Is your company missing the financial oversight and knowledge needed to grow? Does it lack the expertise to position your business for sale, see it through a special project or temporarily replace an executive who’s left the organization?
Hiring a fractional CFO may be the solution. Simply stated, that’s an experienced CFO hired on a contract or retainer basis rather than a full-time salaried employee. Fractional CFO duties are typically focused on specific business challenges or goals.
The right person to steady the ship
Fractional CFOs often have skills and experience spanning multiple industries, so they can share valuable lessons and insights, potentially saving your business considerable time and resources.
Depending on the size and complexity of your organization, fractional CFOs can also cost much less than a full-time executive, while benefiting your business in the following ways:
Support a specific project. If your organization is planning to build a new factory or roll out a product or service, a fractional CFO can provide proficiency throughout the duration of the project.
For example, if a new niche is being planned, the temporary executive can come up with financial forecasts to demonstrate how the project will impact your bottom line and justify the undertaking’s cost to potential lenders or investors.
Provide financial planning and analysis. A seasoned professional can develop a detailed budget, prepare monthly forecasts and compile a history of your company’s financial performance.
This accomplishes two critical goals:
- It gives you added depth in understanding the overall performance of your business.
- It helps you comply with lenders’ requests for financial documentation.
Uncover and investigate fraud. Detecting corporate fraud requires experience, training and a degree of professional skepticism — skills that most fractional CFOs have developed during their careers. If criminal activity is detected in your organization, a fractional CFO can navigate the executive team through what can be a complex and sensitive investigation process.
Offer a neutral view. Your temporary CFO can bring an objective, third-party perspective, uncovering financial areas that need improvement. They can also:
- Act as a sounding board for new ideas
- Prepare documentation needed for a sale or an IPO
- Facilitate a move to a new accounting software system, improving the efficiency and reliability of your organization’s financial statements
How far can your business go?
As your trusted advisor, Magone & Company can help you work through challenges and conquer financial obstacles, so your business continues to expand and increase profits. Give us a call at (973) 301-2300 to see if our fractional CFO services could be right for your business.