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A Guide to Outsourced CFOs: What Does an Outsourced CFO Do?

Managing your finances is an essential part of running a business. If you want your company to survive in the short-term and thrive in the long run, you need to operate your business efficiently, profitably, and economically.

As a business owner, you may rely on professionals like tax accountants and bookkeepers to manage day-to-day finances, but when it comes to creating a strategic financial plan, developing financial infrastructure, achieving regulatory compliance, raising capital, and addressing cash flow issues, you need guidance from an expert. These responsibilities usually fall under the authority of a chief financial officer (CFO), but if employing a full-time, in-house CFO is not a possibility financially or otherwise, you can outsource these services and access their expertise as needed.

What Is an Outsourced CFO?

An outsourced CFO is an executive-level financial leader outside of your organization who provides strategic financial insight, manages financial planning, and assumes responsibility for financial operations throughout your entire business.

These professionals serve as experienced advisors, performing the same functions as a traditional CFO on a part-time, as-needed basis.

What Does an Outsourced CFO Do?

Outsourced CFOs provide a wide range of services depending on the needs of your company, including but not limited to the following:

  • Succession planning (including mergers and acquisition planning)
  • Tax planning and projections
  • Short- and long-term strategic financial planning
  • Cash flow analysis, reporting, and solutions
  • Key performance indicator (KPI) tracking
  • Financial modeling and analysis
  • Regulatory compliance
  • Financial infrastructure development
  • Accounting and finance team leadership
  • Financial reporting and presentations for investors
  • Pricing and cost structure analysis
CFO discussing financial project in office at group meeting

By partnering with an outsourced CFO, you can add significant value to your business and get assistance in several areas.

How Much Does an Outsourced CFO Cost?

One of the most significant benefits of outsourcing CFO services is that you can get access to executive-level expertise at a fraction of the cost of hiring a full-time, in-house CFO. With an outsourced CFO, you can get the help you need, as you need it, without paying a premium.

Outsourced CFOs generally have an hourly, daily, or monthly rate, ranging from a few hundred dollars an hour to thousands of dollars a month. The total cost for their services depends on the support you need and your unique business situation.

Compared to the hundreds of thousands of dollars small and medium-sized companies can expect to spend annually on a full-time CFO, an outsourced CFO is a much more affordable option for many businesses.

Should I Outsource My CFO?

Hiring an accountant or tax professional is routine for many business owners, but finding a CFO may not be an immediate priority. As your company expands, you will inevitably encounter more complex financial challenges—and that’s when you should assess whether the services of an outsourced CFO could significantly benefit your business.

There are several signs that may indicate you could benefit from outsourced executive-level financial expertise:

Whether you own a startup, a small business, a medium-sized company, or even a larger firm, an outsourced CFO may be the best way to plan and implement a strategy for the short- and long-term financial health of your business.

Contact Fisher, P.A. for Expert Outsourced CFO Services

At Fisher, P.A., our team of experienced accounting professionals is ready to answer your questions, walk you through our outsourced CFO services, and show you how to grow your company. We serve businesses throughout the U.S., and are here to lift the burden of accounting from your shoulders.

Our skilled team is ready to get to work so you can get back to doing what you do best: running your business. Call us at 704.332.7800 or fill out our contact form today to schedule a consultation.

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