Does My Business Need a CFO?

Young friendly looking man sitting at desk smiling

Perhaps business is humming along with your bookkeeper effectively managing day-to-day finances and your accountant preparing annual tax returns, but the business is not realizing the growth you’ve envisioned.

Or perhaps the business has reached a size and level of complexity that require additional capital, and your bank requires more sophisticated reporting than you or your staff have the time or the expertise to handle.

What does a CFO do?

CFOs can assist with a myriad of projects, including:

  • Budget forecasting
  • Financial modeling
  • Cash flow forecasts
  • Obtaining bank financing
  • M&A transactions
  • Raising capital
  • Business restructuring
  • Building financial processes
  • Preparing for market expansion

What is a fractional CFO?

A fractional CFO is a part-time, on-demand (think JIT) strategic financial executive with experience in a variety of industries spanning a range of company growth stages who can join your executive team to either assist with special projects or become a longer-term trusted, financial advisor. Drawing on extensive experience, fractional CFOs can bring experience and strategic guidance to help anticipate and solve accounting and financial problems.

In visioning sessions with you, fractional CFOs will pair their independent, outside perspective with inside knowledge to help you more clearly see the issues and develop a plan – solving pressing problems as well as exploiting unique opportunities. Over time, you’ll feel reassurance and confidence as you implement a roadmap tackling one or several of the above projects (and more) to cut costs and grow your business, revenues and profits.

In addition, fractional CFOs can bridge the gap between financial and operational performance, maintain relationships with bankers, lawyers, accountants and insurance agents to effectively manage your company’s current and future fiscal affairs.

How much does a factional CFO cost?

Fractional CFOs can be especially practical for small businesses when they don’t have 2,000 hours of project work to keep full-time CFOs busy throughout the year. You won’t be paying a large annual salary to have a CFO sit on the bench when their services aren’t required.

Some fractional CFOs charge by the hour for special projects as needed, others negotiate a monthly retainer to become a longer-term strategic financial and operational advisor.

Having an experienced CFO who has the perspective of helping a variety of growing companies in multiple industries can be an invaluable asset to have as you navigate challenges and develop growth strategies that will be well worth your investment. Contact ICS to learn how we might be able to help your business today.