The chief financial officer is one of the most important roles at any organization. The most important CFO services include tracking cash flow throughout the business, ensuring accurate financial reporting, deciding the best way to distribute your financial assets, and participating in financial planning and forecasting.

In some cases, however, it doesn’t make sense to hire a full-time CFO from a strategic or budgetary standpoint. Many businesses in this situation choose to partner with a CFO service, giving them on-demand access to skilled financial professionals without having to put them on the payroll.

There are usually one or more clear indications that you’ll notice if it’s the right time to outsource your CFO services. Below, we’ll discuss 5 reasons why you might want to investigate using a CFO service.

5 Reasons You Need a CFO Service

1. Rapid business growth

Your business needs during the growth phase can quickly and dramatically change. For example, accurate financial planning and forecasting become much more important.

If you expect that your organization will be expanding rapidly within the short to medium term, using a CFO service is a smart choice. Outsourced CFOs can help with services such as raising capital and financial reporting that are essential for a growing business.

2. Merger or IPO on the horizon

Another common use case for CFO services is a critical business event, such as a merger or IPO. During these times, having your books in order is more important than ever.

While you may have gotten by thus far without an in-house CFO, you’ll likely need one eventually as your business expands and evolves, and your financial duties become more complex. However, finding the right person for the job takes time. Outsourced CFO services can fill in the gaps while you conduct the search and prepare for the merger or IPO.

3. Accounting errors and inefficiencies

Mistakes and inefficiencies during the accounting process are unfortunately all too common. According to one review of multiple studies, 88 percent of spreadsheets contain errors. This issues are often caused by a lack of visibility into financial processes.

The best CFO services can help you identify sources of errors and bottlenecks within your accounting processes. An outsourced CFO will introduce a fresh perspective to your business, correcting your tunnel vision that can prevent you from identifying critical problems.

4. Challenges with financial consolidation and close

Financial consolidation and close is both an essential and painful task for many organizations. While some businesses have it down to a science, others struggle to keep their head above water. Top-performing companies finish their financial close cycles in just 12 days—half as long as the worst performers, and at one-quarter the expense.

Skilled CFOs can help you make your financial consolidation and close cycles faster, more accurate, and more efficient. This includes refreshing outdated processes and technologies, delegating tasks effectively, and encouraging interdepartmental cooperation.

5. Not enough budget for a full-time CTO

The estimates of a CFO’s annual salary range widely, from $133,300 at to over $380,000 at But one thing is clear: no matter how much you pay a full-time CFO, you’ll still be wasting money if you don’t have enough work for them to do.

By using outsourced CFO services, you pay only for the hours you need and the jobs you need done. What’s more, you don’t have to worry about the extras that in-house employees receive, such as benefits, bonuses, or commissions.


From rapid business growth to cutting costs, there’s no shortage of reasons why organizations choose to partner with an outsourced CFO services provider. Want to learn how CFO services can benefit your business? Get in touch with Navitance’s interim CFO solutions team for a chat about your unique needs and objectives.