Life with a CFO Service

Thinking back over the issues that have brought you to this point, hiring a CFO service offers you the best opportunity to achieve your growth goals, and to do so quickly and more economically.

Four types of CFO services:

1-       Fractional CFO Service

2-       Outsourced CFO Service

3-       Interim CFO Service

4-       Virtual CFO Service

Below are the tasks for each type of service:   

1-       Fractional CFO Service:

This type of CFO works with you for a few hours each week. They act like a part of your team. Consider the below tasks:

• Understand your business and your industry and help design easy and efficient reports, giving you the opportunity to fully understand where your business stands and where it is headed.

• Generate yearly, quarterly, monthly, or even weekly, reports that are specific to your business and your current needs.

• Oversee your current bookkeeping and controller staff to ensure all procedures have a series of checks and balances to strengthen security and present accurate financials.

• Ensure you are using the correct and most up-to-date financial software to best operate your business. While the CFO service will not directly oversee your IT department, it certainly will help to put in place proper safeguards and meet equipment and software needs for your staff.

• Ensure your company is in compliance with all financial regulations.

• Generate a budget and financial projections to present the best financial information possible to make strategic decisions about the company's future. These projections can also include "what if" scenarios so will help the company to quantifiably compare the potential impact of key decisions before taking a leap on that next investment. 

2-       Outsourced CFO Service:

This type of CFO works with you as a consultant to help with specific financial tasks or to fill in gaps where you need extra know-how. Consider the below tasks:

• Prepare the board meetings. Regardless of whether your CFO is physically present at your board meetings, the service will help create the type of relevant financial package that will give your directors a true picture of the company.

• Prepare any company meetings. Regardless of whether your CFO is physically present at your meetings, the service will help create the type of relevant financial package that will give the third party a true picture of the company.  

• Provide direct investor relations by provide the financial reports and can coach the Company leadership on an effective approach to presenting that information to the investor community as well.

3-       Interim CFO Service:

This type of CFO comes in to help and support during times when you need extra support for a special project or during in-transit period of exiting a CFO and hiring a new CFO. They work full-time but only for a short period.  Consider the below tasks:

• Manage the financial department day-to-day operations.  

• Support company in specific projects in full time basis.

4-       Virtual CFO Service:

This type of CFO comes in to help and support your company as a long-term solution to your financial management needs, but not on location. Consider the below tasks:

• Oversees your financial staff.

• Review the financial reports. 

• Advise company on reporting, strategy and compliance.

• Support company in specific projects,