FAQs: What to Expect When You Work with a Fractional Construction CFO

Construction company owners wear many hats, but managing the finer details of your business’s financial strategy shouldn’t have to be one of them. In larger organizations, that’s a task left to your CFO, but for many middle market companies, hiring a CFO isn’t an option.

An alternative that many construction businesses are turning to is a fractional construction CFO — an external vendor that provides your business the financial leadership it needs on an outsourced basis. If you’re considering working with a fractional CFO, you likely have questions about what this relationship looks like and how it can benefit your business.

At James Moore, we routinely hear certain questions from construction professionals who are exploring engaging our fractional construction CFO services. We’ve created this guide to proactively answer those questions and help you understand not just what we do, but how we work alongside you to drive better financial outcomes for your business. Our goal is to give you clarity about our approach and help you determine if a fractional CFO is the right solution for your construction business.

What is a Fractional CFO?

A fractional CFO provides high-level financial strategy and expertise to construction businesses without the cost of a full-time executive. Think of it as having access to C-suite financial leadership on a part-time basis, with the service tailored to fit your specific needs and budgets.

For construction companies, a fractional CFO brings specialized industry knowledge that goes beyond the realm of basic accounting. While bookkeepers handle day-to-day transactions, a fractional CFO focuses on forward-looking analysis and leveraging financial data to make better business decisions.

Construction businesses also face unique challenges, from WIP accounting and long payment cycles to bonding requirements and equipment investments. A fractional CFO who understands these industry-specific concerns can transform financial management from an administrative burden into a strategic advantage.

Frequently Asked Questions About Fractional Construction CFO Services

As you consider working with a fractional CFO, you’ll likely have questions about how the relationship works and the value it can bring to your construction business. Below, we’ve addressed some of the questions frequently asked by prospective clients.

What types of services does a fractional CFO offer?

When working with a fractional CFO from James Moore, clients can expect:

• Regular reviews and analysis of their financial statements
• Budgeting and forecasting, including scenario planning, cash flow management, and risk management
• Oversight of internal accounting and finance team
• Stakeholder management, including bank and lender relations, bonding and surety support, board and investor relations, and leadership of existing finance employees
• Process and systems optimization, from creating custom reports and KPIs to improving the efficiency of your construction accounting environment
• Coordinated tax planning and projections

A fractional CFO at James Moore becomes part of your management team. The relationship is far deeper than that that companies may have had in the past with traditional accountants that a business might deal with for bonding or tax purposes. The fractional CFO serves as an integral part of your team and partners with you to help better results in every area of your business.

Learn More: Deliverables to Expect from James Moore’s Fractional Construction CFOs

Who will be my fractional CFO?

At James Moore, our fractional CFOs have extensive experience in financial management and specific expertise in the construction industry. One of three professionals will lead your engagement, but you’ll also benefit from the backing of James Moore’s wider construction team:

• Jeremy Wright, CPA: Jeremy leads the Construction Services Team at James Moore. He brings extensive experience helping construction companies strengthen their financial management and plan for long-term success. Jeremy is an active member of several industry organizations, including the Builders Association of North Central Florida (BANCF), the Florida Transportation Builders Association (FTBA) and the Florida Surety Association.

• Scott Withrow: Scott brings over 25 years of construction industry experience to his role at James Moore, where he leads our construction advisory and fractional CFO services. He helps contractors optimize financial operations, improve decision-making and drive growth, drawing on his background as a CFO, vice president and controller at regional and national construction firms. Scott is a member of the FTBA.

• Webb Shephard, CPA: Webb is a CPA and consultant with over a decade of experience advising construction companies. As a key member of James Moore’s Construction Services Team, he supports clients with assurance, tax planning, bonding, and more. He is an active member of CICPAC (including the Emerging Leaders group) and the Construction Financial Management Association (CFMA).

Our team of construction CFOs offers the perfect blend of technical and practical expertise, pairing the in-depth knowledge of specialized accountants with proven financial leadership experience in regional and national construction companies.

What level of access will I have to my fractional CFO?

James Moore’s fractional CFOs are readily accessible to clients. The specific arrangement and frequency of communication is established based on the needs of every engagement. For some companies, this might mean weekly communication. Others might benefit from monthly meetings with as-needed support between sessions. We’re also available on call for real-time decisions as necessary.

This flexible access ensures construction companies get timely access to expertise without paying for more support than they need.

Do I need both accounting services and CFO services?

Precise, timely financial data is foundational to effective CFO work. That’s why we always advise clients to work with our outsourced accounting services and layer in CFO work as necessary. Outsourcing the entirety of your firm’s accounting and finance tasks ensures consistency and cost-effectiveness, giving you access to the financial insights you need on a timely basis.

However, if you have existing accounting and bookkeeping professionals at your company, our team is more than happy to provide them with the leadership they need to excel. We routinely work with mid-sized construction companies to provide coaching and mentorship to controllers, accountants and bookkeepers and build the infrastructure they need to be a success.

How much do fractional CFO services cost?

Pricing varies based on the scope of work, business complexity and level of involvement needed. At James Moore, we develop customized proposals for every new engagement. Our focus is always on delivering value that provides our clients with a substantial return on investment. It’s an approach that connects the business with the financial leadership it needs to succeed at a fraction of the cost of hiring an accomplished full-time CFO.

Our fractional CFO model is also designed to accommodate financial needs that fluctuate with project cycles. These packages can scale up and down according to business needs, providing the right level of support at each stage of a construction company’s growth journey.

What is the typical onboarding process like?

The onboarding process begins with a comprehensive assessment of your company’s current financial situation. Think of it as taking your car to the mechanic. You can tell something’s not right, but you don’t get a full understanding of the problems (or a plan to fix them) until the mechanic pops the hood and runs some diagnostics. Following the initial assessment period, we’ll work to develop a customized service plan that addresses low-hanging fruit and outlines specific deliverables.

In general, the first month or two of the onboarding process focus on implementing immediate improvements to financial reporting and establishing a routine cadence of deliverables that works for the needs of your business. After this initial phase is complete, you should experience a smooth working relationship that unlocks improved financial visibility and a more strategic approach to financial management.

Partner with James Moore’s Fractional Construction CFOs Now

What differentiates James Moore’s fractional CFO services is the commitment to becoming an integral part of the client’s management team. Our aim isn’t just to be another vendor or a transactional partner you rely on for bookkeeping or tax returns. We want to be part of the team driving your business forward.

Our professionals are focused on building long-term relationships that deliver value for clients year after year, giving leaders the financial insights they need to invest in the growth of their company with confidence. As the owner of a construction business, you can leverage this partnership to focus on what you do best — managing projects and winning new business — while having confidence that your financial operations are handled with expertise and attention to detail.

Ready to learn more? Contact James Moore today to discuss how fractional CFO services can support your construction business’s specific needs and goals.

All content provided in this article is for informational purposes only. Matters discussed in this article are subject to change. For up-to-date information on this subject please contact a James Moore professional. James Moore will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.