--- title: What Does an Outsourced CFO Do? How a Contract CFO Helps Your Business Grow description: Before hiring a CFO for your company, learn about the benefits of CFO outsourcing and how it can help you achieve your financial and growth goals. image: https://blog.cmp.cpa/hubfs/Outsourced-CFO-And-Its-Role-To-Help-Your-Business-Grow-Outside-Blog-1.jpg --- - [Contact Us](https://cmp.cpa/contact-us/) - [Bill Pay](https://cmp.cpa/my-account/) - [File Drop-Off](https://app2.gettruss.io/firm_drop_offs/new?auth_token=MTQyNyZ6OW1HeHh4NWhRbXNIRDF6RmU3OVZXRGJRUkV2aU5ZSGN0OXprNUtH&firm_user_id=3261) - [Client Portal](https://app2.gettruss.io/client_portals/sign_in?client_portal_name=CMP-CPA) [![CMP](https://blog.cmp.cpa/hubfs/Cookmartin-Dec2015/CMP-Logo.png "Cook Martin Poulson, P.C.")](https://cmp.cpa/) - [Home](https://cmp.cpa/) - [About](https://cmp.cpa/company/) - [Meet the Team](https://cmp.cpa/company/meet-the-team/) - [Community](https://cmp.cpa/company/community/) - [CMP Celebrates 40-Years In Business](https://cmp.cpa/company/news/) - [Careers](https://cmp.cpa/company/careers/) - [Reviews & Testimonials](https://cmp.cpa/reviews/) - [Services](https://cmp.cpa/services/) - [Tax Preparation](https://cmp.cpa/services/income-tax-services/) - [Financial Audits & Reviews](https://cmp.cpa/services/financial-statements-audits-and-reviews/) - [Business Valuation](https://cmp.cpa/services/business-valuations/) - [Estate and Succession Planning](https://cmp.cpa/services/estate-succession-planning/) - [ERISA / 401K Audits](https://cmp.cpa/services/erisa-audits/) - [Crypto Tax Accountant](https://cmp.cpa/services/crypto-tax/) - [Federal R&D Tax Credit](https://cmp.cpa/services/rd-tax-credit-services/) - [Utah R&D Tax Credit](https://cmp.cpa/services/utah-rd-tax-credit-services/) - [Bookkeeping and Payroll](https://cmp.cpa/services/bookkeeping-and-payroll-services/) - [Accounting Software Solutions & Consulting](https://cmp.cpa/services/accounting-software-solutions/) - [Retirement Plan Services and TPA](https://cmp.cpa/services/retirement-plan-tpa-services/) - [Cost Segragation Studies](https://cmp.cpa/services/cost-segregation/) - [Outsourced CFO](https://cmp.cpa/services/cfo-outsourced-solutions/) - [Industries](https://cmp.cpa/industries/) - [Farm and Ranch](https://cmp.cpa/industries/farm-ranch-accountant-service/) - [Real Estate and Construction](https://cmp.cpa/industries/real-estate-construction/) - [Retail and Wholesale](https://cmp.cpa/industries/wholesale-and-retail-accounting-services/) - [Nonprofit](https://cmp.cpa/industries/non-profits/) - [Manufacturing](https://cmp.cpa/industries/manufacturing/) - [Healthcare](https://cmp.cpa/industries/healthcare/) - [Technology](https://cmp.cpa/industries/software-technology/) - [Internet Marketing/YouTube](https://cmp.cpa/industries/internet-marketing-youtube/) - [Resources](https://cmp.cpa/resources/) - [Videos](https://cmp.cpa/videos/) - [Tools](https://cmp.cpa/resources/#tools) - [Important Documents](https://cmp.cpa/resources/#import-doc) - [Important Links](https://cmp.cpa/resources/#import-link) - [FAQ](https://cmp.cpa/resources/faqs/) - [Problems We Solve](https://cmp.cpa/problems-we-solve/) - [Blog](https://blog.cmp.cpa/)   Wasatch Front  [801-467-4450](tel:8014674450) |  Cache Valley [435-750-5566](tel:4357505566)[tel:8017428119](tel:8017428119) | Southern Utah  [435-269-4540](tel:4352694540) ![Salt-Lake-City-Utah.jpg](https://blog.cmp.cpa/hs-fs/hubfs/Cookmartin-Dec2015/Salt-Lake-City-Utah.jpg?width=1106&name=Salt-Lake-City-Utah.jpg "Salt-Lake-City-Utah.jpg") # Outsourced CFO & Its Role to Help Your Business Grow February 01, 2021 By [John Kane](https://blog.cmp.cpa/author/john-kane) *This post was originally published on January 19, 2016, and extensively updated on February 01, 2021.* The role of a Chief Financial Officer (CFO) is to oversee the financial operations of a company. CFO is an important job, and yet many small and medium-sized businesses don't have one. They handle finances themselves or delegate them to employees. ![Outsourced-CFO-And-Its-Role-To-Help-Your-Business-Grow-1](https://blog.cmp.cpa/hs-fs/hubfs/Outsourced-CFO-And-Its-Role-To-Help-Your-Business-Grow-1.jpg?width=800&name=Outsourced-CFO-And-Its-Role-To-Help-Your-Business-Grow-1.jpg) At CMP, we work with businesses largish ($100m) and small every day. One of the recommendations we make frequently to our clients is to consider an[outsourced CFO](https://cmp.cpa/services/cfo-outsourced-solutions/). In this post, we will explain what outsourced CFOs do and provide guidance to help you decide whether to outsource a CFO for your company. ## **What is an Outsourced CFO?