Questions
Answers to questions about accounting, financial strategy, and how we work with South Florida businesses.
What does a fractional CFO do for a small business?
A fractional CFO provides part-time executive financial leadership. They handle forecasting, cash flow planning, financial analysis, and strategic decision support without the cost of a full-time hire.
Read answerHow much does a fractional CFO cost in South Florida?
Fractional CFO services in South Florida typically range from $3,000 to $10,000 per month on retainer, or $200 to $500 per hour for project-based work. The actual cost depends on scope, complexity, and how much time your business requires.
Read answerWhen should I hire a fractional CFO instead of a full-time CFO?
Fractional CFO support makes sense when you need strategic financial leadership but don't require someone in the office 40 hours a week. Most businesses between $2M and $25M in revenue benefit from fractional support before the complexity justifies a full-time hire.
Read answerWhat's the difference between a fractional CFO and a controller?
A controller ensures your financial records are accurate and your books are closed properly each month. A fractional CFO uses those accurate numbers to guide strategic decisions about growth, cash flow, and the future direction of your business.
Read answerDo I need a CFO if I already have a bookkeeper?
A bookkeeper and a CFO serve different purposes. Bookkeepers handle the historical record of what happened. A CFO provides forward-looking financial strategy and decision support. Whether you need both depends on your business complexity and growth trajectory.
Read answerHow can a fractional CFO help me secure business financing?
A fractional CFO prepares your financials to meet lender requirements, identifies the right financing options for your situation, and manages the application process. They bring credibility and expertise that improves your chances of approval and better terms.
Read answerWhat size business needs a fractional CFO?
Most businesses benefit from fractional CFO support between $2M and $20M in annual revenue. But size alone isn't the deciding factor. Complexity, growth rate, and the financial decisions you're facing matter more than raw numbers.
Read answerCan a fractional CFO help with cash flow forecasting?
Yes. Cash flow forecasting is core CFO work. A fractional CFO builds projections that show when cash gets tight, when you can invest, and how different decisions affect your runway.
Read answerHow often does a fractional CFO meet with my business?
Most fractional CFO engagements include monthly or bi-weekly scheduled meetings. The actual frequency depends on your business complexity, current projects, and whether you're in a growth phase or steady state.
Read answerWhat financial reports should a fractional CFO provide?
A fractional CFO should deliver monthly financial statements, cash flow forecasts, KPI dashboards, and variance analysis with executive commentary. The value is in the interpretation and strategic recommendations, not just the reports themselves.
Read answerHow do I know if my business is ready for CFO-level support?
You're ready when financial decisions feel like guesswork, when you can't answer strategic questions about your business with confidence, or when you're facing major moves like raising capital or planning an exit.
Read answerWhat KPIs should a fractional CFO track for my business?
The right KPIs depend on your business goals, industry, and stage of growth. A fractional CFO typically monitors financial health indicators, cash flow metrics, operational efficiency measures, and growth drivers tailored to what actually matters for your decisions.
Read answerCan a fractional CFO help with business valuation?
A fractional CFO doesn't issue formal valuations, but they prepare the financial foundation that drives what your business is worth. Clean books, normalized earnings, and documented value drivers directly impact valuation outcomes.
Read answerHow can a CFO help me plan for business growth?
A CFO translates your growth ambitions into financial reality by building forecasts, modeling scenarios, and identifying the capital and cash flow requirements to expand without running out of money.
Read answerWhat's the ROI of hiring a fractional CFO?
ROI varies based on your situation, but businesses typically see returns through tax savings, better cash flow management, improved financing terms, and avoiding costly mistakes. The real value often comes from strategic decisions you wouldn't have made otherwise.
Read answerShould I hire a fractional CFO before seeking investors?
In most cases, yes. Investors expect financial sophistication that goes beyond basic bookkeeping. A fractional CFO helps you prepare investor-ready financials, build credible projections, and navigate due diligence without the cost of a full-time hire.
Read answerHow does a fractional CFO help with budgeting and forecasting?
