Key attributes are:
- Interim, project, or ongoing relationship
- Likely not but might accept Officer authority (and liability)
- Specific scope objectives or full scope CFO responsibilities
- Independent from all other related resources
a. OR offer one relationship for CFO and accounting, and possibly HR and/or Financial Planning & Analysis - If needed, timely collaboration and/or replacement
Interim full-time
Sometimes confused with fractional; however, similar in that relationship is 1099 (not W2)
Lends itself to full CFO job description AND Officer authority, covered by client E&O insurance
Interim part-time (full-time temporary successor)
A fractional flavor given it is NOT full-time
Often about 12-20 hours per week,
Usually consistent scheduling – three (3) to five (5) half days weekly OR every other day
sufficient to meet expectations of full-time predecessor core short term responsibilities
The company is likely searching for a full-time CFO
Lends itself to full CFO job description AND Officer authority, covered by client E&O insurance
CFO job description on retainer requiring less than 40 hours per week
Might be same as interim part-time – or differ only due to indefinite timeline
Might be four (4) to 20 hours per week
Can be consistent scheduling or vary week to week
Lends itself to full CFO job description AND Officer authority, covered by client E&O insurance
CFO specific scope responsibilities (accountability) weekly less than 40 hours per week
Identifies focus on priority objectives and/or opportunities for CFO impact
Range from 4 hours to 20 hours per week
Can be consistent scheduling or vary week to week
Lower time and fees than full CFO job description
Is NOT prudent for Officer authority and NOT covered by client E&O insurance
CFO specific scope responsibilities (accountability) bi-weekly/semi-monthly less than 40 hours
Identifies focus on priority objectives and/or opportunities for CFO impact
Range from 4 hours to 8 hours every other week or two (2) weeks monthly
One week monthly financial close leadership and related metric reporting
One-week monthly focus on in-depth analyses and other ad hoc projects
Lower time and fees than weekly
Is NOT prudent for Officer authority and NOT covered by client E&O insurance
CFO specific scope responsibilities (accountability) monthly less than 40 hours plus ad hoc requests
Same as bi-weekly/semi-monthly except only monthly is certain scheduling
Prudent cost-effective routine margin analyses can be performed monthly and timely
Lower time and fees than bi-weekly/semi-monthly
CFO specific scope responsibilities (accountability) monthly less than 40 hours
Same as above except ad hoc is rarely needed
Financial management advisory consulting
Limited to high-level CFO strategic financial management leadership
Does not contribute to implementation of strategies (other than providing guidance)
Often lacks prudent attention to root cause factors