February 2, 2026
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During our recent Ask an Expert session, fractional CFO Kevin Steel answered the questions most advisors think about but rarely discuss openly. How do you price fractional CFO services? How do you control data quality? How do you make outsourced CFO work actually profitable?
Kevin's answers were refreshingly candid. With a 98% conversion rate and multi-year client retention, he's built a fractional CFO practice that proves advisory work can be both valuable and sustainable.
Here are ten insights from the Q&A that you can implement in your own virtual CFO practice.
1. Do you charge for discovery?
No. Kevin invests 20 hours of unbilled work before signing each fractional CFO client: a two-hour mind map session plus 15-18 hours writing a strategy analysis.
"A lot of people have challenged me on this," Kevin admits. "But I'm interested in building a long-term relationship with the client, and I believe in offering massive value upfront."
The math works: at a 98% conversion rate and £5,000 monthly fees, those 20 hours generate roughly £6,000 per hour invested.
2. How do you get larger businesses to engage?
Kevin uses three channels: consistent content on LinkedIn and YouTube, partnerships with other fractional specialists (CMOs, CTOs), and education in initial calls.
But the real secret? Referrals. "One of the main ways to get in front of larger businesses is through a referral. Because with referrals, you already have that know, like, and trust."
3. Do you use standard pricing or customize?
Kevin customizes every fractional CFO engagement based on revenue size, complexity, and internal team capability.
A £10 million service company requires different work than a £10 million manufacturing company. Kevin factors this into his outsourced CFO pricing.
Industry benchmark: Fractional CFO services typically range from £2,000-£10,000 per month depending on scope and complexity.
4. How do you control bookkeeping quality if you don't take it over?
"It’s not really an uphill battle, to be honest," Kevin responds.
He requires a monthly close process with fully reconciled balance sheets. "I do a sense check through the P&L every month. It only takes half an hour, 45 minutes."
After 2-3 months of explaining why things need organising certain ways, it becomes routine. "As long as you have a bookkeeper willing to play ball, which is 99% of cases, it's fine."
The one non-negotiable: The chart of accounts must be restructured. "That is always a prerequisite for every single engagement."
5. Do you give clients access to Fathom?
Yes, but hardly anyone uses it directly.
"The board, the management team, they're busy running the business. It's just one more piece of software to learn."
Kevin sends monthly board packs as PDFs with covering emails highlighting key observations. Fathom's visualizations make reports accessible even in PDF format, supporting the "Engage clients & stakeholders" pillar.
"The vast majority prefer monthly PDF sent by email."
6. Do you build forecasts in Fathom or Excel?
Fathom first.
"I use Excel for base-level brainstorming. But I build everything in Fathom and make it as driver-based as possible."
Traditional Excel forecasting means manually updating multiple tabs. Fathom's three-way forecasting automatically updates balance sheet and cash flow when P&L changes.
"We want to be more scientific with forecasting, based on actual data points and drivers" like pipeline value, conversion rates, and headcount plans.
According to Gartner, finance teams spend 75% of their time gathering data rather than analyzing it. Fathom shifts this balance dramatically for virtual CFO work.
7. How do you handle clients who think they already know the answer?
Kevin's 2,500-4,000 word strategy analysis does the heavy lifting.
"When they get the strategy analysis, I would like to think they understand that I know what I'm talking about."
The document demonstrates depth of thinking that can't be faked. If prospects don't value it, "fair enough, they're not a client for me."
This natural filter identifies businesses that value strategic financial leadership. It aligns with Fathom's "Confident decision-making" pillar because trust in expertise comes first.
8. Do you insist on taking over bookkeeping?
Not exactly, but the chart of accounts is non-negotiable in fractional CFO engagements.
"The chart of accounts will most definitely need changed. That is always a prerequisite."
Traditional bookkeeping organizes accounts for tax filing. Fractional CFO work requires organization for decision-making. Those are different objectives.
If an internal bookkeeper isn't willing to adapt, "that's not an engagement for me. I would disengage."
For clients needing full outsourcing, Kevin refers them to trusted partner firms.
9. What's the best sequence for setting up clients in Fathom?
Kevin's 10-step process for fractional CFO onboarding:
This systematic approach ensures clients experience Fathom's "Beautiful insights, instantly" from their first board report.
10. Do clients pay for Fathom separately?
No. Fathom costs are included in Kevin's fixed monthly fee for fractional CFO services.
"There is a lot more work in the first three months. But that equals out over the lifetime engagement."
Months 1-3: 60-70 hours (discovery, setup, build)
Month 4+: 8-10 hours per month (automated delivery)
"My time spent per client drops quite significantly after the first three months. But I'm always on hand for meetings and support."
This is how modern fractional CFO services become highly profitable: invest heavily upfront in Fathom automation, then deliver consistent value with minimal ongoing time.
According to industry surveys, advisory firms using specialized software report 40% higher profit margins than firms relying on Excel.
The Common Thread
Throughout the Q&A, one principle emerged: invest heavily in relationships upfront.
Whether it's 20 hours of free discovery, comprehensive data cleanup, or sophisticated Fathom forecasts, Kevin's outsourced CFO approach prioritizes long-term client success over short-term billing.
"Clients only leave when they sell their business, get investment, or reach £20 million where they need someone full-time," Kevin says.
Clients don't leave because they're unhappy. They leave because they've outgrown the fractional CFO model. That's validation, not failure.
Start Building Your Fractional CFO Framework
Kevin's approach proves that advisory work can be both valuable for clients and profitable for you. The key is having the right systems and tools.
Fathom enables this by providing:
See Kevin's complete framework: Watch the full Ask an Expert session
Ready to build fractional CFO services that win and retain clients? Start your free Fathom 14 day trial.
Ellie is a campaign marketing manager at Fathom, with a degree in branding and marketing. With a background in campaign strategy and creation, Ellie is passionate about showcasing how Fathom can make a real difference to finance professionals and businesses.
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