Finances can leave you scratching your head for days when you own a small business. Even if numbers come naturally to you, do you have that kind of time? Probably not!
So what do you do if you need guidance on financial strategy but don’t have the budget to hire an in-house CFO? Let’s talk about your options!
At CSI Accounting & Payroll, we’ve worked with small business finances for nearly 60 years. That means we’ve gotten a lot of questions about financial advising, including:
Fractional CFO service, commonly called partial CFO services, is used by businesses that are not big enough to warrant hiring a full-time, in-house CFO.
A partial CFO service will primarily assist with your financial strategy. It's more of a "big picture" role, and they don't do any hands-on work like bookkeeping, bill pay, or invoicing.
Could a partial CFO service be the right fit for your business? Let’s learn more in the next section.
So, do you really need a fractional CFO service?
Larger businesses that are ready for this level of strategy may benefit from partial CFO services. These businesses also likely have their accounting handled in-house.
Small businesses may think partial CFO services sound appealing, but they don't need that level of strategy yet (or the price tag that comes with it). Luckily, there’s another financial advising solution for small businesses: monthly accounting.
Monthly accounting services and partial CFO services are not the same thing, but for many small businesses, monthly accounting is a better fit in terms of services offered.
Although not the same level of strategy, monthly accounting includes some of the financial advice that you might expect from a partial CFO, touching on:
Or, for an added cost, you can add on a consulting project, such as:
Plus, when you hire CSI Accounting & Payroll, you can call, text, or email your dedicated accountant with unlimited one-off questions and receive a fast, customized response. The best part is that monthly accounting also includes these services in your monthly fee:
Could monthly accounting be the right fit for you? Find out by taking this short quiz:
Now that you know what a fractional CFO is, whether or not you should hire one, and how monthly accounting can be a good alternative, are you ready to check out monthly accounting services?
If so, please consider CSI Accounting & Payroll! To see if we can be a good fit for your business, click the button below for a free consultation:
Not ready to talk? That’s okay! First, learn more about what your monthly accounting fee may be: