Why Your Business Needs an Interim CFO + The Easiest Way To Hire One

Find out how an Interim CFO can stabilize your finances, drive growth, and guide your business through transitions. Learn when to hire one and how fractional CFOs can work as effective interim CFOs.

Last Updated
February 18th, 2025

An Interim Chief Financial Officer (CFO) is a temporary executive who can step in to manage your company's financial function during periods of transition or crisis.

But here's the challenge: Experienced interim CFOs are in high demand and difficult to source quickly. You cannot afford to wait for months to hire one — especially when you're under pressure to make critical financial decisions.

However, if you need quick access to a seasoned CFO, our platform connects you with pre-vetted candidates, eliminating the usual hiring delays.

Even better, our fractional CFOs provide expert financial leadership on a part-time basis, making it a more cost-effective solution than hiring a full-time interim CFO. (Read more here)

Keep reading to discover when you might need an interim CFO, what they do, how much they cost, and how to hire the right one for your business.

What Is an Interim CFO? Understanding the Difference Between Part-Time, Interim, and Fractional CFOs

While the terms part-time, interim, and fractional CFOs may seem interchangeable, they have distinct differences:

Interim CFOs are temporary executives hired during critical transitions, such as a CFO's unexpected departure, financial restructuring, or mergers. They may work part-time or full-time but typically stay only until a permanent CFO is hired.
Part-time CFOs work a set number of hours per week for a single company, offering financial leadership without the full-time commitment.
Fractional CFOs provide flexible CFO services to a company, or potentially multiple companies at once, scaling their involvement based on business needs—offering expertise at a fraction of the cost of a full-time hire (More about costs soon.).

Fractional CFOs can also serve as interim CFOs, bringing the same level of experience and strategic insight as a full-time executive.

Instant Book

Roberto Hiriart

Fractional CFO
Strategic Finance
Investor Relations
Corporate Governance

Transforming Vision into Value: Driving Growth, Scalability, and Operational Excellence

Why Hire a Fractional CFO as Your Interim CFO?

When your business is at a financial crossroads, hiring a fractional CFO as your interim CFO provides agility and expertise. Here's why:

Cost-Effectiveness: Hiring a fractional CFO to fill your interim position is significantly more affordable than a full-time interim CFO.

How much does an interim CFO cost (compared to a fractional CFO)? The average annual salary of an interim CFO in the US in 2025 is approximately $261,533, with hourly rates between $150 and $395 per hour, depending on the complexity of the tasks and their level of expertise. plus potential bonuses and commissions.

A fractional CFO from Go Fractional charges a monthly retainer, which ranges from $4000 to $20,000 a month, depending on their experience, the scope of responsibilities, and the duration of the engagement, with hourly rates typically ranging from $250 to $500 -- offering top-tier financial leadership at a lower cost.

Flexibility and Scalability: Unlike a traditional interim CFO tied to a fixed contract, a fractional CFO can step in full-time during a transition and scale back once stability is restored.
Rapid Onboarding: With years of deep experience across companies, fractional CFOs can quickly integrate into your team and start providing value within days---unlike traditional interim CFO hiring processes that can take months.
Fresh Perspectives: With experience across multiple industries, a fractional CFO can identify inefficiencies and financial risks your internal team might miss.
Seamless Team Integration: Fractional CFOs are accustomed to working with dynamic teams, making onboarding smoother than traditional interim candidates.

Steve Mushero

Infrastructure
Fractional CTO
Advisor
Team Building

Experienced CTO, Founder & CEO

Key Responsibilities of an Interim CFO

An interim CFO can take on various responsibilities, including:

