to utilize these services only when it suits the business, making sure you are making the best use of your money.

In our now remote work culture, utilizing the resources a Fractional CFO provides has never made more sense. They are there when you need them, without requiring the full expense of a CFO. Reach out to Executive Financial Partners for a free consultation if you think your business can benefit from Part-Time CFO services.

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