Why You Should Include Fractional Accounting in Your Finance Strategy
For a growth-focused business, management often stretches themselves and employees to cover various tasks, fill several roles, and create the foundation for your corporate vision. But the looming, ever-present question is always, “What can we afford?” The answer often doesn’t include adding more employees.
Most small companies don’t need an entire Finance Team, and many large companies can benefit from including fractional team members in their strategy. Hiring a CFO, Controller, and Accountants can be a catastrophic burden to payroll, especially when the project is temporary or needs a specialized focus. Whether you’re wading through bookkeeping yourself or SOX controls, a specialized fractional team will guide you through those complex financial decisions and regulatory guidelines that are needed.
The concept of fractional accounting isn’t new. It’s mostly a customizable expansion of outsourced bookkeeping where you pay for the services of experienced finance professionals with flexible hours to match the needs and budget of your company. Even large public companies often benefit significantly from the use of a fractional accounting team. With large companies, an experienced CFO/management team can lead your fractional accounting team. In the meantime, the fractional team works to ensure that your company has the financial foundation to support the strategic goals and next steps for growth. A significant reward comes in the arsenal of additional resources you will have access to by working with KCG. With KCG’S interim management services, your CFO and management team can bring in –
A Controller or Accounting Manager to oversee your accounting functions, assist with audits, document procedural improvements, and advise on special GAAP topics (like revenue recognition).
An FP&A Analyst can work with you and your team to create more accurate forecasts and budgets, create investor materials for presentations, or help with specific project projections.
Utilizing connections with our clients and trusted service providers allows us to make valuable recommendations for services to improve processes throughout the company, not just finance.
By going fractional, you’re giving your company the advantage of an insightful finance team with individual strengths that allow for your accounting needs to be met with speed and accuracy, whether you are a Start-Up or Publicly Traded Company. A fractional team doesn’t just take the accounting work off your plate; they become a dedicated part of your company’s mission and work to add value to revenue generation, investor relationships, and administrative processes.
How King Consulting Group Can Help You
KCG can help clients create value, manage risk, and seize growth opportunities. Our team of consultants is ready to support you with advisory services — including finance and technology support and operational improvement. If you have any questions or would like help creating and maximizing value throughout your business life cycle, reach out to us to start a conversation.