Fractional CFO or Controller – what does your business need?
One thing that all businesses have in common is that they need to make informed decisions based on accurate and up-to-date financial data in order to be successful. In some instances, companies cannot afford to support full-time resources to provide the financial data and forecasting that an experienced CFO or Controller would create. That is when they would turn to an outsourced accounting option for help.
It is typical for businesses to hire a fractional CFO to prepare financial statements, when in fact, what they need is a part-time Controller and/or Accounting Manager combination.
For over 20 years TAG (The Accounting Group) has been providing fractional accounting services to businesses in Southern California. Typical projects include providing accounting help during a transition period when someone from their staff leaves or working on special projects, such as audit preparation or financial statement cleanup. Many of TAG’s clients rely on an outsourced or fractional Controller to handle the preparation of financial statements, budgets, cash flow projections or creating internal controls.
The difference in paying for a fractional CFO vs hiring an outsourced Controller could affect your bottom line revenue, so it’s best to know their roles and accounting duties.
Fractional CFO Services:
- Providing financial projections, forecasts and budgets
- Planning and implementing growth strategies
- Focusing on key financial elements rather than the day-to-day accounting duties
- Cash flow forecasting
- Tracking key performance indicators
- Credit management
Fractional Controller Services:
- Producing monthly financial reports – balance sheet, profit & loss
- Preparing budgets and financial plans
- Industry-specific reports and analysis
- Setting up internal controls, policies and procedures
- Cash management
- Overseeing audit preparation
- Managing and training staff accountants and bookkeepers with best practices
- Assistance with software system implementations and upgrades
- Expert guidance with QuickBooks, NetSuite and Sage products
Experience the TAG Difference
As your company evolves, so will your internal accounting department and financial goals. The benefits of outsourced accounting for your business and hiring a fractional CFO or Controller is that you pay for a more cost-effective and scalable solution. In order to understand your business, TAG will set up an initial consultation to evaluate the accounting help your company requires. From there, a pricing proposal can be either based on hourly rates for the different levels of expertise required or determine a fixed-fee engagement based on the number or hours or days per week it will take to perform the tasks and deliver the financial statements.