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A fractional CFO can significantly benefit growing businesses by creating systems, processes, and reporting controls that maximise security (mitigating the risks of a cyber attack and GDPR breach) and are efficient and proportionate to your needs. They can do this in the following ways:

1. Conduct a thorough review of the existing financial systems processes and controls. This involves evaluating current practices, identifying bottlenecks or risks, and assessing the systems’ alignment with the company’s growth objectives.
2. Leveraging their extensive experience, a Fractional CFO can introduce industry best practices and solutions that have been effective in similar businesses or industries.
3. Implementing advanced financial technologies to improve data accuracy, enhance reporting capabilities, and provide financial insights.
4. Strengthen the company risk management framework by identifying financial and operational risks and implementing appropriate controls to mitigate them, reducing the risk of fines or legal issues.
5. Refine financial reporting processes to ensure accurate, comprehensive and timely financial reports and provide the specific insights management needs to make informed strategic decisions.
6. Identifying opportunities for cost savings and efficiency improvements which may involve renegotiating supplier contracts, optimising inventory management or reducing wasteful spending.

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