Why engage a fractional CFO/Controller for you business?

Today, we answer some questions we often get about the benefits and purpose of a fractional CFO/Controller and why they are likely beneficial to your business:

What are Fractional Controllership/CFO Services?

Fractional Controllership and CFO functions are outsourced finance services offered to businesses. They can range from operating standard processes such as Accounts Payable and Receivable all the way to providing bespoke strategic advice in order to aid business growth and obtain financing.

Our fractional controllership/CFO services are geared towards businesses that have a need for finance experts to be available but not businesses that require a full time employees.

These fractional services get you the finance expert your business requires, but for a fraction of the time and cost of a full time equivalent.

Is there a difference between a difference between Controllership and CFO services?

Yes, there is. Typically, controllership functions help with the day-to-day running of a finance function where as CFO services are focused on helping a business achieve it’s strategic goals. Examples of CFO services would include services such as helping raise finance, implementing new processes and systems and reviewing the financial health of the company.

At Iontach, we can provide either service or a mix of both.

How are these services different to my bookkeeper or accountant?

Bookkeepers and accountants provide valuable services. A bookkeeper manages the day-to-day transactions and data entry of a business. Your external accountant generally manages the compliance requirements of the business (year-end accounts, VAT and tax returns etc). These services, without strategic input, may be all that your business requires but are often only looking back on what has happened and don’t look forward.

A fractional controller will likely provide these services as well as other operational finance services but they also spend dedicated time each month on your business so gain a deep understanding of your business. As a result, they can provide and mixture of looking back on the historic performance of the business as well as providing input to help with the future plans for the business.

A CFO will take the data prepared above and will work with the business owners/management to gain a deep understanding of the business and industry in order to help drive the growth and profitability of the business going forward.

What businesses are our Controllership/CFO Services suitable for?

Our services will vary from client to client but are generally designed for startups and smaller companies that are looking to grow significantly over the coming years. The challenges these companies have often include:

·       They need some dedicated finance experts but not on a full-time basis

·       Managing cashflow so it can help grow the business rather than hinder it

·       Getting financials ready for raising or planning to raise external funding

·       Optimise the economics of the business

·       Putting processes in place to help Risk Management

For over ten years, members of our team have worked within Irish growth companies so have the practical experience of working within this type of business in order to drive steady growth.

If my business currently has a small finance team but needs a CFO, do I need to replace my finance team to avail of your services?

Absolutely not, we’ll work with you, the business owners, as well as the finance team and put a plan in place.

How much does our CFO/Controllership service cost?

Our services and scope of work will be designed specifically to suit your business so there isn’t a standard price. Normally, for a fixed monthly fee, we will provide a set number of hours dedicated to your business and the agreed scope of work. The benefit of a fractional CFO/Controllership service is that your business gets the financial expertise it needs at a fraction of the cost of a full-time equivalent. Our fixed-fee model allows for predictability but can be scaled up or down depending on the needs of the business at a particular point.

When should I consider hiring a Fractional CFO/Controller?

You should consider investing in a fractional finance expert if:

·         You are experiencing rapid growth but lack clarity around the finances

·         You are considering or planning to raise capital or sell your business

·         You need to improve or implement better budgeting, forecasting or cashflow management processes

·         You need strategic finance input to aid the future goals of the business

Next Steps:

If you are interested in discussing these services with us or have another other questions, please contact us with the Contact Us form on the website or at info@iontachaccounts.com