A fractional CFO builds financial models that connect your budget to actual business decisions. They create forecasts you can use to plan hiring, manage cash flow, and evaluate growth opportunities before committing resources.
Read answerCan a fractional CFO help me negotiate with banks?
Yes. A fractional CFO prepares the financial documentation banks want to see, speaks their language during negotiations, and brings credibility that business owners often lack when presenting financial information alone.
Read answerWhat financial analysis should a CFO provide monthly?
Monthly CFO analysis goes beyond reports to deliver actionable insight. Expect variance analysis, cash flow forecasting, KPI tracking, and strategic commentary that explains what happened and what to do about it.
Read answerHow can a CFO help reduce my business expenses?
A CFO reduces expenses by analyzing your full financial picture, not just cutting obvious costs. They identify waste through proper reporting, renegotiate vendor contracts, optimize cash flow to reduce financing costs, and implement process improvements that create lasting savings.
Read answerWhat's the difference between a CPA and a fractional CFO?
A CPA is a professional credential while a fractional CFO is a business role. Many CPAs focus on tax and compliance work, while fractional CFOs provide strategic financial leadership. The same person can be both.
Read answerHow does a fractional CFO work with my existing accountant?
A fractional CFO builds on your accountant's work rather than replacing it. Your accountant handles compliance and historical reporting while the CFO focuses on forward-looking strategy, cash flow planning, and financial decision-making.
Read answerCan a fractional CFO help prepare my business for sale?
Yes, and starting early makes a significant difference. A fractional CFO can clean up your financials, normalize your earnings for buyers, and identify issues that could reduce your sale price before you go to market.
Read answerWhat strategic advice does a fractional CFO provide?
A fractional CFO helps business owners make decisions about growth, cash flow, financing, and profitability. The focus is on using financial data to guide business direction rather than just recording what happened.
Read answerHow long do businesses typically use a fractional CFO?
It depends on why you engaged one. Project-based needs like fundraising or M&A might last 6-12 months, while ongoing strategic guidance often continues for years. Many businesses find the arrangement works indefinitely.
Read answerWhat does a controller do for a small business?
A controller provides financial oversight that sits between day-to-day bookkeeping and executive-level CFO strategy. They ensure your books are accurate, your financial statements are reliable, and your numbers actually reflect what's happening in the business.
Read answerWhen should I hire a controller instead of a bookkeeper?
Hire a controller when you need financial oversight, not just data entry. If you're reviewing your own books for errors, making decisions without trusted numbers, or preparing for growth that requires better reporting, a controller adds the strategic layer bookkeeping alone can't provide.
Read answerHow much does an outsourced controller cost?
Outsourced controller services typically cost $2,000 to $5,000 per month for most small to mid-sized businesses. The actual price depends on scope of work, transaction volume, and how much financial oversight your business requires.
Read answerWhat's the difference between a bookkeeper and a controller?
A bookkeeper handles day-to-day transaction entry and reconciliations. A controller provides financial oversight, reviews the bookkeeper's work, makes adjusting entries, and ensures accurate financial statements.
Read answerCan a controller supervise my in-house bookkeeper?
Yes. A controller provides the oversight and review layer that most in-house bookkeepers need but rarely get. This arrangement catches errors, ensures proper month-end close, and produces financial statements you can actually rely on.
Read answerWhat does a month-end close process include?
A proper month-end close includes transaction cutoffs, bank reconciliations, adjusting entries for accruals and prepaids, balance sheet review, and final financial statement preparation. The goal is accurate financials you can trust for decisions.
Read answerHow can a controller improve my financial reporting?
A controller transforms raw bookkeeping data into accurate, decision-ready financial statements. They ensure proper accruals, reconciliations, and month-end close procedures that give you reliable numbers each month.
Read answerWhat adjusting entries does a controller handle?
Controllers handle accruals, deferrals, depreciation, prepaid expenses, and other month-end adjustments that transform cash-basis records into accurate financial statements. These entries ensure your books reflect economic reality, not just bank activity.
Read answerDo I need a controller if I use QuickBooks?
