CFO Consulting Services

Running your business shouldn’t be this hard. The good news is, it doesn’t have to be.

Our CFO consulting services

are like having a personal trainer for your business

As businesses grow, leaders need insight and information to make good decisions, but pretty soon you find yourself spending more time dealing with financial details than leading the business.

Or worse yet, you find yourself out of your depth with increasingly complex financials (“it’s good enough” right?), and end up making costly decisions on bad information. You realize you need C-level financial expertise, but don’t need a full-time CFO.

That’s where Lucrum comes in. Our CFO consulting services help you fill this crucial gap by providing part-time, or “fractional” CFOs with decades of business leadership experience who are available when you need them.

By outsourcing the CFO function, you get access to a professional “virtual” CFO to tackle the priority financial challenges unique to this particular moment in your business. You can refocus on business strategy and lead with confidence.

Bad Information

costs you a fortune when it comes to

Business Strategy · Purchasing · Hiring & Payroll · Cost Management · Profitability Study · Insurance
Job Costing · Estimating · Pricing

What is a CFO consultant?

CFO consultants are financial experts with real business leadership experience who provide CFO services to businesses for whom hiring a full-time, in-house CFO would not make sense. A strong CFO consultant helps to guide forward-thinking financial strategy as businesses hit key growth milestones and are faced with increasingly complex decisions. A fractional CFO consultant may be an independent consultant or an employee of a CFO firm. In either case, a good fractional CFO will have previously served as a full-time, in-house Chief Financial Officer, or if not given this title he/she would have held the most senior financial position inside of an organization and managed a team.

When does a business need CFO consulting services vs. a CFO?

There’s no magic revenue number, headcount, or growth rate that says “now is the time.” Instead, if your business’s size, complexity, or trajectory are outpacing your ability to establish useful forecasts, maintain adequate controls, and manage growth strategically, it may be time to consider fractional CFO services. Think your business may be ready to hire a full-time chief financial officer? Learn more about 3 key areas to help you determine whether the time is right to hire a CFO here.

What are the benefits of outsourced CFO consulting services?

An outsourced, fractional CFO provides an accurate picture of the whole business so that you can stay focused on running it. CFO consulting services empower you to manage growth by unpacking the meaning of the data and providing financial clarity. From helping a business improve its collections and payables processes in order to improve cash flow — to analyzing expenses to cut unnecessary spend, a fractional CFO consultant can change the trajectory of a business’ financial future.

How much do CFO consulting services cost vs. a full-time CFO in 2020?

Fractional CFO services can save significant money, as a full-time position may command over $200,000. A part-time CFO not only saves in salary and benefit costs, but provides services only as needed to target specific, evolving priorities. If the business can’t afford the $200k+ price tag of a full-time CFO but needs support with cash flow management, establishing KPIs, reporting accuracy and better-informed financial decision making, a fractional CFO service might be the right solution. Lucrum’s CFO consulting services start at $599/mo.

How long should my business contract the CFO consultant for?

Ready to sign a contract with a CFO service provider? The length of time a business will need to commit to working with a provider will depend on its current financial health and long term goals. In some cases, the business will need to hire a CFO consultant for a specific project, such as evaluating the timing and feasibility of a large capital purchase and helping to understand its ROI. In this case, the engagement may only last a few months. If business leadership needs to solve larger financial health challenges like a lack of cost control or poor cash flow, the CFO contract will likely start out at one year. In many cases, an ongoing need for support with cash flow management, forecasting and accounting will make the business case for an organization to keep a CFO consulting service on board as the business grows to the point where it makes sense to hire an in-house CFO.

What are some good questions to ask when interviewing a CFO consulting provider?

When interviewing a CFO consultant or CFO consulting service provider make sure to verify that they have experience with the specific industry and business size. If looking for a CFO service provider to help with a specific financial challenge, ask for examples of how the provider has successfully addressed the financial health problem with other customers.

If they will be accessing accounting or other financial management software, ask the provider if they have experience working in that specific software for other customers. If there will be a dedicated CFO included in the engagement, ask about recent turnover and what the change process will look like if the existing CFO leaves. Lastly, don’t be afraid to ask for recent references and check to see if the CFO consulting service has positive third-party verified reviews. A quick Google search for Lucrum Reviews, for example, reveals positive Google reviews and many verified third party 5-star reviews on Clutch.co.

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Do You Have An Action Plan For Growing Your Business?

"As a small business owner, Lucrum Consulting has helped fill a gap between our internal bookkeeping and our accountants and overseen our records so they are clean, accurate and up to date when we need to submit for year-end tax accounting. We created custom statements that give me, a non-financial person, a clear, simple picture of specific assets. The fees are reasonable and a good value for what we get in return. I feel my books are in very good shape having Lucrum involved."

Judd McAdams
RED Partners, LLC

Leading Confidently

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