Signs you need to think about outsourcing a CFO

Sep 20, 2022 | Uncategorized

When your business reaches a certain size, it’s hard to keep track of the day-to-day while keeping an eye on the overall strategy. That’s where an outsourced CFO can be invaluable – and not as expensive as you might think. 

An outsourced CFO can take care of many of the complicated, time-consuming financial responsibilities you face at this stage, leaving you with a lot more time to focus on running your business.

What is a CFO?

A chief financial officer (CFO) is a top-level executive responsible for managing a business’s financial operations. CFOs play some of the most essential roles in a business, typically overseeing a company’s financial activities and acting as a strategic advisor to the CEO.

Many ambitious small business owners are investing in their business’s future by outsourcing a part-time CFO. Hiring an in-house financial team isn’t often possible on a start-up budget, but outsourcing a CFO means you can get expert advice without breaking the bank.

What does an outsourced CFO do?

Depending on your business’s unique needs, an outsourced CFO can take on duties including:

  • creating financial forecasts to see if your business is heading in the right direction
  • developing a business strategy to help you meet your goals
  • performing risk management assessments to tackle potential issues and reduce uncertainty
  • financial planning and tracking cash flow, keeping you up to date with your business’s finances
  • identifying business strengths and weaknesses, enabling you to make better business decisions as a CEO

What are the signs you need an outsourced CFO?

You’re on a budget

Your business would benefit from expert financial advice, but hiring an in-house CFO is out of your price range. An outsourced CFO can work on a part-time basis, making it a much more cost-effective option for start-ups.

You have too much on your plate

There aren’t enough hours in the day to run your business, realise your vision, and keep on top of the finances by yourself. Outsourcing a CFO lightens the load so that you have more time for your other responsibilities.

You need the extra flexibility

You can easily change how often you access an outsourced CFO’s services as your business evolves. If you need financial advice more often, or you need to tighten the purse strings, a part-time CFO can work around your budget and schedule.

You have growth ambitions

You have big ideas for your business, but need expert advice on how to make them happen. An outsourced CFO’s input will give you a deeper understanding of your start-up’s fiscal health and equip you with the tools to take your business to the next level.

You have a project coming up

If you’re taking on a new project that requires more in-depth financial insight, or you need an expert to help tackle pressing issues, an outsourced CFO could come in on a short-term basis to help you achieve that goal.

Consulting an expert at critical moments allows you to keep on top of your finances without committing to hiring someone full-time.

You want an outside perspective

Bringing in an expert from outside your business can help you to step back and look at things from a different angle. An outsourced CFO may be able to identify issues within your business that others are too close to notice.

How do I find an outsourced CFO?

As a CFO plays such a vital role in a business, hiring the right person is key. CEOs of start-ups will want to look for someone with a good track record of advising rapidly-growing businesses.

At Leap, we are passionate about helping start-ups run as smoothly as possible, which is why we offer both outsourced accountancy and CFO services.

Outsourcing from different places can get complicated, and can increase the risk of miscommunication between companies. By choosing Leap for all your outsourcing needs you can reduce that margin for error and relax, knowing that your finances are in safe hands.

Get in touch

At Leap, we’re all about helping start-ups reach their goals. If you want to know if outsourcing a CFO would work for your company, contact us at

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