Fractional CFO: What You Need to Know

What type of fractional CFOs do I need? There are many benefits to hiring a fractional Chief Financial Officer. These benefits include someone who can fill in for you at the last minute, has the expertise and experience you need when it comes to financials, and is an expert with your company’s accounting software. Fractional CFOs also work on a contract basis which means that they come into your office only when needed.

Fractional CFOs are better solution when you don’t need a full time CFO, but only periodic financial help.

The best way to find the right fractional CFO for your company is to review their experience and skills online or through word of mouth from other business owners in similar industries. There are also many services that provide referrals if you’re not sure where to start looking. When interviewing candidates be sure to ask about how much they charge as well as what hours they work because this will help decide which candidate fits your needs better. Fractional CEOs offer these types of services so don’t forget them when reviewing potential candidates!

Full time CFOs offer constant work and they are always on call. This can be a great option for some companies, but not all. Your business needs to understand what it’s most important task is and how the CFO will help with that because if your company has more than one focus then you need someone who can divide their attention between different areas of responsibility. For instance, let’s say your company does accounting work as well as marketing services- this would require a CFO who understands both sides of finance and marketing so they can offer full support in these two aspects of running a business.

Full time CEOs are usually required when there is an immediate problem or concern within the company like cash flow problems or completing yearly taxes (forms). Fulltime CFOs also have higher overhead costs.