As an external CFO, I am a permanent collaborator of the company who oversees, manages, or supports the finance area within the assigned responsibilities. My success lies in the company's success, in improved management, and development, rather than in a one-time project.
Scope of services
The typical scope of responsibilities includes: • management reporting and reporting for investors, • managing collaboration with the accounting office, • budgeting and financial modeling, • supporting the board in financial decisions, • obtaining financing and supporting fundraising efforts.
Compensation
Compensation is based on time commitment, ranging from several to several dozen hours per month, based on an hourly rate or agreed upon flat fee.
FAQ
1. Who is this service for?
This service is for any company whose scale of operations does not justify hiring a full-time finance professional. The scale of operations, the stage of company development, and the complexity of projects being undertaken may result in greater or lesser engagement with a Fractional CFO.
2. How does a Fractional CFO differ from an advisor?
An advisor typically works on a project basis, with specific tasks and a timeframe for completion. Before starting work, they must familiarize themselves with the company and the problem to be solved. At the end, they leave behind a report with recommendations, not always fully engaging in their implementation. A Fractional CFO works continuously and repetitively, overseeing and performing specific functions. They typically also engage in or lead projects within the finance area that are vital to the company's operations.
3. Can a Fractional CFO be part of the company's team?
Ideally, yes. They cannot be involved in all discussions and actions of the company's management, but it is good practice to have regular meetings and ongoing communication. It's beneficial when the CFO is interested in the company's success on par with the management, through a motivational system or manager options program.
4. Can I get CFO services from an accounting office?
In theory, yes. Good cooperation between the company represented by the CFO and the accounting office is crucial. The risk is a conflict of interest: the CFO requires a certain level of service, engagement, and solutions from accounting, stemming from business needs rather than convenience or office habits. The independence of a Fractional CFO from the accounting office can be a significant advantage.
5. What are the advantages of an external CFO compared to an in-house hire?
Small companies usually don't require a full-time experienced professional, and often, they don't have the budget for it either. Utilizing an external CFO allows access to high-level expertise at a lower cost and tailored to the company's needs. An external individual maintains a higher level of independence from the company's management, enabling them to be more objective and critical of partners' ideas.
Are you interested in cooperation?
I encourage direct contact, as it costs nothing. Such a conversation can be the beginning of collaboration, a source of business contacts, or simply networking. If you're unsure about what your company needs, we can discuss it together.
