Outsourced CFO Services for Business Growth

We engaged Preferred CFO about 8 months ago when our controller left. We were looking for both accounting services and a higher level of CFO type services but without the cost of a full time CFO. Preferred CFO assigned David G as our fractional CFO and Julie T as our accountant. A lot of small businesses have bookkeepers, and those people traditionally record transactions. Accountants prepare taxes and complete other financial paperwork, but they don’t analyze the numbers. When you’re a small business, you typically can’t afford a full-time CFO for 40 hours a week, but you could absolutely benefit from the services they provide.

Creating the finance team is usually one of the first tasks for a new CFO or Head of Finance. But if you’d rather begin with more junior roles, an interim CFO can step in and get the system up and running more quickly. As with any outsourced service, your contract with them will be limited and they’re not technically employees. This is a fixed-term assignment, normally to help you solve a specific problem or institute a must-needed process.

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Our strategies help your business overcome obstacles & achieve your goals faster & more efficiently. His first venture was CMR Technologies, a FinTech company based in San Francisco serving the investment management consulting space. From CMR, Mr. Lieberman formed Xtiva Financial Systems, a software company specializing in sales compensation solutions for the outsourced cfo financial services industry. Mr. Lieberman served as Xtiva’s CEO, building the company to over $10 million in revenues and 100+ clients. He also served as the President and CFO for Interactive Donor, a New York-based Benefit Corporation which incentivizes charity through rewards. If you’re unsure whether we provide service that fit your needs, contact us.

Therefore, they hire, train, and lead the staff you need to get it all done. The specific benefit of virtual CFOs is that you can hire anyone, anywhere. In some cases this will mean cheaper labor, while in others it means access to specific expertise not available where you are.

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Many companies also hire an outsourced CFO for an interim role preceding the need for a full-time CFO. In these cases, an outsourced CFO can not only provide as-needed CFO strategy and services as your company grows, but can also help hire and orient a full-time CFO for your company. Inflationary times pose challenges, but with strategic expense management, businesses can navigate these periods successfully.

Conversely, a company that’s an acquisition target wants a CFO who has navigated the M&A process and worked extensively with auditors. A more mature and stable company might need someone with strong GAAP and technical accounting experience. In other words, CFOs aren’t one-size-fits-all, so finding one that can fill your specific needs is critical. Outsourced CFOs are a valuable tool, but they’re not a perfect solution.

How far can you go with an outsourced CFO?

While most businesses have procedures in place to keep complete and accurate historical records, most companies don’t utilize the tools or resources to maximize forward-facing visibility. When Preferred CFO refers to “turning on the headlights,” we mean using financial tools and expertise to better predict and control the future of your business. An Outsourced CFO tends to have exceptional industry and project experienced. Our outsourced CFOs have decades of corporate financial experience in public, private, and non-profit sectors. We align our clients with the CFO on our team that can provide the best strategic advantage given project and industry experience. It’s not enough to be a financial expert—a fractional CFO should also be an expert in your industry.