Financial Management with the Fractional CFO
A fractional CFO is a financial officer that can help you grow your business. A full-time CFO might not be able to do the job themselves, but they can use their expertise to find someone for you. These professionals are experts at managing and budgeting finances, so they will be able to help with everything from day-to-day operations to long term goals. They may also provide advice on how best to leverage your investments or raise capital in the future.
Seeing as this is a fractional CFO, they won’t be on staff full-time. Instead, you’ll hire them for specific tasks that your other team members cannot take care of or when the need arises. That way, you can keep things running smoothly while still being able to focus on what’s most important – growing your business and making money!
When Should You Hire One?
Fractional CFOs are great because they can help in so many areas where it would otherwise be difficult or impossible with just one person. When should you consider hiring one?
• Your company has grown rapidly over time but now needs an extra hand to manage finances and operations;
• Your company requires outside advice from experts in specific areas like accounting, tax law or leadership;
• As your company grows and becomes more complex, you need a resource to help with financial modeling and projections.
In these cases it makes sense for an entrepreneur to have their own fractional CFO who can fit in seamlessly without disrupting the team.
The best time to hire a fractional CFO is when the company has grown rapidly over time but now needs an extra hand to manage finances and operations. This type of situation will also require outside advice from experts in specific areas like accounting, tax law, leadership. If your company requires financial modeling and projections then you’ll need a resource for this as well; that’s when employing a fractional CFO comes into play. A good rule of thumb is if you need an outside advisor on a regular basis to help with financial needs, that is the best time for your company to hire a fractional CFO.