An interim CFO will take on all of the responsibilities as if they were the permanent CFO at the company. That means their work is subject to change based on the normal variance in the CFO's duties dependent on the organization's size, industry, and other factors. In rare cases, an interim CFO may be called upon to lead a special project, reporting to the company's permanent CFO who is occupied with other objectives.

An interim CFO should be a seasoned finance professional with the ability to quickly integrate into a new company environment and provide immediate leadership. Industry experience can be valuable, especially in sectors with complex financial regulations. While not required, a CPA can signal a strong accounting background, which is beneficial for an interim CFO tasked with quickly understanding new financials. Since every business has unique needs, consider factors like company size, industry, and the current structure of your finance team when selecting the right CFO.

Although a startup could gain valuable insights from an experienced CFO from its inception, the reality is that the startup's financial and accounting requirements may not justify involving a full-time CFO until it has secured seed funding. At the right time, a startup will best benefit from a fractional CFO or temporary CFO services first.

A private company might hire an interim CFO during leadership transitions, cash flow challenges, M&A, or rapid growth. If your business needs financial expertise but isn’t ready for a full-time CFO, an interim CFO provides strategic planning and financial stability without a long-term commitment.