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An Outsourced CFO is a financial expert who provides financial strategy services on a part-time or project basis. An Outsourced CFO provides high-level financial strategy, systems analysis and design, and operational optimizations. An Outsourced CFO can also help a company resolve challenges such as cash flow issues, raising capital, solving tight margins, implementing more efficient systems, or preparing for growth.
Outsourced CFOs have considerable experience in high-level corporate financial roles. They’ve often worked as CFOs for a variety of public and private companies at many stages of growth and in multiple industries.
While an Outsourced Controller helps maintain accurate financial records and a CPA or accountant ensures finances and taxes are compliant, a CFO brings financial strategy, insight, and execution that looks toward the future.
While every company can benefit from the high-level strategy, operational fine-tuning, expertise, and business contacts of a CFO, not every company is in a position to hire a full-time CFO onto their team.
An in-house hire typically means an annually salary plus benefits which, for a c-suite executive can often be cost-prohibitive, especially when you consider annual raises. To hire an affordable CFO, many organizations have to sacrifice experience level to make a practical hire.
When you hire an Outsourced CFO, however, your dollar “goes farther” since you’re essentially “sharing” the CFO and only paying for the time and expertise you require.
For a similar monthly cost (or less) and without benefits or annually raises, you can hire an outsourced CFO with extensive experience. You can also partner with a CFO who has specific experience in whatever challenge you may be facing at a given time. In general, Outsourced CFOs tend to have a wide range of project, company size, and industry experience. They have often seen companies like yours before and overcome challenges—this means you have a seasoned pro at your side to help you achieve your growth goals.
Finally, the strongest Outsourced CFOs have access to a full range of finance and accounting talent, allowing them to assemble temporary or long-term teams to achieve key objectives for their clients. In fact, one of the most valuable benefits of an Outsourced CFO is the ability to deliver scalable teams with a variety of skillsets and industry experience–in some cases at or below the cost of a dedicated, full-time CFO.
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