Fractional CFO Services
Small businesses require more than bookkeeping. MISSION’s fractional CFO services provide that advice and confidence, bridging the gap between your bookkeeping and putting associated accounting data into action.
What is a Fractional CFO Service?
A fractional CFO services provides a small business with the financial insight of enterprise-level companies. Take your bookkeeping to the next level with experts in financial accounting and software. Many small business owners dream of having an employee who can record financial data but use that data to the company’s advantage. It’s thought to be a luxury of those who can afford a full-time CFO.
A fractional CFO bridges that gap between the inability to afford a full-time financial expert and having the insight of a mid to enterprise-level company. Those who take advantage of fractional CFOs benefit from the the following:
- Ongoing advice related to quarterly/yearly tax preparation
- Analysis and advice related to financial reporting
- Making sure your records are audit-proof
- Putting checks and balances in place to safeguard against fraud
- Streamlining and automating accounting functions
- Providing accounting advice tailored to your type of industry and specific business
What Does a Fractional CFO Service Do?
Many businesses have bookkeeping solutions but what value are you getting from the service beyond the basics of data entry and preparation for tax season? For example, a basic bookkeeper takes care of accounts receivable and accounts payable. Most of the time, the service stops there.
Does your bookkeeper scrutinize financial statements and balance sheets to review what the numbers actually mean in terms of business strategy and success? Most importantly, is your bookkeeper sharing that insight with you?
A fractional CFO service picks up where many bookkeepers stop. This is not to dismiss the quality of basic bookkeeping services; a bookkeeper may do a perfect job in balancing accounts. However, a small business owner needs to consider what the numbers mean in terms of operations, payroll, distribution, vendors, etc.
Many SMBs don’t have a CFO or a controller. CFO costs vary, yet a full-time CFO could command up to $250,000 a year. However, an outsourced CFO service can provide the same quality of insight for a fraction of the cost.
Help with QuickBooks
Years of experience and specialized knowledge in using QuickBooks is another strong element of our fractional CFO services. It’s common for existing and potential clients to contact us for QuickBooks setup, reporting, or point of sales support. And, as we’re setting-up QuickBooks, providing training, or integrating the financial software, a client may share business concerns, questions, or aspirations that our outsourced CFO services can address.
Our extensive experience using QuickBooks is invaluable to our clients. As with other tools used by specialists (whether it’s paint, a sailboat, a race car, etc.), it’s not a matter of using a tool but how well you use a given tool. One of the top benefits of QuickBooks is the ability to use the software to its fullest regarding reporting, data extraction, other apps, etc.
You may have someone who is somewhat familiar with creating custom reports in QuickBooks, yet we have rich experience in customizing reports and can have it done quickly and efficiently. Furthermore, some accounting and bookkeeping providers may not know how to export reports from QuickBooks. Exporting to other tools, such as Excel, is incredibly useful in forecasting cash flow.
Forecasting Cash Flow
We can make your operations more cost effective because we have background experience in addition to the technical knowledge related to QuickBooks. We take the data from accounting and bookkeeping reports and export to an Excel spreadsheet. We forecast cash flow to project what’s going to happen in the next three months, six months, 18 months, two years, three years…
We read the data so you can move forward making strategic and informed business decisions.
External Financing Advice
Part-time CFOs provide advice regarding the external financing of a company, suggesting the type of lending required to support the growth of the company and what type of distributions may be most appropriate regarding equity holders. A fractional CFO can go way beyond the basic notion of what a small business owner understands to be bookkeeping and accounting.
Who Needs Fractional CFO Services?
- A business owner who want to put bookkeeping data into action
- An SMB needing in-depth financial reporting
- An operation that can benefit from accounting software training and integration
- An owner wants checks and balances in place to safeguard against fraud
- A retail or ecommerce business wanting to streamline and automate operations
- A small business in need of ongoing customized reporting and financial analysis
With an MBA from Harvard Business School and over twenty years of consulting experience, Bernard Roesch serves as a highly qualified business advisor and fractional CFO.
Our team has the schooling and extensive training related to bookkeeping, financing, accounting, integrating financial software, marketing, and beyond.