A fractional CFO is an experienced senior executive, who works for you a fraction of full-time (thus the term “fractional”). S/he is a member of your leadership team, working the amount of time that fit your needs and budget.
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A Fractional CFO takes on responsibility for leadership areas you need help with. For some, the focus is only on finance. Others want strategic planning and operations help along with finance.
It is a fine distinction. An outsource CFO isn’t part of your team, and an interim CFO only fills a need for a short while. A Fractional CFO is part of your team but only works part-time in your business, so you get the expertise but not the drain on resources. A Fractional CFO is your focused CFO, just one who isn’t there full-time.
A Fractional CFO costs considerably less than a Full time CFO. Not all businesses are ready for a Full time CFO, but all businesses are ready for CFO services. A Fractional CFO costs as little as $4K annually versus over $200K for Full time CFO when you consider salary, benefits, and taxes. Depending upon the services you need.
An accountant is focused on the books and your tax returns. Accountants are the scorekeepers, they are tactical in nature. Most accountants have spent their careers doing just that, accounting work. A Fractional CFO has spent their career in the day to day operations of a business, they bring a wealth of knowledge and experiences that you accountant just does not have. A CFO is strategic, as well as having tactical skills.