The Benefits of a Part-Time or Fractional CFO
Gardner Oleson, CPA, Technology & Manufacturing Practice Leader
Why consider a part-time CFO?
Big and small entrepreneurs need someone who will manage their companies' finances to attain financial stability. Growing small businesses often do not need an experienced CFO full-time. They do, however, need senior financial leadership. A CFO focuses on the future, funding and a company's ability to execute its plan. A controller's focus is on the past and reporting prior results.
Hiring a fractional CFO costs less than sourcing and hiring a permanent one. And a fractional, outsourced CFO's years and depth of experience are generally more significant than a small entity's top financial person. Experienced, skilled CFOs do not need to complete eight hours daily and five days a week.
Fractional CFOs provide services comparable with those of full-time CFOs; therefore, with part-time CFOs, companies can achieve financial growth without investing too much in sourcing and hiring a professional finance executive in a tight labor market. CFOs perform efficiently and get the job done as needed. Fractional services continue only if the client is satisfied with the value received.
Hiring fractional CFOs is also advantageous to the whole finance department staff. Part of the CFO's services is providing staff with updated information about finance management. If there is a new CFO to mentor them, learning becomes continuous. The team's knowledge of financial management is constantly renewed.
A CFO is also responsible for participating in the company’s strategy-making. With the senior experience of a fractional CFO, new strategies are formed, and new approaches are developed. For entrepreneurs striving to control their company, consider how an outsourced CFO can add value to you. Interested is seeing the financial impact of a fractional vs. full-time? Check out our CFO calculator below.
We Can Help
We are smart, nimble, and flexible. If you would like to discuss how Charles River CFO can assist your company with fractional CFO and accounting services, don't hesitate to contact us at (781) 431-0420 or send us an email.