How Can Your Company Benefit From Fractional CFO Services?
A CFO is usually one of the highest paid employees in the company. For a small to mid-size business, sometimes the expertise of a CFO is only needed on a part-time bases. Using fractional CFO services allows the flexibility of getting seasoned financial leadership only when it is needed most.
There are many reasons why using a fractional CFO is a better approach than hiring a full-time CFO. For example, if a company needs to overhaul its current accounting system and implement a new one, it will need a seasoned financial executive who has this experience to lead the business through this conversion. The need is only for this major transition, but the stakes are too high to place on a regular accounting employee. Bringing in a CFO who has experience implementing new systems will help the company get through this process with the least amount of bumps and pitfalls along the way.
A fractional CFO usually has broad experience with many companies and who has led many different types of projects. He can work along side of regular accounting employees to provide guidance during financial reporting to ensure all the financial statements are accurate and complete. He can provide oversight during audits and identify areas where internal controls can be improved. He can represent the company during meetings with investors or lenders and address complex questions regarding the company’s financial health that are beyond the experience of a staff accountant. As the fractional CFO learns more about the company, he can be a key player in helping the company create a sound strategic business plan that will put the company in a solid financial position for growth.
Fractional CFO services let a business tap into a wealth of financial management expertise at a fraction of the cost of hiring a full-time CFO. It is a sound approach in keeping personnel costs down without sacrificing solid leadership from an experienced financial expert.