QuickBooks records transactions. A controller ensures those transactions are recorded correctly and that your financial statements actually reflect reality. The software is a tool. The controller provides judgment and oversight.
Read answerHow does a controller ensure accurate financial statements?
A controller ensures accuracy through systematic review of all account balances, proper adjusting entries, reconciliation verification, and documented month-end close procedures. They serve as the quality control layer between day-to-day bookkeeping and final financial statements.
Read answerWhat internal controls should a controller implement?
A controller should implement segregation of duties, approval workflows, regular reconciliations, and access restrictions. The specific controls depend on company size and risk areas, but the goal is preventing errors and fraud while maintaining efficient operations.
Read answerCan a controller help train my bookkeeping staff?
Yes. A controller can train bookkeeping staff on proper procedures, catch mistakes before they compound, and elevate overall accuracy. This guidance turns basic data entry into meaningful financial recordkeeping.
Read answerWhat's included in controller-level financial oversight?
Controller oversight includes reviewing and correcting your bookkeeper's work, making adjusting entries, reconciling accounts, and closing the books each month. It's the layer between day-to-day bookkeeping and strategic financial leadership.
Read answerHow often should a controller review my books?
Monthly is the standard for most established businesses. A monthly controller review catches errors before they compound, keeps your financial statements reliable, and gives you numbers you can actually use for decisions.
Read answerWhat reconciliations does a controller perform?
Controllers reconcile balance sheet accounts that require judgment and investigation beyond basic bank matching. This includes accounts receivable, accounts payable, fixed assets, accruals, prepaids, loans, and intercompany balances.
Read answerHow can a controller help with accrual accounting?
A controller ensures your accrual entries are accurate and timely. They handle adjusting entries like prepaid expenses, accrued liabilities, and deferred revenue so your financial statements reflect reality, not just cash movement.
Read answerWhat's the benefit of outsourcing controller services?
Outsourced controller services give you experienced financial oversight without the cost of a full-time hire. You get month-end close, error correction, and accurate financials from someone who's seen these issues across dozens of businesses.
Read answerCan a controller prepare financial statements for my bank?
Yes, controllers routinely prepare financial statements for bank reporting. Most banks accept internally-prepared statements for routine covenant compliance and credit reviews. Audited or reviewed statements requiring CPA attestation are only needed in specific situations.
Read answerHow does a controller handle depreciation and amortization?
A controller maintains depreciation and amortization schedules, books monthly adjusting entries, reviews useful life assumptions, and ensures assets are properly recorded on financial statements. This work requires judgment that goes beyond basic bookkeeping.
Read answerWhat KPI dashboards can a controller create?
Controllers build dashboards tracking financial health, cash flow, profitability, and operational efficiency. The specific metrics depend on your industry and what decisions you need to make, but the best dashboards turn raw accounting data into actionable insights.
Read answerHow can a controller improve my accounts receivable process?
A controller analyzes your AR aging, identifies collection bottlenecks, and implements policies that get you paid faster. They bring oversight and strategy that day-to-day bookkeeping doesn't provide.
Read answerWhat variance analysis does a controller provide?
A controller compares your actual financial results to budget, forecast, or prior periods to identify where performance differs from expectations. This analysis surfaces problems early and highlights opportunities you might otherwise miss.
Read answerCan a controller help with year-end preparation?
A controller handles the critical work that makes year-end clean and efficient. This includes finalizing accruals, reviewing reconciliations, preparing workpapers, and ensuring your books are ready for tax preparation.
Read answerWhat's the difference between controller essentials and premium services?
Both tiers provide controller-level oversight for businesses with internal bookkeeping staff. Premium adds deeper analysis, KPI dashboards, variance reporting, and direct guidance for your bookkeeping team.
Read answerHow does a controller help with prepaids and accruals?
A controller ensures your financial statements reflect economic reality, not just cash movement. They track prepaid expenses, accrue costs you've incurred but not paid, and match revenue to the period it was earned.
Read answerHow do I fix messy QuickBooks books?
Start by identifying what's actually wrong. Unreconciled accounts, duplicate entries, and miscategorized transactions each require different fixes. Prioritize bank reconciliations first, then clean up the balance sheet before worrying about expense categories.
