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Why It Pays to Utilize a Part-Time CFO


A great CFO does a multitude of things for your business. But more and more companies are choosing to rely on part-time CFO services to help save money and maintain a flexible team.

Companies can engage part-time CFO services at a total capacity or scale them up and down based on their unique needs.

In addition to ensuring you have a knowledgeable resource to help make long-term, strategic financial decisions, outsourcing your CFO can drive broader business benefits.

Let's take a look at why it pays to utilize a part-time CFO and how businesses are benefiting:

Benefit #1: The CEO Can Focus on Being a CEO 

Whether you are a startup owner or running an established business, time is always constrained. CEOs take on several responsibilities outside the job description of a CEO or owner.

  1. Using a part-time CFO can take many of the financial responsibilities off your plate, saving you time and allowing you to turn your focus back to your actual job role.

  2. A part-time CFO can assist with audit and tax support, cash flow forecasting and management, new debt financing, and financial statement preparation.

  3. A part-time CFO can help with equity fundraising support or even obtain a 409 A Valuation for companies further in maturity. 

Furthermore, utilizing the right outsourcing partner builds the foundation for a long-term, prosperous relationship. A part-time CFO can become a trusted part of your team, allowing you to step back and let someone more knowledgeable and capable in a specific area take over. 

Utilizing a part-time CFO will enable you to focus on growing your business instead of the financial minutiae you can hand off to someone else.

Benefit #2: A part-time CFO saves money

Startups and other growing companies often do not have the expertise to navigate significant accounting challenges, nor do not have the initial capital resources to staff an entire company. Fully staffing a whole department or paying a substantial salary to an expert might not be in your budget.

Hiring a CFO, Controller, Accountant, Bookkeeper, or any combination of these positions is a significant expense. Outside base salary, you are also responsible for medical, dental, 401k costs, stock options, and more. But, when you outsource financial services, you are not responsible for any of those expenses and can adjust your budget accordingly

There is a financially strategic element to outsourcing financial expertise as well. If you are at the helm of a startup or venture-backed company that could go public or be purchased, you often find yourself offering a stake in the business to attract high-level executives. 

Until you require a full-time CFO, outsourcing these positions and utilizing a part-time CFO can help avoid giving away too much of your company too early (especially when valuations are lower.)

Benefit #3: A Part-Time CFO Can Increase Operational Efficiency

When you trust essential responsibilities like finances to outsourced partners, you can count on them to have a wide range of experience and knowledge.

A part-time CFO has likely worked with many types of businesses and has navigated through complex and technical problems, meaning they are equipped to face any challenge your company presents.

The experience of a part-time CFO is unparalleled- allowing you to utilize their top-tier guidance on business planning, accounting, operations, and more.

This well-rounded expertise also produces various approaches and tactics for completing assigned tasks or projects- leading to improved operational efficiencies and processes

 Read More: What Should You Look for in Outsourced CFO Services?

Benefit #4: A Part-Time CFO provides flexibility when you need it most

As a business owner, you know how essential flexibility is to your company's success. The state of a startup can change at any minute, so your resources must be flexible enough in both high and low periods. 

When you outsource critical aspects of your business, you have the power to scale the team and services at will. 

If your business grows, you can increase your outsourced resources. If there is a dip in your industry or the market, you can scale back your expenses, including your outsourcing budget.

This flexibility allows you to avoid the unpleasant situation of hiring quickly when business suddenly booms or laying off employees if things take a downward turn. 

Utilizing a part-time CFO also provides leadership and expertise to young companies in unforeseen circumstances or challenging times. Outsourced service providers are used to abruptly scaling their service, and a quality part-time CFO should be no exception. 

Time, money, quality, and flexibility are four benefits of outsourcing you cannot afford to ignore. Take back power over your role as a business owner. Invest in outsourced resources to build a better business.

As an expert in providing outsourced CFO services, G-Squared Partners is ready to help your firm achieve its financial goals. 

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