** Our clients often ask us, *"What is an outsourced CFO?"* An outsourced CFO is a CFO who provides services on a contract basis. The person who handles CFO responsibilities will be a contractor with your company, not an employee. They are also called: - Fractional CFO - Part-time CFO - Outsourced CFO - CFO Consultants - On-demand CFO - Contract CFO - Remote CFO CMP's CFO Services are customized to help each and every business we work with. The business needs will determine the amount of time and hours. Outsourcing is a great choice for companies whose budgets do not allow for a full-time CFO. If you hire a contractor, you are not paying for benefits. Even if the outsourced CFO's hourly rate is high, it may be significantly less expensive than hiring someone full-time. ## **What Does an Outsourced CFO Do?** The duties and responsibilities of an outsourced CFO are the same as those of a full-time CFO. The CFO of a small-to-medium-sized company is responsible for the review of financial results and the interpretation and presentation of results to the management team. Other crucial CFO responsibilities include: - Cost control measures - Cash flow forecasting and management - Capital acquisition decisions - Budgeting - Implement systems - Inventory control - Oversee an audit - Raise capital Discover how to finance a business acquisition with our blog post titled [Ready to Buy a Business? Here’s How to Finance a Business Acquisition](https://blog.cmp.cpa/business-acquisition-funding). You'll gain insights into the benefits and risks of acquiring a business, explore the various types of financing available, and learn how hiring a CPA can help you avoid costly errors. In addition to day-to-day financial management, CFOs must be forward-thinking. It's the CFO's job to take the economic, industry, tax, governmental regulation, and social issues into account as they direct the strategic financial objectives of the business. Accurate financial information is critical to business owners, the management staff, and external stakeholders such as banks, investors, and tax authorities. ## **Should I Outsource My CFO?** Before researching outsourced CFO services, you’ll need to decide whether outsourcing a CFO is the right decision for your company. Here are some questions to ask. 1. Can I afford to hire a full-time CFO? Make sure to factor in salary and benefits. 2. Am I spending time handling CFO duties when my time could be better used elsewhere? 3. Am I worried about wasteful spending or fraud? 4. Am I committed to aggressive growth? If the answer to any of these questions is yes, you may want to work with an outsourced CFO service to find a part-time CFO. ## **Is My Business Big Enough for CFO Services?** When we bring up the topic of CFO services, some of our business clients wonder if their businesses are big enough to justify paying for a CFO. The answer depends on many factors, but most importantly the complexity and transaction volume of the company. A company generating $5 million in revenue may be ready for a CFO while a company generating $20 million may not. One business could sell a product for $1.5 million but sell only five units in one year, while another might need 48,587 transactions to reach $10 million with an average transaction of $206. The complexity of the transactions themselves is a factor in determining the need for a CFO. There is no one answer to the question about the company size and the need for CFO services. A small company with cash flow issues or complicated financial transactions might need a CFO more than a larger company with less complexity. The CFO role is important but in some cases, it may not be necessary to hire someone. In some cases, an interim CFO may be all you need. If your company is headed for a merger, or acquisition, or struggling to find investors, you may need a high-level financial person to help you. In that case, a fractional CFO may be the right solution. ## **What Types of Small Businesses Need an Outsourced CFO?** The need for a CFO is not always clear to business owners. In some industries, a CFO is a necessity. Examples include banking, finance, and insurance. When a company has a fiduciary responsibility to clients, having an experienced in-house CFO is essential. In other industries and businesses, the decision may not be so clear. Regardless of your industry, here are four key factors that indicate you need an outsourced CFO to handle financial decisions and strategy. 