Fractional Chief Financial Officer (CFO) Services
The construction sector requires a specific type of background in accounting and financial management. Project accounting, job costing, progress billings, and budget forecasting are some of the specialized financial tasks that construction companies need to master in order to successfully navigate their projects and to meet the requirements of their customers.
A CFO will generally be responsible for three areas of a company’s success:
Finance and Accounting
A CFO is a resource and a second set of eyes for the finance and accounting team to ensure that all financial data is being properly reported and delivered to stakeholders. He or she will work with a company’s existing team of bookkeepers, accountants, and controllers to oversee and review daily, weekly, and monthly accounting tasks. A CFO may also function as a liaison with a company’s CPA or external accounting firm to ensure that end-of-year financial statements and audits are completed on time and accurately.
Strategic Planning
A CFO has the experience and the vision to assist a company’s management team and owners in implementing short-term and long-term planning goals according to the company’s growth strategy and financial situation. He or she will also look at an existing strategy to advise on its financial viability and to determine any required changes to those goals for maximizing success.
Special Projects
A CFO may be called to be the point person when a special project comes along that needs specific and focused attention. He or she will spend the appropriate time to understand the details and requirements of the project and then design a resource plan for the project’s execution and completion.
Read More: Fractional Chief Operating Officer Services
Do You Need A CFO?
An experienced construction CFO can make all the difference to the long-term financial success of your business. A fractional CFO can do the same thing, while giving your company the opportunity to leverage the expertise of a CFO-level individual without incurring the high costs or overhead associated with a full-time employee.
Your company may require a fractional CFO for the following reasons:
- Oversee and review the monthly close process, financial statement accuracy, and all other recurring financial processes such as A/P, A/R, job costing, retainage, and payroll.
- Advise on strategic decisions related to future growth, raising capital, expansion, or acquisition; or analyze business operations from a financial viewpoint such as overhead, inventory, cash flow, or profit margins.
- Manage special projects such as accounting system implementations, financial statement audits, team assessments, and insurance package appraisals.
Read More: Fractional Chief Marketing Officer Services
A fractional construction CFO provides financial, reporting, and strategic support to your company on a part-time, subscription, or short-term contract basis. Ascent Consulting is here to provide fractional CFO services when your company is ready for additional financial expertise but isn’t ready for a full-time CFO.
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