2021

Top Fractional CFOs in New York City - 2021

LAST UPDATED 6 Dec, 2021
19 Firms
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List of the Top Fractional CFOs in New York City

MorganFranklin is a management and technology consulting agency that works with leading businesses and government to address critical finance, technology, and business objectives. MorganFranklin works with agencies of all sizes on consulting because they bring experienced, engaged professionals who are highly energetic and motivated to work with their clients in challenging, high-stakes environments

Service Focus
18%
19%
8%
14%
20%
21%

Dimov Tax has 12 years of accounting & taxation experience. Industries audited/worked include individual taxation, corporate taxation, M&A consulting, technology, buy & sell-side finance, biotech, retail analysis, real estate accounting, and manufacturing. Their specialists are dedicated, driven professionals who are attentive to detail. They cater to Individuals businesses for their tax and financial requirements

Service Focus
10%
24%
24%
5%
33%
4%

Shibu P Thomas has been providing quality, personalized financial guidance to local individuals and businesses for years. Their expertise ranges from basic tax management and accounting services to more in-depth services such as audits, financial statements, and financial planning. By combining their expertise, experience and the team mentality of their specialist, they assure that every client receives the close analysis and attention they deserve.

Service Focus
14%
24%
23%
1%
26%
13%

At 212 Tax they serve clients in a range of industries, including hospitality, nightlife, real estate, legal, and medical. Their accounting services offer individuals and companies tax preparation services, Quickbooks training, audit defense and more. Their experts are here to help with clear, actionable guidance to make your tax preparation process painless.

Service Focus
8%
3%
24%
12%
34%
20%

Miller & Company caters to high net-worth individuals and thriving businesses that need a personal accountant touch and an analytical eye. Best rated CPA Firm in NYC Miller & Company of New York finds solutions that let your wealth work for you, not against you. Their services include tax accounting services, cash flow management, succession planning, to tax audits, forensic accounting and much more.

Service Focus
12%
18%
12%
19%
16%
23%

At Ivy Tax and Accounting Services Inc., listening is the foundation of their business. From startups and entrepreneurs to established enterprises, they provide quality accounting services and strategic tax planning to all types of businesses. They also offer prompt and accurate income tax preparation for business owners and individuals. Their exceptional reputation in the community reflects their high standards, commitment to lowering taxes, and unparalleled customer support.

Service Focus
17%
8%
9%
22%
19%
26%

At Chris York CPA is a leading NYC accounting firm who specialize in individual tax, corporate tax, amendment and multi-state taxation, IRS audit representation, bookkeeping, payroll services, estate planning, retirement planning, and sales tax services among many more.

Service Focus
2%
25%
28%
6%
20%
18%

VB&T Certified Public Accountants take great pride in their ability to save their clients money on their taxes. They have demonstrated year in and year out that preparing a tax return correctly for maximum advantage requires more that just tax software–it requires sound judgment, extensive training, and professional expertise: And that comes only through years of training and experience.

Service Focus
30%
14%
20%
23%
8%
5%

Robert A. Woloshen CPA provides individual tax services, estate planning, small business accounting and tax services, business start-ups, payroll tax, and bookkeeping to the New York, NY area. Some of their services includes: Bookkeeping Services, Business Start-Ups Incorporation Services, Estate Planning, Individual Tax Services, Payroll Tax, Personal Services, Small Business Accounting and Tax Services, and Tax Preparation.

Service Focus
8%
19%
2%
33%
16%
23%

Mark E. Feinsot, CPA is a New York City CPA firm and trusted financial advisor for small businesses and individuals. They offer practical accounting solutions and tax saving strategies aimed at saving you money and helping you manage your business better. Their proactive tax planning strategies leverage every deduction, break, and incentive available to save you money on taxes.

Service Focus
24%
20%
16%
24%
13%
3%

Spear CPA CFP is a business-focused tax, accounting, and consulting firm that specializes in New York City businesses. Since 2004, their one-stop shop has helped hundreds of business clients with a variety of comprehensive tax services including: Complex tax and accounting matters, tax return preparation, financial planning and budgeting – resolving major and minor tax issues, among others.

