Businesses too big for a bookkeeper, too small for a CFO
Typically where complexity, headcount or funding has grown faster than the finance function.
Next — see what is coming
Fractional and outsourced CFO services
A fractional CFO provides senior financial leadership on an outsourced or part-time basis, helping a business improve reporting, forecasting, cash-flow management, governance and strategic financial decision-making without employing a full-time CFO. SM2 provides this as an ongoing engagement, typically a set number of days each month, alongside the business's existing finance team.
Service overview
SM2's CFO service places experienced financial leadership inside the business at a fraction of the cost of a permanent appointment. The work sits above bookkeeping and reporting: interpreting the numbers, building and maintaining a rolling cash flow forecast, modelling the effect of growth, pricing and investment decisions, preparing board and funder packs, and strengthening the controls and governance a larger business needs. Engagements are ongoing rather than project-based, because the value comes from someone who knows the business well enough to raise the issue before it becomes urgent. Fractional CFO services are available to growing businesses in Pretoria, Gauteng and across South Africa.
Who it is for
Owners carrying the financial thinking alone
There is nobody to test a decision with before it is made.
Businesses raising funding or preparing for a transaction
Funders, investors and acquirers expect forecasts, models and governance that stand up to scrutiny.
Companies with a board or investor reporting obligation
Board packs need to be accurate, consistent and interpreted.
Common problems we are asked to solve
- Profitable on paper, but cash is always tight.
- No reliable view of the cash position three months out.
- Pricing and hiring decisions made on instinct.
- Funders asking for forecasts nobody can produce.
- The finance team reports history but does not advise.
- Growth is increasing risk faster than it is increasing profit.
How SM2 helps
Rolling cash flow forecasting
A maintained short and medium-term cash view, updated as reality changes.
Budgets and financial models
Scenario models for growth, pricing, investment and funding decisions.
Board and funder reporting
Packs that present the position clearly and answer the questions before they are asked.
Financial controls and governance
Approval frameworks, segregation of duties and reporting discipline suited to the size of the business.
Funding and transaction support
Preparing the numbers, the model and the documentation behind a raise or a deal.
What clients gain
- A cash position you can see ahead of time.
- Decisions tested against numbers before commitment.
- Credibility with banks, funders and investors.
- A finance function that scales with the business.
- Senior financial judgement without a senior salary.
How the engagement works
- 01
Diagnose
Often starting with the SM2 Business Clarity Review, we establish current financial visibility, risk and maturity.
- 02
Set the cadence
We agree the monthly rhythm: reporting pack, forecast update and leadership discussion.
- 03
Build the forward view
Forecast, budget and model are built and then maintained rather than left to age.
- 04
Lead and strengthen
Ongoing involvement in decisions, controls, governance and the development of the internal finance team.
Frequently asked questions
What is a fractional CFO?
A fractional CFO provides senior financial leadership on a part-time or outsourced basis. Instead of employing a full-time chief financial officer, the business buys an agreed amount of that expertise each month — typically covering forecasting, reporting, cash flow, governance and strategic financial decisions.
What is the difference between an accountant and a CFO?
An accountant makes sure the numbers are accurate, complete and compliant. A CFO uses those numbers to shape decisions: where to invest, what to charge, when to hire, how to fund growth and which risks to manage. Accounting looks primarily backwards at what happened; the CFO role looks forward at what should happen next.
When should a business appoint an outsourced CFO?
Common triggers are cash that is hard to predict, growth that is outpacing the finance function, a funding round or transaction, board or investor reporting obligations, or an owner who no longer has the time or information to make financial decisions confidently. Turnover matters less than complexity.
How much time does a fractional CFO spend with the business?
Engagements are usually structured as a set number of days each month, scaled to the size and complexity of the business, plus availability between visits for decisions that cannot wait. The commitment is reviewed as the business changes.
How can a business improve cash-flow visibility?
Start with reconciled, current accounting records, then build a rolling forecast that combines committed debtor receipts, creditor and payroll commitments, tax payments and loan repayments over a thirteen-week horizon. Update it weekly or monthly against actuals. The discipline of updating it is what makes it accurate.
Do you replace our existing finance team?
No. The CFO service sits above the existing team and usually makes it more effective, providing the senior review, structure and development that an internal bookkeeper or accountant does not have access to.
Can a fractional CFO help us raise funding?
Yes. That typically means building the financial model, preparing historic numbers into a defensible pack, stress-testing assumptions and supporting the questions that come from funders during due diligence.
The SM2 expert behind this service
David Stoltz
Director, SM2 AccountantsDavid leads SM2's advisory and CFO work, combining Chartered Accountant training with more than 20 years of senior financial leadership, board-level and commercial finance experience across South African and international businesses. His experience includes financial strategy, governance, mergers and acquisitions, capital raising and helping leadership teams turn complex financial information into practical decisions.
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The free SM2 Business Clarity Review scores your business across six financial-clarity lenses and returns a practical Now, Next and Beyond action plan in about ten minutes.