In order to provide the greatest value to an organization, many CFOs begin their work with a new client by assisting them in analyzing the accounting processes and suggesting potential improvements. Outsourced CFOs can create well-tested systems for your company, based on similar solutions they have already implemented with other clients and seen success.
By doing this, fractional CFOs can create transparency in your reporting. There are multiple companies that don’t have the financial clarity to support their business because they do not receive or interpret the correct reports on a regular basis. Fractional CFOs can help interpret the company’s information and work with their management team to create a strategy that succeeds. As a CFO, they will determine what KPIs are most important to track for success.
At TGG, our four-person teams, that consist of a CFO, Controller, Account Manager, and Accountant, are able to help you create and understand your financials to be successful. The Controller and Accounting Managers will build your financial reports with accuracy and transparency. Our CFOs will interpret these reports and will assist in identifying and focusing on KPIs to help your company excel.
Outsourced CFOs will also likely implement new technology platforms. As these CFOs are supposed to implement and integrate solutions that require financial insights and tax compliance, they will need to implement new technology to streamline processes.
A fractional CFO can assist your existing leadership by serving as a coach or teacher to your CEO. They can teach you how to understand the numbers and what is going on underneath the surface. This training will help you better understand how your company functions and how to create success.
Businesses typically seek fractional CFO services when they are in crisis. So, one of the main advantages of hiring one is that they have navigated crisis situations multiple times. They can easily prioritize and create controls that work. Because they have seen crisis situations before, it also gives CFOs the ability to implement processes and controls that allow companies to prepare for the same situations in the future.
These CFO services can also help you manage your relationships with stakeholders — employing a pro to manage spending will put their minds at ease, so you can focus on doing what you do best.