Your company has many moving parts. Bench scientists, lab costs, computer purchases, technology, intellectual property, grant applications, and legal formation. It’s hard to be good at everything. And there’s a financial aspect to everything.
A fractional CFO can play an essential role in helping to manage costs, set up systems, manage cash flow, as well as providing strategic financial oversight and guidance. It’s someone who is an integral part of your leadership team and who can advise on the financial angle of many aspects of the business.
Resources are limited for early-stage life science companies. You probably don’t need – and definitely don’t want - the cost burden of a full time CFO. A fractional CFO is an “on-demand” resource, and you only pay for what you use. We work on reasonable hourly rates for work delivered, and ensure that you are always aware of how costs are being incurred. We are as cost conscious as you are!
Support services often translate into a few hours per week of support. We agree priorities with you and ensure that the most critical areas are covered. In those few hours per week, many of our clients quickly come to rely on their fractional life sciences CFO as an integral part of the management team - on a fractional basis.
Many seed-stage companies keep the books themselves through the friends and family financing rounds (think kitchen-table QuickBooks or lists of expenses on Excel). And that works for a time. But once outside investors are involved (e.g. convertible notes, SAFEs, Series A fundraising), more formal financial information is usually needed. It's often required by third party investors.
But it’s never too early to ask for an exploratory discussion about what you might need and when. Advice on strategic financial direction is usually time and money well spent. We specialize in delivering only the services you need at the stage you need them.
There are many accounting applications out there, so there's no one right answer to this one. We would be happy to advise on selecting the most appropriate system - or if your existing systems are “fit for purpose.” Rather than seeking a “one-size-fits-all” system, many companies benefit from leveraging several specialist applications: the so-called "best of breed" approach.
For example, for accounts payable, payroll, or expenses, that integrate well with your core accounting system. Each company is different, so we like to understand what you need before launching into software recommendations. The objective is to match your company's needs of maintaining control of the business with minimal business disruption and cost. We’d be happy to discuss a set-up that works for you.
We believe that your interests are best handled by subject experts. We work with your existing tax professionals to streamline the tax compliance process. Similarly, we have a wide network of professionals we have worked with so can usually recommend specialist advisors for areas such as R&D tax credits or more general tax strategy, as appropriate.
Drop us a line. We’ll start with an informal exploratory call to understand where you are today, discuss what you need (we’ll also tell you what you don’t need). Go ahead, click the box below.