Successful CFOs can bring an extensive amount of knowledge, experience, and expertise to a company’s financial health with the added benefit that they also cost the company a fraction of the cost. A Fractional CFO is a great way for a company to have access to dynamic CFO on their own terms. Wondering what is makes this the better move for small to medium-sized businesses? How about professional experience at a fraction of the cost, robust strategic planning for growth, and an expanded network to help get you to your goals
Professional Experience at a Fraction of the Cost
An outsourced CFO provides Fortune 500 guidance in-process structure, reliable financial statements, compliance, and company direction. The professional competency a CFO brings to a company is the basis for expansion and dynamic growth. They have unique outlooks and business competency from working with multiple different types of businesses. Since they have multiple companies at once or within a short period of time that have a unique perspective on how to handle different situations that may arise.
Outsourced CFO’s typically have years of experience at top accounting firms, and/or fortune 500 companies. At rinehimerbaker our team has over 115 years of combined accounting experience in helping companies save hundreds of hours, expand into new locations, and save hundreds of thousands annually. When looking for a Fractional CFO or firm looking into the industries and years of experience ware immensely important in finding the right guidance.
While typically this type of expertise can cost a company 6 to 7 figures annually on top of an executive benefits program that’s not the case with a fractional CFO.
Every company plans for the future. An executive finance leader is an important part of this process as they oversee ensuring that strategical development is robust and profitable. Their unique perspective due to the nature of their work brings invaluable insight and perspective. Working with multiple companies at the same time allows a fractional CFO to swiftly think on their toes and use innovative ideas for different industries. A CFO by nature will guide the owner or CEO to create achievable growth plans. This is invaluable to a company and its success.
One benefit that isn’t typically thought of when considering an in-house CFO vs. fractional CFO is their network of connections. With the nature of fractional CFO’s days, they are constantly expanding their reach with partners, connections, and knowledge of additional resources. An in-house CFO will only have exposure to groups and connections that are active within the company’s industry.
Reducing your overall cost, robust strategical planning, and an expanded network are the top three reasons why working with a fractional CFO should be a top priority for all small to medium-sized businesses.
Contact our team today to get started on the journey with the right partner.