Running a small or mid-sized business can feel like a juggling act. You’re managing operations, servicing customers, and trying to keep the financial side of your company on track. But as your business grows, so do the complexities of your finances. That’s where a fractional Chief Financial Officer (CFO), also called a part-time CFO, can make all the difference.
At Launchbury Accounting & Bookkeeping Solutions, we provide CFO services for small business owners in Canmore, Banff, Calgary, Alberta, and New Brunswick who need high-level financial leadership without the cost or commitment of hiring a full-time executive.
Led by Chartered Global Management Accountant Harry Launchbury, ACMA, CGMA, our contract CFO services give you the clarity, oversight, and strategic guidance you need to level up your business.
But what exactly does a part-time CFO do, and why should you consider hiring one? That’s what we’ll be covering in this post.
What Does a CFO Do?
Before we get into the benefits of contract CFO services, let’s provide a little context.
A Chief Financial Officer (CFO) is the senior financial leader responsible for overseeing all aspects of a company’s finances.
So what does a CFO do? They’re in charge of the fiscal health of a company and ensure the organization’s financial strategy supports long-term goals.
A CFO’s responsibilities often include:
- Cash flow management and forecasting
- Financial reporting and analysis
- Determining realistic financial goals
- Budgeting and allocating resources
- Risk management and compliance
- Creating policies to maximize productivity and profitability
- Advising on and handling negotiations for major investments, funding, or acquisitions
- Leading teams within the finance department
In short, a CFO doesn’t just “manage the numbers;” they help leadership make the right decisions for a company’s future.
Accountant vs. CFO: What’s the Difference?
Accountants manage, classify, analyze, and summarize financial records. They provide detailed financial reports and keep a company or business tax compliant. However, while an accountant is focused on maintaining financial health day-to-day, a CFO looks at the bigger picture and helps you plan for growth, expansion, and profitability.
What About CFO vs. Controller?
A controller manages daily accounting operations and oversees the accounting department. Their focus is broader than that of a typical accountant. A CFO operates at an even higher level, using the data a controller provides to shape financial strategy and make business-critical decisions.
What Is a Fractional CFO?
A fractional CFO is a senior finance executive who provides strategic financial leadership on a part-time or project basis. This allows small and medium-sized businesses to tap into the same level of financial insight and planning as large corporations, without the full-time price tag.
Wondering if you need one? If you’re asking questions like:
- How do I improve cash flow?
- What’s my business actually worth?
- Can I afford to hire more staff or expand into a new market?
…then it’s time to consider CFO services.
8 Benefits of Hiring a Part-Time CFO
Now that you understand what a CFO does and how a fractional CFO can fit into your business, let’s break down the specific benefits of bringing one on board.
- Cost Savings Without Sacrificing Expertise
Hiring a full-time CFO is expensive. Salary, benefits, and overhead are generally well into the six figures, which is a big leap for small and medium-sized businesses, and it’s a long-term commitment with little flexibility to end contracts simply or cheaply.
With a part-time CFO, you get the same high-level expertise on a flexible schedule.
Because you’re only paying for the time and services you need, contract CFO services are a cost-effective way to strengthen your financial management. There’s no need for office space, benefits packages, or long-term commitments. Instead, you get the expert support you need, when you need it. - Improved Financial Oversight and Internal Controls
A strong finance function requires more than bookkeeping and tax filing. A fractional CFO can dig into your financial processes and put proper controls in place to reduce fraud, errors, and inefficiencies.
Our founder, Harry Launchbury, has a background advising large corporations with revenues from $200 million to $30 billion. This means, when you work with us, you get a part-time CFO who can implement enterprise-level best practices in your business.
Managerial Accounting Explained: CGMA vs. CPA and Why it Matters to Your Business – Launchbury Accounting - Better Decision-Making Through Strategic Consulting
Through strategic consulting, a fractional CFO can analyze data, uncover trends, and develop actionable strategies that guide your decision-making.
When it comes to accountant vs. CFO vs. controller, this is where the biggest difference is evident: controllers and accountants handle the day-to-day operations, while a CFO helps you plan for where you’re going next. - Reduced Risk and Stronger Compliance
As your business grows, so does your risk exposure. From regulatory requirements to cash flow vulnerabilities, even small missteps can become costly.
A fractional CFO helps you stay compliant and reduce financial risks by building a solid foundation of policies, reporting systems, and contingency plans. - Enhanced Cash Flow and Profitability
A part-time CFO will help you get control of your cash flow, which is a top reason businesses fail. With robust forecasting and budgeting, you’ll have a clear picture of how money moves through your company and how to optimize it.
By improving collections, managing debt, allocating resources appropriately, and eliminating revenue leakage, a part-time CFO can help you increase profitability without necessarily increasing sales. - Flexibility to Scale With Your Business
We offer flexible CFO services for small business clients, non-profits, registered charities, and corporations. You can scale services up or down as your needs change. Whether you want ongoing oversight or just need strategic guidance through a transition, you’ll always have the right level of support at the right time. - Faster Access to High-Level Expertise
Hiring a full-time CFO can take months. A fractional CFO, on the other hand, can be integrated quickly, so you get immediate support. At Launchbury Accounting & Bookkeeping Solutions, we pride ourselves on gaining an understanding of your business and providing solutions from the start. - Clarity and Peace of Mind
Ultimately, working with a part-time CFO gives you the clarity you need to stop worrying about your finances and start focusing on growing your business. Harry’s approachable style and clear communication will help you understand your numbers without jargon or judgment.
Ready to See the Difference a Part-Time CFO Can Make?
If you’re looking for a part-time CFO in Alberta or New Brunswick, Launchbury Accounting & Bookkeeping Solutions can help.
Harry Launchbury brings global experience, corporate-level expertise, and a client-first approach to every engagement. Our fractional CFO services are designed to give you the insight and confidence you need to grow. Book a consultation today to learn how our contract CFO services can help you strengthen your finances, reduce risk, and plan for the future.