Insights

A part time cfo becomes relevant fast when a funding round or covenant check raises the bar on your numbers. Management accounts look backward. Funders want a defensible forecast, visible covenant headroom, and answers that reconcile to the numbers. A part time cfo gives you senior finance leadership for the hours you need so you arrive prepared for scrutiny.

In the first ten minutes, open with three numbers: runway, interest cover, and the trend in debtor days, all reconciled to your pack.

Why fundraises and bank reviews are breaking points

Funders and lenders look for cash runway and gross margin clarity. They also check debtor discipline, your working capital profile, and covenant headroom. They expect clean management accounts and a forecast that holds under minus 10 percent revenue and minus 150 basis points margin. Inside SMEs, the usual failures are late numbers, no 13‑week runway view, thin pricing logic, and no bank pack or data room. Lending has picked up in 2025 (UK Finance reports £4.6bn gross lending to SMEs in Q1, around 14 percent higher year on year) but remains selective, so strong packs and credible forecasts matter. A part time cfo addresses these gaps at speed so you enter the first meeting with a coherent, defensible case.

What a part‑time CFO delivers before a fundraise or bank review

Funding options matrix

Debt, venture debt, asset finance, the Growth Guarantee Scheme (GGS) via accredited lenders (a lender guarantee; the borrower remains 100 percent liable), and equity all solve different problems at different costs. We don’t recommend debt if DSCR is below 1.25x in base or if covenants fail at minus 10 percent revenue. A part time cfo maps options by amount, cost, covenants, timeline, and information required so you can pick a route that fits risk and speed.

Output: a one‑page matrix with sources, amount, cost, security, covenant‑light/covenant‑heavy, timing, and data needed. Why it helps: you compare routes on cost, covenants, and timing on one page, so you don’t over‑commit to the wrong structure under time pressure.

Covenant modelling and bank pack

Your model must show headroom on leverage, interest cover, liquidity, and any bespoke tests, with scenarios the board has reviewed and owns. We also build a rolling 13‑week cash forecast alongside a 12‑month projection before you meet the bank. This 13‑week cash plus 12‑month view aligns with ICAEW guidance and UK loan‑application norms. We set a cash alarm at one payroll plus VAT and run sensitivities: base, minus 10 percent revenue, minus 150 basis points margins, and plus 10 debtor days. The bank pack needs a clear bridge from last year to forecast and a one‑page risks/mitigations note. For valuation context and investor confidence, see Business Valuation.

Output: covenant tracker, trailing‑twelve‑month view, 13‑week cash and 12‑month forecasts with cases, and a concise bank pack that includes margin by line, working capital profile (debtors, stock, creditors), and a short risks/mitigations note. Why it helps: lenders see headroom and mitigations up front, which shortens back‑and‑forth and improves confidence.

Pricing and margin guardrails

If margin is unclear, everything else moves. A part time cfo clarifies unit economics, sets discount rules, and sets a minimum viable margin by line. That reduces price leakage and lifts cash conversion.

Output: one‑page pricing guardrails with discount authority and floors, a weekly margin view, and a simple discount “give‑get” rule. Discounts above 5 percent require a give such as longer term, higher volume, or faster payment. Why it helps: sales can negotiate within clear limits, so margin holds and cash covers the plan.

Investor narrative and data room readiness

Your story must match the numbers. That includes use of funds, milestones, owners, and reporting cadence. The data room needs documents in a standard order. Keep answers consistent through diligence to reduce rework and avoid mixed messages in Q&A. Core items include corporate documents and the cap table, historical management accounts, the forecast with assumptions, top customers and suppliers, HR and IP, and sector‑relevant ESG KPIs, plus a live Q&A log to keep responses consistent.

Output: narrative deck outline, data room checklist, and a Q&A log. Why it helps: consistent documents and answers cut rework and keep diligence focused on the plan.

A part-time CFO runs these streams so your team can keep trading.

Part‑time, fractional, interim, or full‑time: which fits this situation?

Start with a part-time CFO for readiness; choose interim for intense transaction windows; go full-time when complexity and stakeholder demands are permanent.

• Part‑time / fractional CFO. Ongoing but scoped days per month aimed at modelling, funding strategy, pricing, and external comms. Good when you need senior judgment without full‑time cost.
• Interim CFO. Full‑time bandwidth for a defined period, useful if the finance lead has left or the transaction window is intense.
• Full‑time CFO. Right when complexity is permanent and stakeholder demands are continuous.

Start with a part time cfo for readiness. Step up to interim or full‑time when volume and complexity become permanent. If you’re planning succession as part of the funding plan, see Business Succession Planning.

Quick readiness test before you meet investors or the bank

Before you book the meeting, check the basics:

1. Is your 13‑week cash updated weekly and reconciled to bank, creditors, and payroll?
2. Can you show margin by product or service with landed costs and assumptions?
3. Are debtor days, stock days, and creditor days on one page with an owner and a deadline for each metric?
4. Do you have a covenant tracker with base and downside headroom?
5. Is your lender Q&A logged with owners and due dates?

If two or more answers are no, a part time cfo is often the fastest practical fix.

What lenders ask first (so prepare the slide)

• How many months of runway on current facilities?
• Interest cover and leverage now, and under your downside?
• Why will debtor days improve, and who owns the actions?
• What are your price and margin guardrails under competitive pressure, and how do they protect gross margin in real bids?
• If orders slip by one month, what do you cut and what do you delay?

What to expect in the first six weeks

• Week 1–2: rebuild the management pack; publish DSO, DPO, and DIO; set the cash alarm; draft risks and mitigations; confirm the investor or lender timetable.
• Week 3–4: complete the funding options matrix; finalise the covenant model; issue pricing guardrails v1; compile the bank or investor pack.
• Week 5–6: open the data room; run a 20‑minute murder board; rehearse the narrative; lock term‑sheet scenarios; produce the board‑level dashboard.

Result: numbers that match the story and a timetable you can share, so decisions and approvals move faster.

How much does a part‑time CFO cost in the UK?

Most SMEs pay a monthly retainer (scoped days) or a day rate, with total cost driven by scope and speed; it is usually a fraction of a full‑time CFO.

Costs vary by scope and speed, but founders usually choose either days per month or a fixed retainer with clear outputs. Against a full‑time hire (salary, NI, pension, equity, bonus), a part time cfo keeps overhead lean while you prove the case for permanent bandwidth. Value shows up as avoided risk: missed covenant, failed raise, or a mispriced offer. We will not promise cheaper capital; we will make your case clear, defendable, and reconcilable to the numbers.

When not to hire a part‑time CFO

• If bookkeeping and controller basics are still broken. Fix hygiene first.
• If you need daily exec coverage through a transaction. Choose interim.
• If the goal is statutory compliance only. A controller or accountant is enough.

How to choose the right partner

Look for stage and sector fit, recent fundraise or bank negotiation experience, and sample artefacts: bank pack, covenant tracker, pricing guardrails. Ask for a 30/60 plan and a clear exit or handover path. Clarify the cadence in days per month and who owns each deliverable.

Where Evoke Management fits

Evoke Management supplies part‑time senior finance leadership that prepares you for funders and lenders, sets the reporting cadence, and leaves a toolkit the team can run: a funding options matrix, covenant tracker, pricing guardrails, and a board pack your managers understand.

Tell us about your plans and timing. We will discuss whether a part time cfo is the right fit and outline sensible next steps. Start here: Part‑Time Finance Directors.