AI for Accounting and Finance Blog

The Outsourced CFO as Superhero

A fractional or outsourced CFO has a particularly challenging job. They are often tasked with saving a company from financial horrors (instantaneously) while simultaneously creating trusted relationships with company leaders and employees. In short, they are asked to do one thing: become a superhero.

Superheros have special qualities. They can see what’s wrong and fix it. They can quickly identify who is an ally, fan, or enemy. And they use those powers to create miracles and long-lasting influence.

To help you be a successful outsourced CFO superhero, you’ll need to find your allies starting the first day on the job. Here’s who you should meet, find common ground, and partner with to solve strategic problems.

The Need for Outsourced CFO Services

In a recent webinar, we asked how many of our attendees if they offered Outsourced CFO services as an extension to their accounting services.  An astounding 97% offered fully outsourced or similar CFO services. Why is the role of outsourced CFO so popular and needed among today’s mid-sized businesses?

According to Payscale.com, the median salary for a CFO is over $132,000.  Add in employee benefits, bonuses, and 401(k) contributions, and you’ll soon see why small to mid-size companies might struggle to bring on such a highly paid expert and still pay the bills. In addition, a leading recruiting firm, Korn Ferry, estimates that the average CFO tenure is 5.1 years, leading to high turnover that can derail a growing company.