Streamlining Financial Operations: Improving cash flow management and refining expense approval workflows.
Developing Financial Strategies: Aligning financial plans with business objectives to drive growth and profitability. capitalize on market opportunities.
Overseeing Financial Reporting: Ensuring regulatory compliance and providing stakeholders with clear insights into company performance.
Budgeting & Forecasting: Creating data-driven budgets and forecasts to guide decision-making.
Managing Treasury Operations: Optimizing cash flow, capital structure, investments, and identifying cost-saving opportunities to enhance liquidity and financial stability.
Preparing For Audits: Ensuring compliance to minimize penalties and reputational damage.
Capital Raising & Fundraising: Securing growth capital by evaluating funding sources and optimizing investor relations.
Negotiating Vendor Contracts: Reducing costs through strategic vendor negotiations.
Tax Strategy & Compliance: Identifying tax-saving opportunities, collaborating with CPAs, and leveraging overlooked credits.
Implement and Scale Financial Systems: Managing software transitions, training teams, optimizing automation, and integrating new processes to improve efficiency.
Guide Mergers and Acquisitions: Conducting financial due diligence, identifying risks and cost-saving opportunities, and managing data rooms to drive successful transactions.
Adapt Financial Processes to New Regulations: Assessing impacts, updating reporting standards, and establishing frameworks for ongoing compliance.
Mentoring Finance Teams: Guide and mentor finance teams after the departure of the previous CFO, fostering internal talent for future leadership roles.

Read in detail about these CFO responsibilities.

Konstantin Stoyanov

Fractional CFO
Strategic Planning
Fund Raising
Financial Planning and Analysis (FP&A)

Strategic CFO to start-up and growth companies

Now, knowing when to hire an interim CFO or a fractional CFO can be the difference between financial stability and missed opportunities.

When Should You Hire an Interim CFO?

You may need an interim CFO or a fractional CFO if:

Your current CFO resigns or is unavailable.
You need expert financial leadership for major initiatives like fundraising, mergers, or restructuring.
Your company is going through financial distress or declining profitability and needs turnaround strategies to restore stability.
You want to test the impact or ROI of a CFO before signing up for a full-time, long-term commitment.
Your finance team is overwhelmed and needs immediate leadership to ensure critical financial operations continue smoothly.
Your business is going through rapid growth, and your financial processes need interim management and restructuring.
You need immediate financial impact with minimal onboarding time.
You want to avoid the huge costs of a full time CFO while gaining access to top talent in a flexible arrangement.

How to Hire an Experienced Interim CFO

Hiring an interim CFO yourself requires the following:

Identify your company's financial challenges and goals.
Determine a realistic budget for the CFO position. Costs may vary based on factors like the complexity of the role and the duration of engagement.
Write a detailed job description for the CFO role that outlines the required financial expertise and qualifications.
Leverage professional networks, executive search firms, or platforms specializing in interim leadership to source candidates.
Shortlist candidates based on their experience, track record, and relevant skills.
Conduct interviews to assess strategic thinking, cultural fit, and their ability to address your financial challenges effectively.
Agree on the engagement scope, objectives, and compensation to align expectations with your chosen candidate.

This process can take weeks or months, often leading to compromises on candidate quality due to urgency.

Instead, Go Fractional streamlines this process with a 98% success rate in matching businesses with the perfect interim CFO.

Jeffrey Mazza

Fractional CFO
Analysis
Strategic Vision & Leadership
Forecasting

Maximizing Financial Potential, One Strategy at a Time

Hire a Fractional CFO As Your Interim CFO Through Go Fractional

Go Fractional connects businesses with highly qualified fractional CFOs with extensive experience in financial leadership, growth transitions, restructuring, and IPOs.

Why Choose Go Fractional?

Cost Efficiency: Fractional CFOs cost $4,000--$20,000 per month ($48,000--$240,000 annually), saving on full-time salaries and overhead costs.
Rapid Hiring: Onboard a pre-vetted, experienced interim CFO within days -- not weeks or months.
Finding the Perfect Match: Our curated approach ensures you're matched with top-tier professionals who meet your exact needs. We have a 98% match success rate.
Flexible Engagements: Whether you need short-term interim support, project-based leadership, or long-term help in scaling operations, we offer solutions tailored to your requirements.

How It Works?

Book a free consultation call to discuss your goals and requirements.
Receive a curated list of pre-vetted candidates within days.
Finalize contract details and start within a week and see immediate impact and results.

