Hiring and retaining the right people is essential to the growth of any business. But financial expertise and business experience are hard to come by. More and more small business owners and nonprofit directors are bringing in a fractional CFO (Chief Financial Officer) for financial expertise.
What is a fractional CFO? This short video will tell you:
You no longer need to be secretly embarrassed or limit your opportunities because you are unsure whether you have a firm grip on your finances. These part-time, or contract CFOs bring a level of financial expertise that you do not need on a full-time basis. But you can benefit from their experience and insight at up to 80% savings over a full-time CFO’s salary and benefits.
MLA Companies provides fractional, or outsourced CFO services to small businesses and non-profits across the country. We have offices in the Dayton and Cincinnati regions of Ohio, and personnel in Virginia and Florida. MLA can serve you in a range of financial services from bookkeeping to mergers and acquisitions.
Do you need metrics to better measure your company’s performance? Would a financial forecast help you plan for growth or show the impact of a decline in revenue? Then you would benefit from a Fractional CFO.
A chief financial officer (CFO) is the senior executive responsible for managing the financial actions of a company. The CFO’s duties include tracking cash flow and financial planning as well as analyzing the company’s financial strengths and weaknesses and proposing corrective actions.
The role of a CFO is similar to a treasurer or controller because they are responsible for managing the finance and accounting divisions and for ensuring that the company’s financial reports are accurate and completed in a timely manner. However, a good CFO will provide oversight of your financial team and processes, and bring insights from the financial reports to your other executives to help make good decisions.
If your company is over $50MM in annual revenue, you may want to hire a full-time CFO. If your annual revenue is less than that, but above $500K, then you would likely benefit from fractional CFO services. There are other factors that can affect your decision to contract CFO services, but these general annual income numbers give you confidence that you’re in the range of businesses that bring in part-time CFO services.
Would receiving your financial statements quicker allow you to make better decisions? Do you understand what your financial statements are telling you about the future of your company and what you should be doing now? An outsourced CFO can help you with that.
You may be wondering how, specifically, a fractional CFO service can give you an advantage in your market. Here are seven ways small businesses and nonprofits typically use fractional CFOs:
If you’re experiencing a cash crisis, are having difficulty getting reliable financial information, or have questions about how to prepare for future contingencies, MLA can help. Our team of fractional, outsource CFOs have the experience and expertise to guide you through this uncertainty.