1. The financial complexity of your transactions and goals is beyond your ability to manage. Even business owners and managers with accounting experience may need help managing financial decisions at a high level. 2. You need to gain respect from people outside your company. For example, you might need to gain the respect of lenders, customers, shareholders, suppliers, or government regulators. 3. Your company is growing rapidly. Accelerated growth brings potential pitfalls with it and an experienced CFO can help you navigate them. 4. You are preparing for a merger or acquisition. A CFO can help you interpret due diligence reports and present information to potential investors or lenders. The best way to determine whether you need outsourced CFO services is to be honest about your company's current financial situation, ongoing challenges, and long-term goals. If you recognize that you need guidance, then CFO services may be necessary to ensure your financial health and growth. ## **Benefits of Outsourcing CFO Services** There are significant benefits to outsourcing CFO services instead of hiring someone in-house. These benefits include: 1. Saving money. It is far more expensive to hire a full-time CFO than it is to outsource one who works only when you need them. 2. Saving time. In-house CFOs sometimes get pulled into projects that don't relate to the company's financial goals, taking time away from their most important work. Outsourced CFOs handle only financial data and because they're not in the office all the time, they are less likely to get pulled into projects outside their scope. 3. Gaining the expertise you need for large projects. In-house CFOs may not have the experience needed to take on a large project, whereas a fractional CFO might have experience in a variety of industries and situations. 4. Providing an independent viewpoint. A full-time CFO is in the thick of things during the workday and that makes it difficult for them to have perspective or see the big picture. They may struggle to express independent opinions. An outsourced CFO doesn't have a horse in the race. This means they can see things differently and -- in many cases -- more clearly, providing you with some perspective. 5. Ensuring complete financial management capabilities. Your outsourced CFO can aid with budget planning, training accounting, and bookkeeping staff, improving accounting systems, managing payroll, and filing and paying taxes. There are significant benefits to using outsourced CFO services for your company. Outsourced CFOs are less expensive than full-time CFOs and they bring some much-needed skill and perspective to the companies who use their services. ## **Does My Business Need a Controller, CPA, or CFO?** Business owners are sometimes confused about which type of financial assistance they need. In some cases, a CPA may be required while in others, a Controller or CFO is better suited to the job. A [Certified Public Accountant](https://cmp.cpa/) or CPA is licensed by the state where they do business. They are qualified to handle day-to-day financial tasks including bookkeeping, payroll, and taxes. A Controller is a financial manager whose job is to supervise a CPA or in-house accounting staff. They may also handle some big-picture financial tasks such as creating budgets. A CFO is the highest-level financial job in a company. Outsourced CFOs are typically responsible for overseeing financial decision-making and management, including long-term financial planning. You should evaluate your financial needs to determine what your company needs. You may need both a CPA and a CFO, or you may need to fill all three positions. ## **Why Hire an Outsourced CFO Over an In-House CFO?** Some companies may need an in-house Chief Financial Officer, while others can benefit from outsourced CFO services. The primary benefit of hiring an outsourced CFO is, as we mentioned above, the financial savings. It is significantly less expensive to pay for contracted services than it is to hire an employee who receives both salary and benefits. If you're worried about the bottom line or you want the outside perspective you can get from someone with diverse experience, you may want to consider an outsourced CFO. ## **How Much Does an Outsourced CFO Cost?