A fractional CFO is a part time CFO for small companies. It is a cost-effective way for small businesses to utilize professional finance and accounting services without the commitment of a full-time hire. Thanks to cloud-based bookkeeping, fractional CFOs have recently become accessible to even the smallest companies.
There are many reasons a small business would benefit from professional financial strategy. These include:
Part time CFO services perform all the same functions as a full time CFO. These include:
It will vary for each business. There is no “one-size-fits-all” solution. Fractional CFO services are typically priced $250-$500/hr. What you don’t know is how many hours a fractional CFO will quote you. Individual efficiency and quality vary quite a bit, which affects your overall cost.
Major factors that affect your overall cost are:
Good fractional CFO consulting will not over-burden your company with services you do not need. As you shop for fractional CFO consulting services, check if you are being quoted the right amount of work or if instead you are quoted excessive and unnecessary tasks.