90 Second Quiz – Is My Business Ready for a Fractional CFO?

10 Questions to Consider Before Upgrading to a Fractional CFO

Back in the day, when people were at a crossroads in their personal lives and did not know what to do next, they often picked up a Cosmopolitan magazine to take a quiz like Am I Obsessed with My Ex? or Am I Ready for a New Relationship? Upon answering a list of questions, readers calculated a score that gave them a recommendation on how to proceed.

With that in mind, we have created a similar quiz for business owners who have a sense they need a Fractional CFO but are not quite sure if their company is ready or not.

Test: Am I Ready for a Fractional CFO?

For each of the following statements, add a point to your score when a statement generally aligns with what you are experiencing:

1. We don’t close the books on time
   Monthly close often slips or requires heavy clean‑up.
2. Cash visibility is limited
   No reliable 13‑week cash flow or rolling 90‑day forecast.
3. Financial reporting lacks decision‑ready insights
   No KPIs or strategic guidance.
4. Growth or change is outpacing finance
   Raising capital or lowering its cost, scaling quickly, making acquisitions, expanding into new products/markets.
5. Covenant/investor reporting creates risk
   Lender or board reporting requirements strain current capabilities.
6. Pricing and profitability are unclear
   Limited information on product/segment margins and the cost-to-serve is not well known or understood.
7. Complexity exceeds our current team
   Multi‑entity, multi‑state, inventory valuation, revenue recognition, or compliance challenges.
8. Systems and processes need redesign
   Lack of or current ERP/accounting stack causes manual work, errors, or poor data flow.
9. Leadership gap in finance
   Acceptable bookkeeping/controller support, but with limited strategic finance guidance and scenario planning.
10. Our top executives spend too much time on finance fire‑drills
    Greater than 25% of time spent on financial issues or ad‑hoc analysis.  

Scoring

• 8–10 points: Definite Need. Contact Us Today
  A Fractional CFO can deliver immediate value through cash forecasting, KPI dashboards, pricing/profitability work, lender/board reporting, and finance operating rhythm.
• 5–7 points: Likely beneficial.
  Consider a phased engagement or a Fractional Controller: Triage cash visibility, establish monthly close cadence, stand up KPIs, implement fraud controls, and then tackle systems/process redesign.
• 0–4 points: Targeted support may suffice.
  You may be better served by a Fractional Controller or an ad hoc advisory project to shore up specific gaps before a more expansive CFO‑level scope engagement is needed.

1st Note: Critical questions to prioritize even if overall score is lower: #2 Cash visibility, #5 Covenant/investor reporting, and #10 Executive time drain. These questions might be worth 2 points each depending on the situation!

2nd Note: If you are taking a quiz, Am I Obsessed with My Ex?, I think you already know the answer (it is yes!).

Interested in Fractional CFO or Controller services for your business? Keiter’s Client Accounting & Finance Services provide flexible access to highly skilled accounting and finance professionals without the overhead of hiring a full-time controller or CFO. Contact your Keiter Opportunity Advisor| Email | Call: 804.747.0000 to learn more.