Is an External CFO right for you?

5 significant values of having an External CFO

Would you like financial leadership without the costs of a finance executive? Here is why an external CFO may be beneficial for you and your business.


What is an external CFO?

An external CFO is a finance expert that is outsourced from your organisation. They hold a wide range of experiences that can provide you access to a high level of accounting, finance, and planning services to improve your financial performance and business growth.


Values of having an external CFO

Cost effectiveness

For start-ups and growing businesses, having an external CFO allows you to receive expert advice at the fraction of the price. Rather than incurring employment costs for a full time executive, you can hire an external CFO that provides you full-scale CFO services that can meet your needs whilst also saving your money.


An external CFO can be hired to do a variety of different financial functions, you can hire them for whatever you need, whenever you need it. You will have the power to scale the team and services meaning that you can increase or decrease your outsourcing resources dependent on how your business is growing.

Broad experience

External CFOs have experience with various clients and different business problems & challenges, due to this they are equipped to face any challenge your business may present. They have a wider skill set which can bring a fresh and new objective view on your business’s financial situation and can even help you gain strategic edge over your competitors with their different use approaches and tactics.


External CFOs can provide services beyond the traditional accounting, bookkeeping and finance services as they have greater access to a range of different sources. They hold a well-rounded viewpoint which can help you with various services including strategic planning, financial modelling and forecasting, risk management and many more.

Financial savviness

External CFO’s can increase financial savviness as they help you and your team implement new controls and procedures that are most suitable for your business. The access to advanced IT infrastructure and the application of these processes and practices can help create a stronger structure for the business’ systems and financial performance.


Limitation of having an external CFO


As external CFOs are not physically present at the office, it may be hard to communicate effectively although, this can be easily solved if you determine a consistent communication style between you and your external CFO whether that be through emails, messages, or scheduling recurring meetings.


How Wilson & Assoc can help?

At Wilson & Assoc we try to understand your business, its needs and pain points. Based on this, we recommend an appropriate external CFO coverage that starts from a minimum base to fit within your budget. If the scope is variable due to the nature of work, we will provide ongoing updates, so you are always ahead and in control of your costs. With our external CFO services, you can get the financial counselling and mentoring that your business needs, whenever and wherever required, at a fraction of the cost.


Contact Us

If you are looking to access financial capabilities of large corporates without the big costs feel free to contact our friendly team to get started.


About Wilson & Assoc

Wilson & Assoc Chartered Accountants provides taxation and business advisory services to individuals, investors and businesses wherever you are based. We provide specialist services to startups and health care providers.

If we can help in any way, we’d like to hear from you.

Disclcaimer: The information provided within this article is general information only.  None of the comments in these notes are intended to be advice, whether legal, financial product or professional. You should obtain specific advice regarding your particular circumstances from a tax or legal professional.

Copyright © Wilson & Assoc Pty Ltd. All rights reserved. 


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