What is a fractional CFO?
A fractional CFO is a chief financial officer that provides services for businesses and organizations as a contract arrangement, retainer, or part-time. Fractional CFO’s offer expert and experienced services without a salary or in-house costs like benefits and bonuses. A fractional CFO typically works on a project basis depending on a company’s goals.
What you can expect from a fractional CFO service
As fractional CFOs, we organize, analyze, and format all of your critical financial data so that all your financial needs are met. In general, fractional CFOs are here to help you overcome any financial challenge you may run into, achieve growth, optimize your strategy, develop new systems, procedures, or workflows, navigate an audit, or help raise capital.
Overcome a specific challenge
Companies are often faced with various financial challenges that an existing team may not be equipped to navigate. A fractional CFO can either fill in for a company that does not have an existing in-house CFO or can serve as an advisor to an existing one.
Challenges that may require extra assistance may include cash flow issues, low gross margins, outdated systems, high expenses, navigating an audit, or the need to make cost cuts. Whatever service you may need, we’ve got the expertise to help you work through your accounting challenges.
Manage your growth
The goal of any business is to achieve growth to ensure a profit and maintain the value of your product. Whether you own a startup with a part-time bookkeeper or need extra hands in your large-scale accounting department, experienced fractional CFOs reduce the headaches that come up along the way. Through updated systems, strategies, and processes, your company can grow sustainably.
Reduce your costs
Reducing costs is something all businesses most likely face at some point. Our experts show you how you can cut waste and unnecessary expenses, plan for profitable solutions, and streamline your financial management.
Choosing the right fractional CFO service
A fractional CFO provides a diverse skill set and perspective so you can effectively improve your organization. When choosing the right fractional CFO for your organization, there are several factors you need to consider, including:
They’ll have experience in your industry
Whether your company is in the hospitality, real estate, or service industries, a successful CFO will have experience serving businesses in many diverse categories. They’ll know the inside and out of your industry and will be able to provide a rap sheet for proof.
Ask specific questions about their experience
Experience is important when considering a fractional CFO service. Asking specific questions about how they tackle various situations involving strategy and measurable success will give you a clear picture of if they can handle your needs.
They will know how to address gaps in your company’s structure
From the beginning, an experienced fractional CFO has the knowledge to identify and address any gaps in the structure of your organization. If you find yourself interviewing multiple candidates, ask them what they see as the biggest opportunity for your business to improve financial success and business strategy.
Are you ready to work with a fractional CFO service?
Have you decided you need to seek out a fractional CFO service in the NYC metro area but are not sure where to look? Since 2000, Vilardi & Company has been serving the bookkeeping and accounting needs of businesses in the hospitality industry across the New York metro area.
Whether your company is in the restaurant, hotel, bar, or real estate industry, we’ve got the experience to solve whatever accounting problem you have. We don’t just service the hospitality industry in New York. We have successfully serviced business in many diverse categories throughout the United States.
Our mission is to get your finances where they need to be in a time-sensitive and straightforward way. Let our experts show you how. Reach out to us to get started.