The Job of a Fractional CFO: Complete Guide
What is a fractional CFO? In short, a fractional CFO is someone who works with small business owners to help them find ways to improve their financial situation. They provide advice and services that helps these businesses grow in an increasing number of areas. And while it might not be the most glamorous job in the world, there are many reasons why you should consider becoming one of them!
First, you need to choose your area of focus. There are a lot of different areas that fractional CFOs work in, and it is up to you where you want to focus your energies. Some of the most popular include:
Financial Management: If someone has an MBA or a background in accounting, then this might be the area for them! Basically they do everything from helping their clients understand how much money they have coming in each month on average right down to the nitty-gritty details like income taxes and insurance policies. One thing these people need? A degree as well as experience working with small business owners who typically make less than $500k per year. It’s also important that they can handle things like sales projections and budgets, which means having some knowledge in that area too.
If someone has been working as a CFO before but doesn’t have any MBA degrees then there’s still hope – these people can take some classes online or get certified by NAPFA who offers courses specifically for folks looking for this role. Obviously it’ll be more difficult though because they won’t have the same level of experience when dealing things like budgets and taxes on behalf of clients (which is usually required).
But, there are some advantages: fractional CFOs often work remotely because there aren’t many companies dedicated solely to this type of service yet.