When I speak with founders, one of the biggest misconceptions I hear is that a CFO is just a glorified accountant. Many businesses think they need a CFO to handle bookkeeping, invoicing, or system implementation. The truth is, if your CFO is spending time on these tasks, you are not getting the value you paid for.
A CFO’s real job is to set the financial blueprint of your business: providing strategic planning, helping you navigate fundraising, and guiding you through the levers that drive growth. If they are bogged down in day-to-day finance work, you are overspending and underdelivering on what your business really needs.
Here are ten things your Fractional CFO should not be doing.
Bookkeeping is the backbone of financial data, but it should never sit on the CFO’s desk. This is work for your bookkeeper. If a CFO is reconciling bank accounts, inputting invoices, or chasing receipts, you are wasting valuable strategic hours.
Running payroll or setting up pension contributions is important, but it is administrative and process-driven. These tasks belong with your payroll team or bookkeeper, not with your CFO.
A CFO should never be chasing late invoices or sending reminders to clients. That is credit control. If your CFO is doing this, they are not focused on cash flow strategy or investment planning.
I often meet businesses that think they need a CFO to connect their CRM to their accounting system. In reality, this is the expertise of a Financial Controller. They are more experienced in building and improving processes day-to-day.
👉 One client came to us asking for a CFO to help with system alignment, but we realised a Financial Controller could deliver twice as much value for half the cost.
Your CFO should not be preparing monthly reports. They should be using the reports to make decisions. Producing them is the job of a Financial Controller, who ensures that data is accurate and timely.
Compliance work such as VAT returns, audits, or corporation tax is vital, but it is not CFO territory. These are better handled by accountants and compliance specialists.
When something goes wrong in the accounts, the first instinct is often “let’s get the CFO involved.” In reality, a Financial Controller is better suited to fix errors and tidy up financial processes. The CFO’s value lies in stepping back and setting the roadmap.
A CFO should be designing and stress-testing a commercial model, not just rolling last year’s numbers into next year. Financial Controllers can update operational forecasts. CFOs build the ground-up business plan and identify the growth levers.
Expense management, purchase approvals, or chasing supplier payments are routine finance activities. If your CFO is doing this, they are adding little strategic value.
If your CFO is producing the raw numbers and then making decisions from them, it is like marking their own homework. There needs to be separation. Controllers ensure the data is right. CFOs interpret that data and turn it into strategy.
Your CFO should not be in the weeds. If they are, you are either paying too much for operational work, or you are not giving them the right team around them.
The right model is layered: bookkeepers handle day-to-day transactions, controllers ensure accuracy and process, and CFOs focus on commercial insight and strategy. That way, each role does what they are best at, and you get the maximum value for every pound spent.
This is exactly why we built Axcelera as a full-stack finance solution: so you can access the right talent at the right time, and never find yourself paying a CFO to send invoices.
Axcelera delivers a full-stack finance function through four service areas.
Each layer works together to provide businesses with tailored financial expertise at every stage of growth.
Want to see how other scale-ups are handling these challenges?
Watch our recent podcast episode, SMEs: From Chaos to Clarity, featuring Rupert Lee-Browne (CEO of Caxton) alongside Axcelera Co-Founders Michael and Tim.
Q: What does a Fractional CFO do?
A: A Fractional CFO provides high-level financial strategy, forecasting, and fundraising support on a part-time basis. They help founders make informed growth decisions without the cost of a full-time CFO.
Q: How much does a Fractional CFO cost in the UK?
A: A full-time CFO can cost over £150,000 per year in London. Fractional CFO services are typically 40–60% less, with flexible day rates that scale to your business stage and needs.
Q: What is the difference between a CFO and a Financial Controller?
A: A CFO focuses on strategy, growth levers, and investor relations. A Financial Controller ensures accurate reporting, systems, and processes so that the CFO has reliable data for decision-making.
Q: Why do businesses choose Fractional CFO services instead of hiring full-time?
A: Every ambitious business will eventually need a CFO, but not all the time. A Fractional CFO provides flexibility, cost efficiency, and access to senior expertise at the right moment—without paying for capacity you don’t yet need.
Q: How do I know if my startup needs one?
A: If you’re preparing for fundraising, expanding internationally, or need commercial insight beyond reporting, a Fractional CFO is often the right choice. Take our free two-minute Fractional Finance Assessment to see whether your business needs a CFO, Controller, or Bookkeeper right now.
A fractional CFO is not just a financial manager. They are a strategic partner who helps you unlock funding, build better forecasts, and achieve financial clarity.
For London-based tech founders aiming for sustainable scale, this is the smartest move to grow stronger, faster, and with confidence.
If you're curious about what a part-time flexible CFO in London or full-stack finance team of experts could bring to your business, don't wait any longer, do our assessment or book a meeting with us to explore your options.