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Maximize Your Impact as a Fractional CFO with External Accounting Support

As a fractional CFO, concentrate on strategy while we manage daily accounting. Our outsourced finance support covers reporting, payroll, tax compliance, and more. With our expert team, gain skills on demand, boosting your practice and client value.

Introduction

As a fractional CFO, you wear many hats. You provide strategic guidance to clients, navigate complex financial situations, and ensure their businesses thrive. But managing the day-to-day accounting tasks can eat into valuable time dedicated to strategic thinking and client service. This is where external accounting and finance support comes in. By taking care of those core tasks and providing more strategic and industry-specific services, an effective external team allows fractional CFOs to maximize their impact and deliver even greater value to their clients.

"Each one of the team members that worked with me was a delight to work with. I found them very straightforward and punctual in all their dealings"

Ed O’Sullivan, Fractional CFO

Mantra Bio - Scrubbed

What is external accounting and finance support for fractional CFOs?

Fractional CFOs, by their very nature, work with multiple clients on a part-time basis. This can create challenges in managing the day-to-day or specialist accounting and finance needs of those clients. External support bridges this gap by providing fractional CFOs with a team of accounting and finance professionals on an as-needed basis, allowing you to focus on strategy and scaling your practice.

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Is external accounting and finance provided by a person or a team?

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Outsourced accounting and finance for fractional CFOs can come either from a dedicated team or a single professional, depending on the specific needs of the fractional CFO. This flexibility allows you to scale your accounting and financial support efficiently, ensuring you have access to top-tier expertise while only paying for what you need at a given time.

What are the benefits of partnering with a third-party accounting and finance company for a fractional CFO?

Some of the ways that partnering with a third party for accounting and finance services can benefit fractional CFOs include:

"The value to me is that I can go to Scrubbed and say, let's get going. I know everybody there, and I'll pick up the phone at six in the evening my time, and Scrubbed can start on something."

Ed O’Sullivan, Fractional CFO

Mantra Bio - Scrubbed

What does a contracted accounting and finance department look like for a fractional CFO?

A contracted department can be quite flexible depending on the CFO’s and clients’ specific needs. Your outsourced partner can comprise a dedicated team of accounting and finance professionals working together or be just a single highly skilled professional with the exact specialist knowledge that a client needs. The size and structure depend on the workload and complexity of your client base. The key aspect is the on-demand nature of the service meaning you can access expertise as needed, and use your resources more efficiently.

Fractional CFO - Scrubbed

Typical services offered by an outsourced accounting and finance partner include:

How do you choose the right accounting and finance partner?

Not every outsourced team is right for every project. To ensure that you find a partner who will enhance your practice, consider these steps:

  1. Define needs: Clearly outline your current workload, client requirements, and areas where you need additional expertise. This will help identify the ideal partner and service level.
  2. Decide on your selection criteria: Establish a checklist of desired qualities in your partner. Consider factors like experience working with fractional CFOs and the type of clients you typically serve, industry knowledge, technology stack used, communication style, and security protocols.
  3. Research Potential Partners: Look for reputable firms with a proven track record of serving fractional CFOs. Industry associations and online directories can be good starting points, as well as referral or technology partners.

How can a fractional CFO onboard new accounting and finance partners?

A roadmap for onboarding outsourced accounting and finance resources that will set a strong foundation for a long-term relationship includes:

"They're very reliable, detail-oriented, and on time with publishing financials."

Ed O’Sullivan, Fractional CFO

Mantra Bio - Scrubbed

What are best practices for fractional CFOs working with an external accounting and finance team?

To maintain the relationship and ensure a long-lasting and productive collaboration, consider the following:

How do fractional CFOs measure the success of working with an external accounting and finance partner?

Success will be measurable in a combination of quantitative and qualitative factors. Key areas to consider are:

"Scrubbed has turned my accounting around! Being a small business owner, I could not previously afford the level of service I needed before I found out about Scrubbed. Thank you for helping me straighten out my books and file my taxes appropriately!"

Conclusion

By partnering with Scrubbed’s accounting and finance team, you can finally bridge the gap between managing daily tasks and delivering high-impact strategic support to your clients. Our on-demand, scalable solutions adapt to your specific needs, allowing you to seamlessly expand your service offerings without the burden of hiring and managing a full-time staff. This newfound efficiency translates into more time for client collaboration, strategic planning, and ultimately, driving the financial success of your clients’ businesses. Book a meeting with a Scrubbed professional today and discover how our expertise can empower you to take your fractional CFO practice to the next level.

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