Every business, no matter the industry, has one thing in common — a desire to increase profitability for the organization. However, not all of these companies have the financial expertise needed to achieve this goal. Though hiring in-house professionals is always an option, it can be a costly one. With fractional CFO solution services, you’ll benefit from the knowledge and experience of a high-level Chief Financial Officer without paying a full-time salary.
At Compass East, we offer outsourced CFO services designed to deliver the most dynamic, individualized assistance to our clients, helping them reach their finance and accounting goals.
What Is a Fractional CFO?
Fractional CFOs are experienced Chief Financial Officers who serve smaller businesses on a part-time, contractual or retainer basis. These individuals deliver the expertise of a high-end CFO without requiring companies to pay in-house CFO costs. Organizations hire outsourced CFO companies for short-term or as-needed financial services.
Outsourced CFO Duties
While full-time CFOs maintain and oversee a business’s general financial strategies, fractional CFOs typically undertake specific projects tailored to the organization’s individualized goals and objectives. They are accountable for numerous financial, administrative and risk-management tasks, such as creating long-term operational and financial strategies and progress metrics.
Other common outsourced CFO duties include:
- Processes and systems: Outsourced CFOs often evaluate a company’s current financial management software and internal systems and generate a solution that provides the foundation for the most timely, relevant and accurate financial reporting. They may also work with providers or train personnel on new systems.
- Accounting services: CFO consulting services encompass an umbrella of accounting duties, such as bookkeeping, tax preparation, billing, accounts payable, accounts receivable and invoicing.
- Financial forecasting: Fractional CFO services typically include financial forecasting, where you’ll gain assistance in planning for your company’s financial future through financial analyses and strategies.
- Financial reporting: Many outsourced CFO services include financial reporting services, such as report facilitation and trend analysis, to help companies make more informed business decisions.
- Strategy optimization: CFOs are essential to strategy generation and optimization. These individuals test, evaluate and workshop current business strategies to formulate one that best serves the company.
- Capital escalation: Fractional CFOs are essential to raising a business’s capital, delivering finance and accounting services to facilitate processes through financing, term sheet management, capital structuring and providing financial statements.
- Audit navigation: Virtual CFO services often include audit navigation, where CFOs help businesses prepare for upcoming audits to ensure that they go smoothly.
- Budgeting: Through budgeting, CFOs will guide a company’s financial decisions to ensure that its financial and accounting performance is on the right trajectory for achieving its goals.
- Cash flow analysis and restructuring: A CFO can analyze business cash flows to determine the best way to maximize a company’s bottom line and generate the most revenue. They often restructure client contracts, align pricing with industry trends, analyze commission structures and more.
How We Approach Virtual CFO Solution Services
When you book outsourced CFO services from Compass East, you can turn over all of your most involved finance and accounting duties to us, letting you focus on running your business without the weight of handling complicated financial matters or paying a salaried CFO. We set ourselves apart by delivering bottom-up finance and accounting functions that leave no stone unturned.
Through our CFO consulting services, our team of experts develops forward-looking financial statements, fundraising strategies and detailed financial models, and pitch decks and projections. Our knowledgeable staff is also well-versed in deal and waterfall analysis and delivers insights into the best ways to utilize company funds.
Some of the other fractional CFO solution services you can expect when you partner with Compass East include:
- Financial modeling
- Cash forecasting
- Strategic decision-making
- Key performance indicator (KPI) development and tracking
- Budgeting
- Financial reporting
- Financial planning
Benefits of Outsourced CFO Services
Working with Compass East for virtual CFO solution services means experiencing all the advantages of hiring a fractional CFO, including:
- Saving money: Hiring a full-time CFO means providing significant financial compensation, such as an annual salary, benefits and payroll taxes, which can cost companies anywhere from $100,000 to upwards of $300,000 yearly. Fractional CFO pricing is significantly lower but doesn’t sacrifice quality or expertise.
- Leveraging scalability: You can expand the scope and sophistication of your outsourced CFO services based on your company’s changing needs.
- Increasing revenue: Outsourced CFOs do more than just keep your finances in order – they generate results. Our skilled fractional CFO team has the expertise needed to lower costs and optimize revenue for your business.
- Managing time: Your company’s finance and accounting processes can be tedious and time-consuming. When you outsource these responsibilities to a fractional CFO service, you can focus more time and energy on running your business.
- Gaining expert assistance: Hiring an outsourced CFO means benefiting from their extensive knowledge and experience. At Compass East, we’ll use our expertise to provide the most informed financial advice and accounting services so you can trust that you’re getting the highest-quality assistance individualized to your business.
- Tackling financial challenges: If your company is struggling financially, we’ll provide you with the assistance you need to get your business back on track.
- No geographic limitations: With virtual CFO services, you won’t have to hire someone in your area or find someone willing to relocate to your office.
Why Invest in CFO Consulting Services From Compass East?
At Compass East, we provide high-level finance and accounting services for high-growth companies. Our full finance and accounting team is dedicated to building scalable solutions from the bottom up, helping our clients develop true financial growth strategies that will benefit their businesses.
Our specialized services begin with our team reviewing and organizing your company’s books and implementing a comprehensive technology ecosystem to support your needs. Then, our staff will develop a complete understanding of your business’s financial situation and redesign your finance and accounting workflows. Finally, we’ll create a financial strategy and deliver CFO solution services to facilitate long-term growth for your company.
Choosing Compass East for your outsourced CFO solution services means taking advantage of the most personalized financial assistance available to secure the best outcomes for your company.