Read answerWhat does bookkeeping cleanup include?
Bookkeeping cleanup restores your financial records to an accurate, reconciled state. It typically includes correcting miscategorized transactions, reconciling bank and credit card accounts, fixing balance sheet errors, and removing duplicate entries.
Read answerHow long does it take to clean up years of bad bookkeeping?
Timeline depends on how many years need work, transaction volume, and how messy the records are. A single year with moderate transactions might take a few weeks. Multiple years with high volume and poor documentation can take several months.
Read answerHow much does bookkeeping cleanup cost?
Most bookkeeping cleanup projects run between $1,500 and $5,000 for small to mid-sized businesses. The final cost depends on how many months need fixing, transaction volume, and how messy the records are.
Read answerCan I fix my books before filing taxes?
Yes, and you should. Cleaning up your books before filing ensures accurate tax returns, prevents overpaying or underpaying, and avoids problems if you're ever audited.
Read answerWhat causes messy bookkeeping in small businesses?
Messy books usually come from putting off reconciliations, mixing personal and business transactions, and having no clear process for recording income and expenses. Small gaps compound quickly when no one is actively maintaining the books.
Read answerHow do I reconcile bank statements from prior years?
Start with the oldest unreconciled month and work forward. Compare bank statements to your book balance, identify each discrepancy, and make adjusting entries. Errors compound over time, so working chronologically prevents fixing the same issue twice.
Read answerWhat happens if my balance sheet doesn't balance?
An unbalanced balance sheet means there's an error in your books that needs to be found and corrected. Your financial statements won't be reliable until the issue is resolved.
Read answerHow do I clean up undeposited funds in QuickBooks?
Start by running a report to see what's stuck in undeposited funds, then either create proper bank deposits for legitimate payments or delete duplicate entries. The account should match actual cash waiting to be deposited.
Read answerCan messy books cause problems with the IRS?
Yes. Disorganized financial records increase audit risk and make audits significantly worse if they happen. When you can't substantiate income and expenses, the IRS can estimate what you owe and disallow deductions entirely.
Read answerHow do I separate personal and business expenses retroactively?
Start by gathering all bank and credit card statements, then categorize each transaction as business or personal. Reclassify personal expenses as owner draws and correct your books with adjusting entries.
Read answerWhat's the best way to organize receipts for past years?
Sort receipts by tax year first, then by expense category. Scan everything to digital since thermal paper fades quickly. Keep records for at least seven years to cover audit windows.
Read answerHow do I fix duplicate entries in my accounting software?
Run a transaction detail report sorted by amount and date to identify duplicates, then delete or void the extra entries. Reconciling accounts monthly prevents most duplicates from happening in the first place.
Read answerShould I start fresh or clean up existing books?
It depends on how far back the problems go and whether you need historical data for taxes, loans, or business decisions. Cleanup preserves continuity but costs more. Starting fresh is faster but creates gaps in your financial history.
Read answerHow do I correct miscategorized transactions?
The correction method depends on when you catch the error. Same-period mistakes are simple reclassifications. Closed-period errors require adjusting entries that don't distort your current financials.
Read answerWhat documentation do I need for a bookkeeping cleanup?
Start with bank and credit card statements for the entire cleanup period. From there, gather loan documents, payroll reports, and any invoices or receipts that help explain transactions.
Read answerHow do I clean up accounts receivable and accounts payable?
Start by running aging reports and comparing them to actual customer and vendor records. Clear stale balances, write off uncollectible amounts, and apply unapplied payments or credits before reconciling to supporting documents.
Read answerCan bookkeeping cleanup help me get a business loan?
Yes. Lenders need accurate financial statements to evaluate your business. Messy or outdated books create red flags that slow down approvals or lead to outright denials.
Read answerWhat's the process for cleaning up years of neglected books?
Start by gathering all bank and credit card statements for the neglected period, then reconcile accounts month by month starting with the oldest. The balance sheet gets cleaned last once transaction history is accurate.
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