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Start a great financial hygiene routine with virtual CFO services
Think about your personal hygiene. You brush your teeth daily, take regular showers, and tidy up your surroundings. If you wrote it all down on...
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Evan Diaz de Arce December 21, 2023
Financial health is a huge part of achieving success for startups and small businesses. But getting in shape, and staying that way, is sometimes harder than you would expect.
Founders have to make decisions every day that can potentially impact their financial stability and the growth trajectory of their business. It can be a heavy load to bear, but leveraging CFO services is a quick and affordable way to lighten this burden.
In this post, we'll look at the three levels of CFO support Forecastr offers, and examine how each of them helps support founders through the difficult task of achieving and maintaining great financial health.
Key takeaways:
CFO services overview: CFO services provide businesses with financial planning, risk management, and reporting expertise without the cost of a full-time CFO.
Essential CFO functions: Core services include financial model updates, financial analysis, dedicated financial analysts, monthly financial reports, and unlimited email support for consistent guidance.
Benefits of fractional CFOs: Leveraging fractional CFO services helps businesses maintain financial health, handle special projects, and achieve optimal growth without hiring a full-time CFO.
Special projects and expertise: CFO services can assist with various projects like accounting, business optimization, fundraising, and board relations, providing specialized support tailored to your business's unique requirements.
Levels of support: Forecastr offers three tiers of CFO services—CFO Lite, Startup CFO, and Growth CFO—catering to different business needs, from basic financial maintenance to comprehensive financial management.
The role of a Chief Financial Officer (CFO) in a company is essential. They're typically responsible for financial planning, risk management, record-keeping, financial reporting, and more.
Not all businesses have the resources to hire a full-time CFO, however. This is especially true for startups and small to medium-sized businesses (SMBs). CFO services bridge that gap by providing you with access to the expertise of a CFO without the financial commitment of hiring one full-time. They can lead you toward better financial health at every stage of your business's growth.
Forecastr offers three different CFO service packages to meet your unique goals and needs. They range from CFO Lite to the comprehensive Growth CFO package. All three packages ensure that your financial planning, reporting, and analysis remain strong, transparent, and thoroughly documented.
Let's take a closer look at those three packages.
Our CFO Lite package focuses on financial hygiene and maintenance. This package is foundational for your financial stability. We maintain your financial model, updating it every month and helping you understand your company's key drivers and potential blind spots. This ensures you have clear visibility into your financial status at all times.
This package includes a dedicated financial analyst, a monthly 1 on 1 with your CFO, unlimited email support, and comprehensive monthly financial reports. We typically spend about four hours per month providing these services to our CFO Lite customers.
Our Startup CFO package is the next level up, and it includes everything offered in the CFO Lite package with an added focus on strategic financial planning. This is geared toward startups looking to explore various scenarios, fundraising strategies, and business optimization opportunities.
We provide strategic guidance on accounting and bookkeeping, financial records review and cleanup, and strategic guidance on inventory management. We dedicate an estimated nine hours per month to your business at this level.
The Growth CFO package is our premium offering. It encompasses all services from the CFO Lite and Startup CFO packages while adding regular in-depth financial analysis.
We look deeper into your business, identifying growth opportunities, optimizing your business model, and managing your financial priorities. With this package, we also block time for special projects to support company efforts, such as metric tracking, pricing analysis, and input sensitivity analysis. We dedicate about fourteen hours per month to each of our Growth CFO customers.
Regardless of the package you sign up for, every company we work with gets a suite of baseline services to help maintain great financial health. These include all of the following:
Beyond our core services, Forecastr CFOs can take on special projects to help with company initiatives and help drive your business forward.
Special projects are always customized to address specific financial challenges or goals your business is facing. There are several categories of special projects we can handle for you, and some examples are included below.
Common FAQs
The CFO is responsible for managing a company's financial operations, including budgeting, forecasting, and financial reporting. They play a crucial role in forming business strategy and guaranteeing financial health by directing strategic planning and ensuring compliance with financial regulations.
A CFO cares about the financial health and sustainability of the business. They focus on budgeting, forecasting, cash flow management, and financial reporting. They also oversee risk management, guarantee adherence to financial regulations, and assist in making strategic decisions that propel the expansion and profitability of businesses. Ultimately, a CFO is concerned with balancing short-term financial needs with long-term strategic goals.
A finance manager focuses on day-to-day financial operations, like budgeting, accounting, and financial analysis. They work on tasks that keep the company's finances running smoothly. The CFO, on the other hand, is a senior executive responsible for overall financial strategy, decision-making, and leadership. While a finance manager handles the details, the CFO shapes the broader financial direction and strategy of the organization.
Achieving good financial health can be a big challenge, but our team of fractional CFOs is committed to your financial success. Our CFO services packages empower you to enhance your financial decision-making and de-risk your future.
Having a dedicated CFO on hand to tackle special projects as needed can be a huge catalyst for your business's growth. We’re here to make finance accessible and lend you the expertise of an experienced CFO without the financial burden of actually hiring one.
If you're interested in seeing how our services can help you cost-effectively scale your business, book a demo today. When you partner with Forecastr, you can hand your finance function over to us and focus on doing what you do best - running your business.
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