Every business requires an expert to take care of its finances and to ensure money stability. Outsourcing the CFO services may help in this situation. However, having a permanent CFO to handle your company finances will be more beneficial to your business. In recent years, many business owners have opted to use the fractional CFO services. The availability of part time CFO to work for different companies has been the contributing factor for the rise in their demand.
To put it simply, a fractional Chief Financial Officer is an experienced CFO who handles the financial matters for the organization on a part-time basis. Although a fractional CFO is a part-time employee, they can have a great effect on your business.
CHARACTERISTICS OF A GOOD FRACTIONAL CFO
Leadership: A part time CFO should be a professional who can take full accountability for the financial leadership of your business. He or she should be able to work across the company as an integral member of the management.
Risk management: A good fractional CFO should pay maximum attention to numbers and encrypted messages. This individual should be able to see, anticipate future problems and work together with the management to help prevent such problems.
Business focus and culture: Your external CFO should not just have a good understanding of numbers. He or she should also have an in-depth picture of all the aspects of the business, what the business needs, and be able to bring new ideas to the table.
Communication: A good outsourced CFO should have the ability to effectively communicate with all the other business stakeholders. He should be able to communicate the financial position of the business in an accurate and timely manner.
Succession planning and growth: A good fractional CFO should be able to bring foresight, and create business plans. He or she should demonstrate the ability to help transition leaders in the business.
Importance of hiring a fractional CFO
WHY SHOULD YOU HIRE AN EXTERNAL CFO?
Improved decision making: A fractional CFO will help you make important business decisions by providing relevant and accurate financial data. The fractional CFO will help in decisions such as: expansion or downsizing, whether to enter a new market, whether to produce a new product, and more.
Better financial information: An outsourced CFO will enable you to help you access better financial information. Accurate and timely financial statements, projections, forecasts, budgets and cost models will enhance your management insight.
Improved internal control: By hiring a part time CFO, you will have an appropriate financial controller. This will help bring benefits such as accurate financial statements, improved control of company assets and reduced risk of fraud.
Flexibility: By employing a fractional CFO, business staff and roles can be varied and customized to accommodate ever changing needs of the organization. Increased support can be provided at critical times reverting to a more consistent level when appropriate.
Cooper Norman is one of the largest locally owned certified public accounting firms in Idaho. The organization features highly qualified professionals with advanced experience gained from supporting businesses leading industries.
ASPECTS OF COOPER NORMAN
Cooper Norman offers services to a variety of industries. The firm offers services to clients in agriculture, healthcare, construction and private businesses.
Cooper Norman has a variety of solutions which are listed below:
- Audit and assurance services
- Business transition planning
- Forensic and valuation services
- Tax services
Our accounting department uses the correct accounting software that will work best for your company. This will result in more time for you to focus on your other responsibilities to take care of your business. We offer consultations to help you be successful and provide helpful financial information.
AUDIT AND ASSURANCE SERVICES
Cooper Norman’s goal is to provide a helpful and valuable auditing experience for you and your business. Auditing services have two main categories which are traditional and specialty services. There are subcategories that fall beneath these two categories, which can allow you to choose which service will best suit your company’s needs.
BUSINESS TRANSITION PLANNING
Having a business transition plan is essential to your business for several reasons. It is a form of protection to business owners when their business is going to change in any way. It can be complex which is why it is helpful to hire someone to take that responsibility from you. Ultimately, we want what’s best for you and it’s always better to be prepared and have a plan!
FORENSIC AND VALUATION SERVICES
There is an extensive number of services that fall beneath both the forensic and valuation categories. Cooper Norman can help you to evaluate financial documents and provide guidance on how to help your business recover from fraud. We can help you with litigation support, marital dissolution, economic damages and more.
Cooper Norman has a substantial list of tax services including but not limited to preparation for tax returns, IRS audit support, W2 versus independent contractor, tax credits, tax planning and strategy and more. Our goal is to ensure that you have all of the resources you need to help your business to improve and achieve your goals.
WHY CHOOSE COOPER NORMAN?
The following are some of the reasons as to why you should choose Cooper Norman over any other firm.
- We can serve more clients because we have multiple office locations. The firm has four office locations in Idaho and clients with global operations, we can serve you where you do business, personally, and responsively.
- You will get access to a highly qualified team of professionals.
- You will get support for trade and local organizations that matter to you and your business.
Looking for a fractional CFO?
Do not hesitate to reach out to us at Cooper Norman for all your fractional CFO needs. Our team of experts will give you the answers to all your burning questions. Reviews from past and current clients will speak for themselves. Reach out and let us help you solve the fractional CFO puzzle.