“Become the person they can’t imagine running a business without”

Fractional CFOs share their experiences and advice on the challenging but rewarding career.

Accountancy qualifications open up a vast range of career options, including chief financial officer (CFO). The CFO role is usually a senior executive position, especially within major companies, but the same role can be performed in a fractional capacity. This is seen as a cost-effective option for smaller and scaling businesses that may not have the salary budget for a full-time CFO.

Fractional CFOs provide part-time, high-level financial strategy and leadership to companies on a contractual basis, effectively working as freelancers. The role requires expertise in budgeting, forecasting, cash flow management and fundraising.

We asked four fractional CFOs about their experiences and advice.

Jump straight in and learn to market yourself

Imran Hussain, Founder, imranhussain.com

I’d worked for startups and SMEs for about 15 years, slowly realising that I was doing roles that were more senior than I was being paid for and the title I had. I wanted to do something for myself, simply because I needed the money at the time. In 2016, I set up a side hustle helping people with bookkeeping and management accounts.

My clients thought they needed a bookkeeper and a finance manager, but I realised they needed a CFO. They either didn’t know this or didn’t have the money for a full-time hire, so I stepped into the role on a fractional basis. The business just evolved from there.

My clients have been in a wide range of industries, such as manufacturing, eCommerce, automotive, marketing, education, SaaS and many more. I like working with a variety of entrepreneurs with a variety of challenges. It keeps me on my toes and is a great way to keep my skills up to date. If you work with an employer, you only have the expertise in one company, I can get exposure to five or six companies at any one time.

My biggest challenge is working with entrepreneurs who are struggling with their business, but refuse to change the way they are doing things. I feel sticking to old ways is sinking the ship. Convincing them to change is my biggest hill to climb.

If you’re an aspiring fractional CFO, I would say jump straight in – even if you don’t think you’re ready. You will learn a lot by simply doing and adapting. And learn to market and sell yourself, because sometimes you spend a lot of time convincing people that their problem is not that they need an accountant or a bookkeeper, but a CFO.

My clients thought they needed a bookkeeper and a finance manager, but I realised they needed a CFO.

Become the person they can’t imagine running a business without

Harriet Formby, Fractional CGO, Below The Line Finance

I’d previously worked in practice specialising in supporting startups and growing businesses, then moved into industry in financial leadership roles across M&A, transformation and change in a wide range of sectors. I enjoyed the depth of being in industry, fully immersed in one business, but I loved the variety of having multiple clients and projects and always had a desire to work for myself.

Working fractionally brought together the best of both worlds, so I combined my skills and experience from everything I’d been involved in and set up my own consulting and accountancy practice to make the transition.

I’m currently working with a variety of businesses on a fractional basis, including a growing professional services firm, a retailer undergoing restructure, and several not-for-profits navigating periods of change. My fractional clients usually span a diverse range of industries and stages, but the common thread is that they are all mission-led.

I love being involved in really interesting and exciting work, feeling genuine satisfaction when things go well and clients meet their goals. The variety meets my personal desire for novelty and expansion, and I thrive on setting my own schedule and working in a way that suits my preferences and style.

But things can get intense. I’m usually working with businesses going through periods of change where stakes are high, and each engagement needs suitable time and attention. So managing my time and energy across multiple clients takes real discipline, as does being clear about what’s in scope and what’s additional. There’s also the responsibility of running your own business alongside the client work – bringing in leads, marketing, admin. It’s all part of the fun but it does add pressure and responsibility.

I would advise aspiring CFOs to get as much experience as possible across different scenarios, company sizes and industries. Get curious about what things mean beyond the numbers on the page. What story do they tell? What can you say about that and where to go next? Seek out exposure to C-suite decision-making. Transferable skills and broad experience are really important. But at the same time, use that experience to build your niche.

The fractional CFO market is growing rapidly, so “I can do a bit of everything for anyone” isn’t a proposition. Work out who you want to serve, understand their world deeply, and become the person they can’t imagine running their business without.

Get curious about what things mean beyond the numbers on the page. What story do they tell?

Earn your credentials before you become a fractional CFO

Aaron Howe, Independent Finance Consultant and Troubleshooter

Working as a fractional finance professional when I was qualifying as an accountant allowed me to work for blocks of time then commit to study and exams at others. Then during the pandemic I saw a lot of organisations struggling and in need of my skills, so I went back to fractional work as a means of supporting as many of them as I could at once.

I work primarily with service businesses in the tech, creative and professional services sectors. Ordinarily, my clients have sub-£10 million in turnover and are seeking to stabilise, grow steadily or prepare for a transaction, but are unsure what to do next.

The best parts of working as a fractional CFO are being able to help businesses at their most critical junctures, and enabling them to access services they otherwise might not be able to afford full-time. I can set my own timetable for the most part, which means I can stick to my outside commitments and manage a range of client sizes.

Some of my clients are just starting out on their own, while others have been in business for more than a decade and have many staff, but no senior finance support. Being fractional, I can pick up work when I want it and take longer breaks than I could have being a salaried employee.

The most obvious challenge is finding work. I put a lot of time into networking events, but I still rely most heavily on advertised roles and convincing hiring managers that fractional may be a path they haven’t thought of.

On the other hand, sometimes I’m too busy and have to turn away clients I’d otherwise love to work with. The economic environment greatly affects things – contractions can mean opportunities for me, but they can mean existing staff are entrenched in their positions, so there’s no room for me to step in and help.

Work hard on earning your credentials before you enter the market as a fractional CFO. The bar for experience and abilities is higher than it is in the employed sector because results have to come quickly.

Be ready to handle your own business operations alongside those of your client base, too. The seemingly never ending tax returns, pension planning, payroll, cash flow management are all down to you, unless you join a fractional group company. But it’s worth it when you consistently deliver results for a number of organisations and see the direct impact your work.

The best parts of working as a fractional CFO are helping businesses at critical junctures and providing services they otherwise might not be able to afford full-time.

Have robust time management and communication processes

Ian Matthews, Chief Financial Officer, Third Road Management

In my prior role as CFO of an international business consultancy I was covering four distinct entities spread across the Americas, Europe, Asia and Australasia, each with a local stakeholder and distinct operations. After that role, I was looking for new opportunities and came across the fractional CFO concept. It struck me that I had already been fulfilling a very similar function.

I currently have a portfolio of US clients in the retail, manufacturing, business services and space exploration industries. They range in age from startups to more than 25 years old, and in revenue from $5 million to $40 million.

The diversity of the work is great – each client brings a unique set of challenges, opportunities, personalities and business models. That variety keeps the work engaging and intellectually stimulating. Every engagement offers the chance to learn new insights, refine processes and discover different approaches that can be applied across clients.

The primary challenge is managing time and priorities. Working with multiple clients – each with different demands, timelines and leadership styles – can create scheduling conflicts, especially when reporting to several CEOs or owners simultaneously. Success depends on proactive planning, clear expectation-setting, and responsive, transparent communication to ensure alignment and maintain trust across all engagements.

Stepping from a role with a single organisation focus to one dealing with multiple entities each week, or even each day, requires mental and functional flexibility, so be sure to have robust time management and communication processes in place.

The primary challenge is balancing time and priorities to manage multiple clients with different demands.

Georgia Lewis is a journalist who has worked in Australia, the Middle East and the UK. Over 30 years, Georgia has covered a diverse range of subjects and industries, including business, insurance, technology and logistics..