CFO Case Study: Empowerment with Fractional Accounting

David King, CFO of Cinnafilm
David King, CFO of Cinnafilm

Small business CFOs are expected to wear lots of hats, so how can they keep up with the drudgery of accounting while saving time for strategy and innovation? David King, a veteran CFO at a fast-growing tech startup Cinnafilm, encountered this common yet formidable challenge—balancing the demanding tasks of day-to-day financial management with the strategic initiatives crucial to his company’s success. Rather than try to do everything himself and risk failure, David embraced outsourcing routine financial tasks to fractional CFO services at CFOshare, allowing him to focus on strategic initiatives. His journey highlights the power of leveraging CFOshare’s services to enhance operational efficiency and strategic focus.

The challenges of a one person CFO

Before engaging with CFOshare, David managed both strategic initiatives and the grueling details of daily financial operations. “I’m wearing a lot more hats than accounting. I’m a CPA, CMA, and MBA. In theory, I could do all controllership and accounting.”

However, he realized that the increasing complexity and scale of his business required a more sustainable approach. “I’ve always wanted to outsource that piece so I can focus on the big picture,” David explained, underscoring his need for a robust support system that could handle the operational load.

Teaming up with fractional accountants

Cordelia Miguel
Cordelia Miguel, Staff Accountant at CFOshare
Steve Walsh
Steve Walsh, former Fractional Controller at CFOshare

David was introduced to a dedicated team of financial professionals, Steve and Cordelia, who seamlessly integrated into the existing framework of his company. Steve, serving as a controller, and Cordelia, handling bookkeeping, brought not only their expertise but also a fresh perspective to the financial management of David’s company. “I could not have been happier with Steve and Cordelia. It’s just perfect,” David remarked, highlighting the seamless integration and immediate impact of the CFOshare team.

Collaboration with professionals

One of the most significant benefits of this team was David’s ability to engage in high-level strategic discussions with other financial experts. “It’s been really great getting on the phone with Steve to analyze an issue and get a second set of eyes on things,” David shared, emphasizing the collaborative advantage. This interaction was not just about having additional hands on-deck but about creating a brain trust that enabled better decision-making.

CFO driving valuable initiatives

The results were palpable. Freed from the daily financial grind, David could direct his energies towards major initiatives, such as restructuring the company’s sales engine, automate royalty calculations, and implement advanced analytical tools. “Royalty calculations used to take our CEO two weeks every quarter. I redid the whole thing in Python, now it takes one day. I wouldn’t have time for that kind of stuff without CFOshare.”

Powerful and flexible teams

The accounting case study of David King and CFOshare is a powerful testament to the value of fractional CFO services in today’s dynamic business environment. It underscores the importance of teamwork and flexibility in modern financial management, where the ability to adapt and delegate is as crucial as financial acumen. This approach does not only solve immediate operational needs but also builds a foundation for sustainable growth and innovation.

CFOshare’s model, based on collaboration and expertise, provides a robust framework for CFOs who aim to excel in their roles while pushing their companies towards greater achievements. It reaffirms that in the complex landscape of financial management, having the right partners can make all the difference, turning potential obstacles into stepping stones for success.

If you’re ready to talk about how we can help level up your business, make an appointment today to speak with a fractional CFO.