The phrase "fractional CFO" sounds like complicated math, but it’s a simple concept – a fractional CFO works for your company less than full time (a ‘fraction’ of full time) and is sometimes also known as an outsourced CFO.
A fractional CFO is a part-time contractor you hire to handle CFO duties when you need them. You might bring one in during certain seasons, like tax time; for a big "event," like an audit; for guidance expanding your current system because you added a new division; or maybe because you're implementing a new product. You might also hire a fractional CFO if your full-time CFO leaves and you must search for a new one.
When to Use a Fractional CFO
Many companies that utilize fractional CFOs are at a point in their growth where they need the extra expertise but can’t afford to hire someone full time. Fractional CFOs are perfect for this situation because instead of receiving a full-time salary and benefits from you, they’re generally paid by the hour and their benefits are covered by the company they work for. Fractional CFOs may also work virtually/remotely, requiring no office space.
Finding the Right Fractional CFO
As with any position in your company, it’s important to find the right fit. Not all individuals claiming to be fractional CFOs are qualified or trustworthy – two critical characteristics for someone handling your finances. A good fractional CFO has experience from working with multiple companies in multiple industries at various stages of development.
For high-quality fractional CFO services, contact Harbour Rock. They provide CFO services on an as-needed, contractual basis as well as provisional or temporary services. Their seasoned professionals can help you deal with your problems, grow your business, and/or fill the gap left by a valued employee.