Service Focus
21%
12%
20%
16%
15%
16%

Haque CPA is dedicated to serving the accounting and tax needs of small to midsized businesses and individuals. They offer the flexibility to create a package of accounting services, custom made to match the reporting requirements of your particular business. Their services include provide accounting services, tax planning, business consulting, new business advisory, and much more.

Service Focus
29%
18%
6%
18%
17%
13%

Inemer & Wolf provides comprehensive accounting and tax services for businesses in the New York City area. Inemer & Wolf is a local New York City, NY CPA offering timely and cost-effective financial management solutions for small businesses. They are your one stop for accounting services, bookkeeping, and tax advisory.

Service Focus
11%
0%
14%
15%
33%
26%

Genroy A. Richards founded Richards Accounting & Financial Services in 2005 and currently operates the company. He is a trusted strategic advisor to personal tax clients and also business owners in service-based industries, non-profit organizations, and professional practices to individuals. Genroy focuses on helping a broad range of small to medium size organizations such as churches, private schools, day care centers and restaurants in addition to many others.

Service Focus
26%
6%
25%
12%
27%
5%

Melzer & Associates serves clients in the five New York City Burroughs of Manhattan, Staten Island, Brooklyn, Queens, and The Bronx, as well as clients nationwide by offering experienced and forward-thinking tax, accounting, and business consulting services. They take great pride in being able to offer a diverse range of services which are tailored to their client’s individual business needs.

Service Focus
9%
21%
20%
15%
18%
17%

Commerce CPA, based in New York, New York, provides a full range of accounting, bookkeeping, consulting, outsourcing, payroll and business services, either in your facility or at our location. They can provide qualified accounting professionals who can ensure that your financial records are maintained correctly and accurately. Their bookkeepers can also assist in setting up and training your staff on the financial systems that you might be using or installing, such as QuickBooks or other legacy systems.

Service Focus
25%
27%
1%
34%
4%
8%

Dynamic Accounting Services is an accounting firm in New York. Whether you need expert tax preparation or experienced bookkeeping services for your business, they’ve got you covered! They grant you the collective experience and expertise of their team of financial professionals. Some of their services include: Tax Planning, Estate Planning, Tax preparation, and personal financial planning.

Service Focus
4%
6%
23%
28%
21%
18%

Johan, who earned his MSc in Accountancy from Brooklyn College, is a licensed Certified Public Accountant and licensed IRS Enrolled Agent. He has been awarded membership by the American Institute of Certified Public Accountants (AICPA) and the New York State Society of CPA’s (NYSSCPA), and is a Xero Certified Advisor and QuickBooks Pro-advisor.

Service Focus
26%
13%
6%
6%
25%
24%

NYB CPA PC is a full-service Accounting firm licensed in NY. They offer a broad range of services for business owners, executives, and independent professionals. They are affordable, experienced, and friendly. They offer outstanding service to their clients because of their dedication to professionalism, responsiveness and quality.

Service Focus
4%
21%
35%
36%
2%
2%

Expert Answers To Common Questions:

  1. How long does an engagement typically last?
  2. Can my Fractional CFO work on-site?
  3. What are the risks of using a Fractional CFO?
  4. What are the benefits of using a Fractional CFO?
  5. What exactly does a Fractional CFO do?
  6. What other things should I look for in a fractional CFO?
  7. What skills should a CFO have?
  8. How do fractional CFOs bill their rates?
  9. How much does a fractional CFO cost?
  10. What is a fractional CFO?
How long does an engagement typically last?

Generally, a fractional CFO engagement tends to last about 3 months, it could also be much longer depending on if the CFO is being replaced. That being said, there have been cases where a fractional CFO engagement lasted from 6 months to about 5 years. There are even some arrangements that have lasted indefinitely. However, when it comes to engagements, the most common ones tend to last 1 to 2 years.

Can my Fractional CFO work on-site?

Fractional CFOs are able to work either remotely or on-site. This is typically dependent on the retainer agreement drawn up. It could also be that the fractional CFO would split their time between working on-site and working remotely, however, this tends to depend on the demands of the business or project.