** According to[Salary.com](https://www.salary.com/research/salary/benchmark/chief-financial-officer-salary), the average salary for a full-time CFO is $393,412 as of the end of 2020. That works out to $32,784 per month. At the low end of the scale, you can expect to pay about $299,000 on an annual basis. By contrast, a smaller company might need someone only one day per week, which could cost between $1,200 and $2,500 per week or between $5,000 and $10,000 per month. By outsourcing a CFO, you can put the money you save into your business. ## **What to Look for When Hiring an Outsourced CFO** It may take time to find the right CFO. You will want someone that understands the latest financial and accounting practices, and you also need someone you can trust. Due diligence is essential. Ask candidates these questions: - What financial training do they have? Some CFOs are CPAs, while others may have certifications in business valuation or forensic accounting. - Do they have references from their last three clients? - How have they helped these clients grow their businesses? - Do they have experience in your industry? - Do they understand your accounting system? Make sure you contact all references and verify any claims the candidates make about the results they have delivered for their clients. ## **Conclusion** Outsourcing a CFO may be the right solution for your company. The information we have provided here will help you evaluate your needs and decide whether outsourcing is the best choice. Do you need help with financial management and planning for your business? Contact us today to learn how CMP CFO services can help. [![Schedule a No Obligation CFO Consultation Today](https://hubspot-no-cache-na2-prod.s3.amazonaws.com/cta/default/1853761/a4c0113b-241b-40db-96fa-b32ce9322fb4.png)](https://hubspot-cta-redirect-na2-prod.s3.amazonaws.com/cta/redirect/1853761/a4c0113b-241b-40db-96fa-b32ce9322fb4) *This content is for educational purposes only and may not apply to your specific tax situation. Tax laws are complex, subject to change, and depend on individual circumstances. Consult a qualified tax advisor before relying on this information.* [![John Kane](https://blog.cmp.cpa/hs-fs/hubfs/Blog_Author/John-Kane.jpg?width=160&height=190&name=John-Kane.jpg)](https://cmp.cpa/team/john-kane/) About John Kane John enjoys interacting with clients and proactively working with them to create solutions to problems. John is a native of Logan and earned both a bachelor’s and a master’s degree in accounting from Utah State University. He has been with CMP, PC, since 2012. John’s primary focus is on businesses in the medical, manufacturing, retail, construction, and agriculture industries. In addition, John has extensive experience in IRS issue resolution. Prior to joining CMP, John worked in Idaho Falls for a CPA firm where he gained experience in auditing governmental and nonprofit entities. 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![](https://cmp.cpa/wp-content/uploads/cvm.png) ![](https://cmp.cpa/wp-content/uploads/evolution.png) ![](https://cmp.cpa/wp-content/uploads/Baicor.png) ![](https://cmp.cpa/wp-content/uploads/Cliffside.png) ![](https://cmp.cpa/wp-content/uploads/Vista-Healthcare.png) ![](https://cmp.cpa/wp-content/uploads/Spartan-Logo.png) ![](https://cmp.cpa/wp-content/uploads/SWSP-Southwest-Spine.png) ![](https://blog.cmp.cpa/hubfs/Trusted%20By%20Logo/Rancho-Markets%201.png) ![](https://blog.cmp.cpa/hubfs/Trusted%20By%20Logo/Highmark-Consturction-Logo.png) ![](https://blog.cmp.cpa/hubfs/Trusted%20By%20Logo/Chanshare-Farms-Logo.png) ![](https://blog.cmp.cpa/hubfs/Trusted%20By%20Logo/Mebie%20Baby%201.png) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "John Kane" }, "dateModified" : "2021-02-01", "datePublished" : "2016-01-19", "description" : "Before hiring a CFO for your company, learn about the benefits of CFO outsourcing and how it can help you achieve your financial and growth goals.", "headline" : "Outsourced CFO & Its Role to Help Your Business Grow", "image" : "https://blog.cookmartin.com/hs-fs/hubfs/Outsourced-CFO-And-Its-Role-To-Help-Your-Business-Grow.jpg", "mainEntityOfPage" : { "@id" : "https://blog.cookmartin.com/outsourced-cfo-roles-to-help-your-business-grow", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.cookmartin.com/hubfs/Cookmartin-Dec2015/CMP-Logo.png" }, "name" : "Cook Martin Poulson" } } ``` ```json { "@context" : "https://schema.org", "@id" : "https://blog.cmp.cpa/outsourced-cfo-roles-to-help-your-business-grow#blogposting", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "John Kane", "url" : "https://blog.cmp.cpa/author/john-kane" }, "dateModified" : "2021-02-01", "datePublished" : "2016-01-19", "description" : "This post explains what outsourced CFOs do and provides guidance to help you decide whether outsourcing a CFO is