Fractional Financial Controller

As a Fractional Financial Controller at My Financial Partner, your primary responsibilities include overseeing day-to-day financial operations, managing cash flow, and providing strategic financial insight to company presidents and employee-owners. You will be involved in activities like financial analysis, month-end close processes, balance sheet reconciliations, and optimizing accounting systems to ensure accuracy and compliance across all financial transactions.

To qualify for the Fractional Financial Controller position at My Financial Partner, candidates should have a Bachelor’s degree in business, accounting, or a related field (CPA preferred) alongside at least 7 years of professional accounting experience. Experience in the retail industry, particularly within small to medium-sized business accounting, and proficiency in QuickBooks Online are also highly beneficial.

The role of a Fractional Financial Controller at My Financial Partner differs from a traditional Controller in that it involves providing part-time, specialized financial oversight to multiple small to medium-sized businesses. Instead of handling all financial responsibilities for a single company, this position focuses on tailored financial strategies and insights for various clients within the Teamshares network, allowing for diverse experience and flexibility.

Fractional Financial Controllers at My Financial Partner work with clients across diverse industries, including retail, service-based businesses, and manufacturing. This breadth of experience is essential for adapting accounting practices to meet each industry’s unique operational and regulatory requirements while providing specialized advice that translates into meaningful financial insights.

To succeed as a Fractional Financial Controller at My Financial Partner, candidates must possess a complete understanding of the accounting cycle, advanced project management skills, and excellent problem-solving abilities. Additionally, strong communication skills are critical for translating complex financial data into actionable insights for leadership, and adaptability is essential for thriving in a remote work environment.

The full accounting cycle consists of key processes including data entry, reconciliations, financial statement preparation, and reporting. As a Fractional Financial Controller, demonstrating mastery over this cycle is essential because it ensures accurate financial management, compliance, and the ability to guide clients effectively through financial decision-making.

Approaching cash flow management involves conducting regular cash flow analyses to ensure liquidity across client companies. Discuss strategies for optimizing receivables and payables while advising on how to make informed investment decisions and identifying potential cash flow challenges well in advance.

In your response, share a specific example highlighting your problem-solving approach. Explain how you recognized the inefficiency, the steps you took to analyze it, and the improvements made. Emphasize how your changes led to enhanced operational efficiency and accuracy in reporting within a financial context.

When communicating complex financial data, I focus on simplifying concepts using relatable language, visual aids, and clear, concise summaries. I make it a priority to ensure stakeholders understand the implications of the data on their business decisions, fostering an inclusive dialogue that encourages questions and feedback.

To stay current with accounting regulations and standards, I regularly engage in continuous education through webinars, industry conferences, and professional accounting organizations. Additionally, I follow updates from statutory bodies such as the FASB and AICPA to ensure compliance and best practices in all financial operations.

Technology plays a crucial role in streamlining financial management processes. I leverage tools like QuickBooks Online and OneStream to automate data entry and reporting, ensuring accuracy and saving time. I also use project management software to adhere to timelines and facilitate collaboration with clients and team members in a remote environment.

Preparing an annual financial forecast begins with a thorough understanding of the client's historical performance, current financial status, and market trends. I would gather necessary data, analyze it for patterns, and of course, engage with the company president to align our financial goals with strategic plans, resulting in a realistic and actionable financial outlook.

While various metrics are important, I believe cash flow is the most critical financial metric for small business success. It reflects a company's liquidity status and overall health, directly impacting its ability to sustain operations, manage debts, and invest in growth opportunities. Understanding cash flow allows for proactive financial planning.

My experience with start-up businesses includes working closely with emerging companies to develop their financial structures from the ground up. This involves establishing accounting processes, implementing financial software systems, and providing strategic insights that guide initial growth phases, ensuring they have solid foundations to pursue their goals.

Managing time effectively for multiple clients requires proactive organization and prioritization. I use project management tools such as Asana to track tasks and deadlines and set clear milestones for each client. Regularly assessing my workflow allows me to be responsive and maintain high service levels across all accounts, ensuring I meet clients’ needs in a timely manner.