Fractional CFO Services in Chicago

It depends on how much of the CFO's time you need and how messy the finances are. Engagements are usually set up as a monthly retainer, a defined project, or hourly advice. When you compare options, look past the rate and ask what's included: monthly reporting, forecasts, cash management, budgets, tax coordination, lender packages, and how easy it is to get the CFO on the phone. We scope every engagement in writing before any work begins.

Think of it as a senior finance leader on a part time schedule. A fractional CFO tightens up reporting, owns the cash forecast, builds budgets, digs into which products or clients actually make money, and sits in on big decisions. A bookkeeper records transactions. A CFO tells you what they mean and what to do about it, including how tax planning fits into the growth plan.

Usually when the business has outgrown the bookkeeper and the year end tax return. Signs we see often: you can't say which lines of business are profitable, monthly reports show up late or don't reconcile, cash runs tight at odd times, you're about to hire a lot or open a new location, or a bank or investor wants real reporting. Chicago firms that sell to government agencies or operate in several states tend to hit this point sooner.

Your accountant makes sure the books are right and the filings are done. The CFO uses those books to plan: pricing, margins, budgets, borrowing, and where to invest next. You need both. Clean accounting is the raw material, and CFO work turns it into a forward plan with the risks spelled out.

That's one of the most common reasons clients call. We map when money comes in and goes out, including payroll, debt payments, and big commitments coming up, then build a rolling 13 week forecast. That usually exposes the fix: slow collections, loose payment terms, pricing that's too thin, or spending nobody is watching. You end up seeing a crunch weeks ahead instead of on payday.

Most clients start with a deep dive in the first month, then settle into a monthly close review and planning meeting. During a financing round, an acquisition, an IRS issue, or a growth spurt, we meet more often. We agree up front on reporting dates and how quickly you can reach us between meetings, so the CFO is useful on a Tuesday afternoon, not just at month end.

Yes, and it's a large part of our practice. The founder spent years in federal contracting finance, so DCAA expectations, FAR and CAS rules, indirect rate structures, and incurred cost submissions are familiar ground. We help contractors build accounting systems in Deltek Costpoint, Unanet, or QuickBooks Online that hold up from pre award through close out. Some of our staff hold active federal security clearances for sensitive programs.

With a call. We'll ask how you make money, how the books are kept today, what reports leadership looks at, and which decisions feel stuck. If there's an open IRS balance or payroll tax problem, we want to know that too, since our Enrolled Agent founder can handle tax resolution alongside the CFO work. Then we put the priorities, meeting rhythm, and deliverables on paper.