the right choice for your company.", "hasPart" : [ { "@id" : "https://blog.cmp.cpa/outsourced-cfo-roles-to-help-your-business-grow#faq" } ], "headline" : "Outsourced CFO & Its Role to Help Your Business Grow", "image" : { "@type" : "ImageObject", "height" : 1000, "url" : "https://blog.cmp.cpa/hs-fs/hubfs/Outsourced-CFO-And-Its-Role-To-Help-Your-Business-Grow-1.jpg?width=2000&height=1000&name=Outsourced-CFO-And-Its-Role-To-Help-Your-Business-Grow-1.jpg", "width" : 2000 }, "inLanguage" : "en", "mainEntityOfPage" : { "@id" : "https://blog.cmp.cpa/outsourced-cfo-roles-to-help-your-business-grow", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "height" : 86, "url" : "https://cmp.cpa/wp-content/uploads/CMP-Logo.png", "width" : 406 }, "name" : "CMP" } } ``` ```json { "@context" : "https://schema.org", "@id" : "https://blog.cmp.cpa/outsourced-cfo-roles-to-help-your-business-grow#faq", "@type" : "FAQPage", "mainEntity" : [ { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "An outsourced CFO is a CFO who provides services on a contract basis as a contractor rather than an employee. They are often referred to as a fractional CFO, part-time CFO, on-demand CFO, contract CFO, or CFO consultant." }, "name" : "What is an Outsourced CFO?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "An outsourced CFO performs the same responsibilities as a full-time CFO, including reviewing financial results and interpreting/presenting results to management. Common responsibilities include cost control, cash flow forecasting and management, capital acquisition decisions, budgeting, implementing systems, inventory control, overseeing audits, and raising capital." }, "name" : "What Does an Outsourced CFO Do?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "The post recommends evaluating whether you can afford a full-time CFO (salary + benefits), whether your time is being pulled into CFO duties, whether you’re concerned about wasteful spending or fraud, and whether you’re committed to aggressive growth. If you answer “yes” to any, an outsourced or part-time CFO may be a good fit." }, "name" : "Should I Outsource My CFO?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "Business size alone isn’t the deciding factor. The post explains that complexity and transaction volume matter most—some $5M revenue companies may be ready for a CFO while some $20M companies may not. Cash flow issues and complicated transactions can indicate a need for CFO services regardless of company size." }, "name" : "Is My Business Big Enough for CFO Services?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "The post notes that some industries (like banking, finance, and insurance) often require CFO-level oversight, and highlights four common indicators: financial complexity beyond internal capability, the need to gain credibility with external stakeholders (lenders, regulators, suppliers, etc.), rapid growth, or preparing for a merger/acquisition." }, "name" : "What Types of Small Businesses Need an Outsourced CFO?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "The post distinguishes the roles: a CPA can handle day-to-day tasks like bookkeeping, payroll, and taxes; a Controller supervises accounting staff and may help with budgeting; and a CFO is the highest-level financial role focused on overseeing financial decision-making and long-term financial planning. Your needs may require one or more of these roles." }, "name" : "Does My Business Need a Controller, CPA, or CFO?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "The post explains that outsourcing can provide significant cost savings compared to a salaried employee with benefits, and it can also provide an independent outside perspective and experience across different industries and situations." }, "name" : "Why Hire an Outsourced CFO Over an In-House CFO?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "The post compares full-time CFO compensation to outsourcing, noting that a smaller company might only need a CFO one day per week, often ranging from about $1,200–$2,500 per week (about $5,000–$10,000 per month), depending on needs and scope." }, "name" : "How Much Does an Outsourced CFO Cost?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "The post recommends doing due diligence and asking about financial training and credentials, references from recent clients, proven results, experience in your industry, and familiarity with your accounting system—then verifying references and claims." }, "name" : "What to Look for When Hiring an Outsourced CFO" } ] } ```