Reporting to a Fractional or Part-Time CFO: How Finance Managers Make It Work
More small and mid-sized businesses in Australia and New Zealand are using fractional or part-time CFOs. Instead of a full-time CFO, the business engages an experienced finance leader for a day or two a week, or a set number of hours a month.
For the Finance Manager or Financial Controller in that business, this creates an unusual reporting line. Your manager may be in the office one day a week. They may work with several other businesses. They may be focused on the board, the bank and strategy, leaving you to run everything else.
That can be frustrating. It can also be a huge opportunity. This article explains how Finance Managers can work well with a fractional CFO and use the arrangement to grow.
Why businesses use fractional CFOs
They need senior finance expertise but cannot afford or justify a full-time CFO
They are preparing for growth, funding, acquisition or sale
The owner wants strategic finance support alongside a strong operational Finance Manager
The board or investors want a senior finance voice
In most cases, the Finance Manager runs the day-to-day finance function and the fractional CFO focuses on strategy, funding, board reporting and major decisions.
The opportunities
More responsibility. With a CFO who is only there part of the time, you often run the finance function day to day.
Senior mentoring. Fractional CFOs are usually very experienced. You can learn a great deal from them.
Exposure. You may attend board meetings, bank reviews and strategic discussions.
Visibility. The owner or CEO often works directly with you when the CFO is not there.
The challenges
Limited access. Your manager is not always available when decisions are needed.
Unclear boundaries. It may not be clear who decides what.
Competing priorities. The CFO may be juggling several businesses.
Credit. The CFO may present work you prepared.
Agree who does what
The most important step is agreeing clear responsibilities. Who owns month end? Who approves payments? Who talks to the bank? Who prepares and presents board papers? Which decisions can you make on your own?
Write it down and review it every six months. Clarity prevents frustration on both sides.
Make the most of their time
When the CFO is in, use the time well. Prepare an agenda. Bring decisions that need their input, with your recommendations. Share the key numbers and issues in advance. Avoid using their time for things you can resolve yourself.
A short weekly update by email keeps them informed between visits.
Learn from them
A good fractional CFO has seen many businesses and many problems. Ask them about their experience. How would they approach this issue? What did they learn from a similar business? How do they prepare for a board meeting?
Ask for feedback on your work and development. Many fractional CFOs enjoy mentoring and will invest in a capable Finance Manager.
Build your own visibility
Make sure the owner and leadership team see your work. Offer to present parts of the monthly results. Build relationships with other leaders. Keep a record of your achievements.
If the CFO presents your work, that is normal to a degree. But over time, ask to present sections yourself. It builds your experience and profile. For more, see building board exposure before you are CFO.
When the business grows
As the business grows, it may eventually need a full-time CFO. That could be the fractional CFO moving to full time, an external hire or an internal promotion. If you want to be considered, start building the evidence now, and tell the owner and CFO what you want.
Many Finance Managers who worked alongside a fractional CFO step into the full-time role when the time comes, because they already know the business.
How to present the experience
On your resume, make it clear that you ran the finance function with part-time CFO oversight. That shows senior responsibility.
“Finance Manager leading the finance function day to day for a $45 million business, working with a part-time CFO on board reporting and funding. Owns month end, budgeting, cash, payroll and audit.” That line tells the reader you operate close to Head of Finance level.
What fractional CFOs look for in a Finance Manager
A fractional CFO relies heavily on the Finance Manager. They need someone who can run the function without constant supervision, flag issues early and prepare high-quality information for the board and bank.
If you can do this well, the CFO becomes one of your strongest advocates. They often work across several businesses and know many owners and CFOs, which can open doors for your career later.
When the arrangement is not working
Sometimes the arrangement does not work. The CFO may be stretched too thin, unresponsive or focused elsewhere. Decisions may stall.
Raise it directly and constructively. Suggest a regular fixed meeting time, clearer decision rights or a different split of responsibilities. If nothing changes, discuss it with the owner or CEO carefully and professionally. Your job is to protect the business, and that includes making sure finance decisions are made on time.
Preparing for board meetings together
Board meetings are often where the fractional CFO adds most value. Work with them to prepare. Draft the finance papers, prepare the key numbers and anticipate questions. Ask to attend, even as an observer at first.
Over time, many fractional CFOs are happy for the Finance Manager to present parts of the results. That builds your experience and confidence.
Using the experience in interviews
When you apply for Head of Finance or CFO roles later, your experience running the function with a fractional CFO is a strong story. Explain what you owned, how you worked with the CFO and what you delivered. It shows you can operate with a high degree of independence at a senior level.
A worked example
Finance Manager, growing technology services business
Key Achievements and Projects
Led the finance function day to day for a $45 million business, working with a two-day-a-week CFO on board reporting and funding.
Cut month end from nine to five days and introduced monthly board reporting by day eight.
Prepared the forecast and lender pack for a $10 million facility, and presented the monthly results to the board from the second quarter.
Built a finance team of three as the business doubled in size.
A sample responsibilities split
Every business is different, but a typical split between a Finance Manager and a fractional CFO looks something like this.
Finance Manager owns
Month end close and management accounts
Cash flow forecasting and daily cash management
Payroll, accounts payable and accounts receivable
Audit preparation and the relationship with the audit team
Payment approvals up to an agreed limit
Fractional CFO owns
Board reporting strategy and presentation
Bank and investor relationships
Funding, capital structure and major investment decisions
Pricing and strategic projects
Final review of budgets and forecasts
Shared
The annual budget, with the Finance Manager preparing and the CFO reviewing
Board papers, with the Finance Manager drafting and the CFO finalising
Use this as a starting point for your own conversation, not a rule.
A weekly update that works
A short weekly email keeps a part-time CFO close to the business without long meetings. Keep it to five headings.
Cash: the current balance, the forecast for the next four weeks and any concerns
Trading: key numbers against budget and anything unusual
Decisions needed: each with your recommendation and a date
Risks: anything that could affect the board, the bank or compliance
Done this week: two or three lines only
Over time, these emails become a record of your judgement. They quietly show the owner and CFO that you are ready for more.
A LinkedIn headline that shows the scope
Generic: Finance Manager at XYZ Group
Stronger: Finance Manager | Running the Finance Function for a $45M Business | Board and Lender Reporting | Month End, Cash and Audit
Recruiters searching for Head of Finance candidates will see straight away that you carry more than the title suggests.
Likely interview questions
“What decisions did you make without the CFO?” Give clear examples, such as payment approvals, cash management or audit issues.
“How did you keep the CFO informed between visits?” Describe your weekly update and how you flagged risks early.
“What did you learn from working with an experienced CFO?” Name one or two specific lessons, such as preparing for lender questions or framing board papers.
Common mistakes
Not agreeing clear responsibilities
Wasting the CFO’s limited time on small issues
Not asking for mentoring and feedback
Letting all visibility go to the CFO
Underselling the responsibility on your resume
Your next step
If you work with a fractional CFO, draft a short responsibilities list and discuss it at your next meeting. Then ask for one development opportunity, such as presenting to the board or leading the next bank review.
If you want your resume and LinkedIn to show the senior responsibility you carry, my Gold package covers your resume, cover letter, LinkedIn and positioning strategy.
If you want to plan your path to Head of Finance or CFO, book a complimentary Clarity Session.
