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Fractional executives are professionals who offer their management services to organizations on a for-hire, part-time basis, also known as fractional work. These executives typically have extensive experience in a business environment in roles such as chairperson , owner, CxO , senior vice president, vice president, or director.
Fractional work [3] is a newer term that refers to working either part-time or full-time, but not in a traditional job with a single employer. Instead, fractional workers work for multiple clients or employers, usually remotely, and may offer specialized expertise.
Virtual CFO (or vCFO for short) stands for virtual chief financial officer. A virtual CFO is an outsourced service provider offering high-skill assistance in the financial requirements of an organization, just like a chief financial officer does for large organizations. [1] A virtual CFO may be a single person or an entity.
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A chief financial officer (CFO) is an officer of a company or organization who is assigned the primary responsibility for making decisions for the company for projects and its finances; i.a.: financial planning, management of financial risks, record-keeping, and financial reporting, and, increasingly, the analysis of data.
Similar to an accounting manager, they are usually subordinate to the manager, or report directly to the controller or CFO. In addition to their supervisory role, they will be responsible for monitoring and approving the financial processes and reporting of their department. [3] [4]
Corporate titles or business titles are given to company and organization officials to show what job function, and seniority, a person has within an organisation. [1] The most senior roles, marked by signing authority, are often referred to as "C-level", "C-suite" or "CxO" positions because many of them start with the word "chief". [2]
The position of Chief Financial Officer and Assistant Secretary for Administration was established by Public Law 83-471 § 304, July 2, 1954, 68 Stat. 430 (15 USC §1506). [2] His authority is delegated through Department of Commerce Organization Order 10-5 "Chief Financial Officer and Assistant Secretary for Administration".
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