Outsourced CFO Services
C-level financial management and strategic advice at a fraction of the cost.
As the leader of a growing company, it’s imperative that you make financially sound business decisions. But you can’t do it alone. You need a trusted advisor who can provide critical information along with strategic insights and counsel, ideally one who has been in your shoes.
At The CEO’s Right Hand, our team offers professional financial management and advice grounded in decades of experience in building, managing, and advising growth companies. In addition to CFO services, we provide a full range of accounting, bookkeeping, and tax planning services, so you can rest easy knowing that your financial team has it under control. Our outsourced CFO services include:
Strategic Financial
Planning
Gain strategic clarity, guidance, and expertise so you can make impactful hiring, pricing, and investment decisions while increasing your company’s valuation.
Financial Reporting
and Analysis
Accurate financial statements are essential, but with our CFO services, you’ll also receive actionable, big picture financial and operational insights you can confidently take to the board.
Cash Flow Analysis
and Management
Get accurate and timely visibility into your cash position and expenses so you can manage your clients and resources efficiently while maximizing operating income.
Financial Infrastructure
Design
Build a budget-friendly foundation of the people, processes, and systems you need to grow and scale while gaining the ability to spot opportunities and risks.
Forecasting and Budgeting
Services
Develop and maintain reliable, detailed financial models and a tracking system for financial and operational KPIs so you can make informed operating decisions.
Restructuring and Corporate
Bankruptcy
Obtain a partner who can manage the communications and planning involved in dissolving or restructuring your company, allowing you to focus on running your business.
Other CFO services include assistance with: capital raising efforts, mergers and acquisitions, corporate valuation analysis, external auditors, as well as sales and use tax analysis.
What to Expect from an Outsourced CFO Service
At The CEO’s Right Hand, we work closely with your leadership team to understand your vision for your company. We then shape our process around your needs so we can drive growth, help you avoid risk, tackle tough projects, and develop sound financial strategies. This consultative approach allows us to transform your business strategically, operationally, and financially to support your short and long-term goals.
What makes us unique is that we offer a full range of strategic, financial, and operational services. We fill in the gaps on your financial team and help you understand how to make the most of your resources so you can focus on moving your business forward. Schedule a free consultation today to learn what we can do for you.
Frequently Asked Questions (FAQs)
What does an outsourced CFO do?
An outsourced chief financial officer (CFO), also known as a part-time CFO or fractional CFO, performs the same function as a full-time CFO but without the hefty price tag. You can rely on an outsourced CFO to solve specific financial problems or act as a long-term strategic advisor. It’s completely up to you.
How much does an outsourced CFO service cost?
The cost of an outsourced CFO service will vary greatly, depending on the scope of your needs. Fractional CFOs typically charge by the hour or day, with rates averaging around $325-$425 an hour. That means an ongoing relationship could run somewhere between $6,000 and $12,000 per month or $72,000-$144,000 per year.
When you compare this to the total average cost of a full-time CFO, which is typically between $300,000 and $400,000 per year (including bonuses, benefits, and overhead), the value is clear. With an outsourced CFO, small businesses that don’t need (or can’t afford) to hire a CFO full-time can still get the strategic financial advice they require at a fraction of the cost.
Check out our full-time vs fractional CFO calculator to see the math yourself.
When should I hire a CFO?
When you begin to ask questions your existing accounting, bookkeeping, or CPA resource can’t answer, it may be time to look for C-level advice. For instance, a CFO can help you determine if you are in a strong enough financial position to acquire another business or expand into new markets. Additionally, they can help you assess and improve your business systems and processes to ensure you are equipped for anticipated growth.
You can also hire an outsourced CFO when embarking on special projects that require financial expertise. Capital raising is one such example as the process requires specialized knowledge, industry connections, and a keen understanding of what investors seek. An experienced CFO will partner with you to develop a roadmap, assess your organization’s readiness, prepare the necessary materials, and provide essential support and guidance as you practice and deliver your pitch.
What are the benefits of working with an outsourced CFO?
The main benefit of working with an outsourced CFO is that you can hire them on a part-time basis, so you get C-level financial expertise at a fraction of the cost of hiring a full-time CFO. Furthermore, although you may sign a contract for their services, you’re not committing to another employee. You can terminate the relationship at any time, and you won’t be responsible for the extra costs involved in hiring, such as payroll taxes, vacation, retirement, insurance benefits, or overhead.
An outsourced CFO serves the same purpose as a full-time CFO. As such, they will become a trusted advisor to the CEO and an essential member of your management team. Depending on your arrangement, you can rely on them to provide long-term strategic financial guidance or support for essential, one-off projects.
Are CFOs usually accountants?
A CFO oversees all financial operations at your company, so it’s common for them to possess many of the same technical skills you would expect from other financial roles, like accounting or bookkeeping. However, just because they can perform these functions doesn’t mean they should. A good CFO takes a big picture view and helps the CEO with strategic planning so they can prepare for the future. The CFO streamlines processes, drives goal setting, acts as a spokesperson, and creates the financial infrastructure you need to grow and scale your business.
At The CEO’s Right Hand, we offer a full range of financial services, including accounting and bookkeeping, in addition to fractional CFOs. This allows us to serve all of your financial needs at a reasonable cost.
