What Types of Services Do Fractional CFOs Provide?

Figuring out the financial strategy for a growing business might be a daunting task for a business owner. Bringing on a full time Chief Financial Officer (CFO) might be out of a company’s budget in those early stages of growth, but there are other options to help get the right footing. 

Fractional or part-time CFOs have extensive experience, but are generally brought in by startups to help on a temporary basis. A fractional CFO in Denver can deliver a range of financial services and strategic guidance for growing organizations through this part-time offering, helping businesses stay on track without breaking the bank.

Fit Your Strategy to Your Goals

Fractional CFOs offer a wide scope of financial expertise, and delivering the right financial strategy is one of their most important areas of knowledge. They can help develop and refine the financial strategies to fit with the organization’s goals through guidance on everything from budgeting, to forecasting and giving analysis to support decision-making. They can also ensure accurate and timely financial reporting by interpreting financial data to identify opportunities, risks, and trends for better insight into financial management. 

Creating a streamlined financial process is imperative for any business, and fractional CFOs can act as strategic partners – offering financial advice and guidance on an array of critical business decisions. Helping create and write business plans that fit in everything from financial risk assessment to creating the right funding strategy. Many business owners don’t start a business with these tools, and a fractional CFO can help bridge the gap to make sure that you’re on the right track. 

Tackle Today’s Shifting Market

Making sure your financial systems keep up with your particular market is critical – particularly in the growing stages of your business. Fractional CFOs can evaluate and enhance your financial systems and process to bolster accuracy, efficiency, and compliance. This can involve implementing the right accounting software, establishing policies and streamlining financial workflows. Some of this comes down to getting the right bookkeeping and accounting, but the fractional CFO can assist with all of that as well as delivering the right financial data analysis.

Analyzing costs and profitability to identify areas of for cost reduction or revenue enhancement is another area fractional CFOs can assist. Organizing cash-flow statements and conducting a cost-benefit analysis can help improve operational efficiency. They can also help assess the financial viability of potential mergers and acquisitions (M&A), as well as offering support in the negotiation and integration processes. Getting the correct business valuation in the current market is also something the fractional CFO will be able to assist with. 

It’s important to understand that the specific services provided by fractional CFOs may vary based on the needs and size of the organization. For more information on how a fractional CFO in Denver might be right in helping your business, reach out to the experts at Canopy Advisory Group today.