A fractional CFO is a CFO who provides services for organizations on a part-time arrangement. This offers a company the experience and expertise of a high-end CFO without the in-house cost—salary, benefits, and bonuses—of a full-time CFO.
While both are important, a CPA and CFO have vastly different roles. A CPA is typically more tax-focused while a CFO is more focused on long-term financial strategy. For a CFO, this includes forecasting, budgeting, resolving cash flow issues, optimizing systems, raising capital, and more. For a CPA, this includes minimizing tax burden through thoughtful tax strategies and managing financial records in case of an audit.
In short, CPAs help minimize your tax burden and prepare for an audit, should you face one. Conversely, a CFO helps a company optimize its short- and long-term financial strategies to achieve its financial goals faster—and with less wasted time and money.
No, we focus on cost accounting and will work with your existing CPA to get them the information they need for your taxes. As part of our process, the information you have available for your CPA will be much more prepared and should result in lower CPA fees.
Cost accounting is a form of managerial accounting that aims to capture a practice's total cost of production by assessing the variable costs of each step of production as well as fixed costs, such as a lease expense. It allows you to see the profitability of various procedure
Because the scope of services we are capable of providing is wide and we customize what we do for each client, it is difficult to give a simple answer to this question. We can attest that our initial consultation(s) are free of charge, after which we will create a custom proposal that clearly states all the various fees so there are no surprises moving forward.
We are well equipped to help a distressed practice and will work with you to come out of your situation with a budget you can afford.