Interim CFO

Definition

An interim CFO is a finance executive who fills a temporary CFO role during transitions, such as when a company is between permanent CFOs, preparing for a sale, or going through a restructuring. They provide full-time or near-full-time CFO leadership for a defined period, typically 3–12 months.

Why It Matters for Small Businesses & Fractional Teams

Provides experienced CFO leadership during critical transitions
Maintains financial operations and strategic finance work during gaps
Brings fresh perspective and expertise to address specific challenges
Helps prepare companies for major events (fundraising, M&A, restructuring)
Provides continuity while searching for a permanent CFO

How It Works in Practice

Interim CFOs typically work full-time or near-full-time for a defined period, handling all CFO responsibilities including financial reporting, forecasting, strategic planning, and team management. They're often brought in during transitions, crises, or special projects. The best interim CFOs quickly understand the business, stabilize operations, and set up the company for success with the next permanent CFO.

Common Pitfalls or Misconceptions

Confusing interim with fractional—interim CFOs work full-time for a period, fractional CFOs work part-time ongoing
Not defining the scope clearly—understand what the interim CFO will handle and for how long
Expecting them to fix everything—interim CFOs provide leadership during transitions, not permanent solutions
Not planning the transition—have a plan for when the interim period ends
Assuming they're just placeholders—good interim CFOs deliver real value and improvements

How This Term Relates to Other Concepts

Interim CFOs differ from fractional CFOs (part-time, ongoing) and virtual CFOs (remote, ongoing). They're brought in for specific transitions or projects, while fractional and virtual CFOs provide ongoing support. Interim CFOs often use Finance OS platforms to quickly get up to speed and maintain visibility. They're part of the broader trend toward flexible finance leadership.

How Omniga Uses This Concept

Omniga's Finance OS platform helps interim CFOs quickly understand and manage financial operations during transitions. Our platform provides visibility into all financial processes, making it easier for interim CFOs to get up to speed quickly and maintain control during transitions. We help ensure continuity and stability during CFO transitions.