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Outsourced CFO Services: Identifying Shared Objectives

  Arthur F. Rothberg, Managing Director, CFO Edge, LLC  
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  Article Summary  
As we discussed in an earlier article in this series, one of the first things a business owner, CEO or CFO should do before engaging an outsourced CFO services firm is establish a clear business case for doing so. The next step is to identify the areas of the business where the services firm will focus and the specific objectives the firm will strive to meet.

By taking this step, businesses can ease any apprehensions they might have going into an engagement about maintaining control—over the engagement itself or the time and/or cost invested in the engagement.

This article looks at a methodology for clarifying focus by reviewing the “6 D’s of the Engagement Process”: define the engagement; determine the underlying cause(s) of the problems; develop a solution; deploy the solution; document the solution; and debrief.

In our experience, one of the biggest hesitations many Los Angeles and Southern California businesses have in engaging a CFO services firm is concern about losing control over the engagement. Specifically, they are worried that the scope of the project will balloon after the services firm is hired—and their costs along with it, in both time and money. The best way to ensure that this doesn’t happen is to carefully follow the engagement steps detailed here in the form of the 6 D’s.

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