Defined-term financial leadership
Interim CFO Services
An interim CFO engagement provides full-time or near full-time CFO-level support for a defined period. Businesses typically use it when the CFO seat is vacant, when a transaction is underway, or when a turnaround or other major change needs dedicated financial attention. The engagement has a clear purpose and an expected end point. Your leadership team keeps decision-making authority throughout.
What an interim CFO engagement typically looks like
- Time-boxed. Interim engagements are defined around a transition and commonly last about 3 to 9 months. Some transitions run shorter or longer, and the term is agreed at the outset.
- Full-time or near full-time. The work is embedded with your leadership team on a daily or near-daily basis instead of a monthly rhythm.
- Broad scope. In addition to strategy, interim work typically includes keeping the finance function stable: the close, cash management, reporting to leadership and stakeholders, and coordination with the existing finance team.
- A planned handoff. The engagement ends with a documented transition to a permanent CFO, to a fractional arrangement, or to the existing team.
- Fixed fee. Priced as a fixed fee for the defined term.
When businesses typically consider it
- A CFO or senior finance leader leaves and the search for a replacement will take time
- A sale, acquisition, or Quality of Earnings process needs dedicated financial attention
- A turnaround, restructuring or rapid change in the business requires closer oversight of cash and reporting
- A new system, entity structure or reporting requirement needs to be put in place within a set window
What the work covers
- Stabilizing the monthly close and management reporting
- 13-week cash forecasting and liquidity planning
- Preparing information for leadership, boards and outside stakeholders
- Transaction support, coordinated with our M&A and Quality of Earnings services
- Audit support for an outside audit firm: schedules, reconciliations and responses to requests. (The firm does not perform audits, reviews or other attest work.)
- Assessing the finance team and processes, with written recommendations for management
- Helping management define the permanent CFO role and preparing a handoff for the incoming hire
Who it typically fits
Interim CFO work typically fits privately held businesses with roughly $3 million to $250 million in annual revenue that face a specific, time-bound financial leadership gap. The need is usually intensive and temporary rather than ongoing. If the need is ongoing and part-time, a Fractional CFO engagement is usually the better fit.
Interim CFO or Fractional CFO?
The table below reflects typical industry practice. Actual scope and timing are set in each engagement letter.
| Interim CFO (this page) | Fractional CFO | |
|---|---|---|
| Typical trigger | A vacancy, transaction, turnaround or other defined transition | Ongoing need for CFO-level insight |
| Typical time commitment | Full-time or near full-time | Part-time, e.g. a set number of days per month |
| Typical length | Defined period, commonly about 3 to 9 months | Ongoing, with no fixed end date |
| Cadence | Daily, embedded with the leadership team | Monthly or regular recurring rhythm |
| Scope emphasis | Stabilizing and running the finance function through the transition, plus strategy | Forecasting, planning, decision support |
| Ends when | The transition is complete or a permanent CFO is in place | The business no longer needs it or hires full-time |
| Fee | Fixed fee for the defined term | Fixed monthly fee |
Many interim engagements move into a fractional arrangement once the transition is complete. See Fractional CFO Services.
How engagements are structured
Every interim engagement is governed by a written engagement letter. The letter sets the term, scope and fixed fee, and names the executive at your company who oversees the work. Consistent with AICPA professional standards, management keeps responsibility for all significant decisions, including approving transactions, hiring, and setting strategy. We provide the analysis, preparation and recommendations behind those decisions. Corey Roder, CPA PLLC does not perform audits, reviews or other attest engagements; where a business needs audited or reviewed financial statements, we can provide audit support and coordinate with an independent CPA firm.
Led by a CPA who has made these decisions
Corey Roder is a licensed CPA who founded a construction company and served as its COO and CFO. The firm is based in McKinney, TX.
Common questions
How long does an interim engagement last?
Typically about 3 to 9 months, depending on the transition. The expected term is set in the engagement letter.
Can an interim engagement become fractional?
Yes. That is a common path once the transition is complete.
Do you perform the company’s audit?
No. The firm does not perform audit, review or other attest work. We can provide audit support to your outside auditor.
Do you guarantee a transaction or financing outcome?
No. We prepare the financial information and analysis. Management and the other parties make their own decisions.
Facing a financial leadership gap?
Tell us what is changing and when. A short conversation is usually enough to tell whether interim support, a fractional arrangement, or controller-level work fits.