Cheryl Heller

Analysis
Fractional CFO

Fractional CFO | Strategic Advisor | Financial Executive

FAQs

1. What Qualifications and Experience Are Necessary for an Interim CFO?

When hiring interim CFO services, the key attributes to consider include:

A bachelor's degree in finance, accounting, or a related field, and advanced degrees, such as an MBA or a Master's in Accounting.
Certifications like Certified Public Accountant (CPA) or Certified Management Accountant (CMA), indicate a strong foundation in accounting principles and financial management.
Experience within your specific industry or related ones.
Experience in managing financial operations and implementing change and transition strategies, ensuring smooth organizational shifts.
Expertise with modern financial systems and software, financial reporting, analysis, and decision-making processes.
Proven track record in positions such as Chief Financial officer, Vice President of Finance, Director of Finance, interim CFO, or interim Controller.

2. How Long Does an Interim CFO Typically Stay With a Company?

The tenure of an interim CFO varies based on an organization's needs but generally ranges from a few months to over a year.

This will depend on:

The scope of work.
The duration between the departure of your permanent CFO and the appointment of a new one.
The complexity and urgency of the situation at hand.

3. What Is the Process for Transitioning From an Interim CFO to a Permanent CFO?

Transitioning your interim CFO to a permanent one requires careful planning to maintain stability and sustain financial leadership.

Here's a quick guide:

Assess Long-Term Fit: Evaluate your interim CFO's performance, leadership style, and cultural fit by gathering feedback from other CXOs, finance teams, and key stakeholders.
Define Role Expectations: Clarify the CFO's long-term responsibilities beyond interim duties, outlining strategic goals, financial targets, and operational improvements for the next 1--3 years.
Negotiate Terms: Discuss salary, performance expectations, and contract terms to align the CFO duties with the company's long-term financial strategy.
Create a Transition Plan: Create a plan to shift focus from short-term crisis management and operational tasks to long-term financial planning.
Announce the Appointment: Communicate the transition internally to employees and externally to investors and stakeholders.
Monitor and Support Integration: Provide executive coaching if needed, conduct performance reviews, and make sure your CFO is positioned for long-term success.

4. What Can an Interim CFO Accomplish in the First Three Months?

In the initial months, an interim CFO will focus on stabilizing and strengthening the company's financial foundation. Key priorities include:

Assessing Financial Health: Conducting a comprehensive review of cash flow, budgets, and financial statements to identify strengths, weaknesses, and immediate risks.
Addressing Critical Issues: Resolving urgent financial challenges to maintain business continuity and operational efficiency.
Developing Short-Term Strategies: Crafting actionable financial plans to navigate current market conditions and support business goals.
Guiding the Finance Team: Providing leadership, optimizing processes, and ensuring clear communication across departments.
Keeping Stakeholders Informed: Delivering regular updates on financial performance and strategic initiatives to key decision-makers.

5. What Is a Virtual CFO?

A virtual CFO provides the same strategic financial leadership as a traditional CFO but works remotely on a part-time (fractional) basis. While they primarily operate off-site, they may visit your office for key meetings or team workshops when needed.

For businesses undergoing transitions or operating in a fully remote environment, a virtual outsourced CFO---like many of Go Fractional's fractional CFOs---offers a flexible and cost-effective solution.

6. How to Seamlessly Integrate an Interim CFO into Your Executive Team

To smoothly integrate an interim CFO into your existing executive team, follow these steps:

To ensure a smooth integration of an interim CFO, follow these best practices:

Define Clear Objectives: Establish goals, expectations, and key performance metrics for the role.
Facilitate Introductions: Arrange meetings with key stakeholders to foster collaboration and knowledge-sharing.
Provide a Strong Onboarding Process: Give the interim CFO a comprehensive overview of your company's culture, financial processes, and strategic initiatives.
Involve Them Early: Include the interim CFO in executive meetings and critical decision-making from day one.
Encourage Open Communication: Promote transparency and regular dialogue between the interim CFO and leadership team.
Monitor Progress and Alignment: Check in regularly to address challenges, ensure strategic alignment, and maximize their impact.

Go Fractional's fractional CFOs have extensive experience working across various industries and company structures, allowing them to integrate quickly and effectively. Hiring a fractional CFO also provides a low-risk opportunity to assess cultural and leadership fit before making a permanent hire.

Why wait? Hire the best fractional chief financial officer via Go Fractional today.