What are the risks of using a Fractional CFO?

With a fractional CFO, you do not have 24/7 access to them, as the rest of their time would have to be spent attending to their other clients. Additionally, they are unable to concentrate solely on your business and that could lead to your business not getting as much information as it would in the case of a traditional CFO.

What are the benefits of using a Fractional CFO?

Hiring a fractional CFO can mean cost savings to the business, as benefits, equity and profit-sharing agreements typically entered into with a traditional CFO are null and void.

 

A fractional CFO can improve cash flow by doing the following:

  • Introducing strategies that prompt clients to pay their invoices quicker
  • Ramp up collections in order to expedite payment receipts.
  • Cooperate with creditors and banks to manage lines of credit

 

They can also improve profit margins by doing the following:

  • Tracking spending by analysing things that are needed with things that aren’t
  • Reviewing financial statements at a high level enabling the organisation and its team members to concentrate on more pressing matters
  • Working with leadership to create a budget
  • Analysing monthly data to determine where profits are generated from.
What exactly does a Fractional CFO do?

A CFO has numerous duties, from deciding when and where company funds are invested to financial reportage. It is the duty of a CFO to oversee a business’s capital structure, determine the appropriate equity debt mix as well as internal financing. One of the most integral duties of a CFO, however, is to address any issues surrounding capital structure.

What other things should I look for in a fractional CFO?

Money management as well as an understanding of the business’s industry is a key trait for a fractional CFO.
Trustworthiness paired with logic is another key trait a fractional CFO should have, considering that it would be their job to manage the financial actions of a business. They would need to be trustworthy in order to analyse the organisation’s financial strengths and weaknesses, track cash flow, and propose corrective actions.
A fractional CFO needs to have strong leadership capabilities, as they have to be able to effectively communicate with the team, develop a vision for the future, and also share important information.
A fractional CFO should also be results-oriented. This means being able to set goals for the company which the finance team can work towards. It also involves discovering ways to measure outcomes and holding people accountable when those goals aren’t met.

What skills should a CFO have?

A fractional CFO should be a strategist, being able to assist the CEO in novel opportunities, becoming more strategic, and taking on a role more akin to a business partner.
The fractional CFO should also be able to seamlessly translate the Key Performance Indexes of the company into integral information for the CEO, whilst also transforming the CEO’s strategy into an actionable plan. This plan also has to be communicated effectively to the rest of the organisation.
The fractional CFO should also have the skills of a spokesperson. They are not only responsible for financial issues, but they are also responsible for motivating the organisation to execute the company’s strategy and communicating with shareholders.
A fractional CFO should have broad technical knowledge in conjunction with financial management and reporting. This means they should understand the basics of investment, cash flow forecasting and much more.
A fractional CFO should also have the skills of a risk manager, especially as businesses become more international and complicated. They not only have to ensure compliance with a growing list of laws and regulations but they also need to recognise, assess, and respond to emerging and ongoing risks to the business.

How do fractional CFOs bill their rates?

Fractional CFOs tend to work on retainer agreements and the retainers usually range between $1,000 and $1,500 on the low end, $1,500 to $2,500 on the mid-end, and anywhere above $5,000 to $25,000 on the high end.

How much does a fractional CFO cost?

A fractional CFO costs tend to differ depending on the scope of work they do, the complexity and size of the business, the strength of the in-house finance team, and the business’s financials. A fractional CFO tends to cost on average anything from $3,000 to $10,000 per month. Fractional CFOs tend to charge an hourly rate range of $100 to over $250. However, this typically depends on the chosen tier of the fractional CFO. There are three tiers of remuneration, with the first being $50 to $125 per hour, the second being $125 to $150 and the third being $200 to about $350 per hour.

What is a fractional CFO?

A fractional CFO (chief financial officer) can be defined as a CFO with experience who offers their services to companies on a contract, retainer, or part-time basis. This arrangement enables the company to have the expertise and experience of a qualified CFO without having to incur the traditional costs (bonuses, benefits, and salary) of a full-time CFO. A fractional CFO tends to work virtually with a goal to replace the full-time CFO on a temporary or permanent part-time basis.