Not all financial roles are created equal. Many growing businesses rely on bookkeepers or accountants and assume that’s enough—until they realize they need more than just number-crunching. That’s when it’s time to bring in a fractional CFO.
The Breakdown:
- Bookkeeper: Focuses on the daily financial transactions—invoicing, payroll, and reconciliations.
- Accountant: Focuses on compliance and tax-related issues. They ensure accurate reporting, file your taxes, and help maintain records.
- Fractional CFO: Provides strategic oversight. They look at the bigger picture and provide insight on how to grow, invest, reduce costs, and improve financial health.
When Do You Need Each?
- Startups may begin with a bookkeeper.
- As revenue increases, an accountant becomes necessary.
- When financial strategy becomes essential for decision-making, a CFO is a must.
Hiring a fractional CFO gives your company strategic guidance that your bookkeeper or accountant can’t provide. At ELZ Fractional Partners, our CFOs act as trusted advisors who integrate financial strategy into every part of your business.
Bottom line: if you want to survive tax season, get an accountant. If you want to scale, get a fractional CFO.