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The Business Case for Engaging an Outsourced CFO Services Firm

 
  Arthur F. Rothberg, Managing Director, CFO Edge, LLC  
   
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  Article Summary  
Engaging an outsourced CFO services firm can result in many potential benefits for a company—especially one that doesn’t have a high degree of financial expertise on staff. This lack of high-level financial sophistication can keep companies from realizing critical goals like improving profitability and increasing shareholder value.

A savvy CEO, however, will want to establish a clear business case for engaging a CFO services firm before committing the resources to such an endeavor. Obviously, there is a cost involved in hiring a CFO services firm, both financially and in terms of the time that will be required to bring them up to speed on your company’s financial situation and work closely with them in implementing solutions.

This article poses and discusses four important questions related to the root causes of current financial challenges; lost opportunity costs; current financial manager tunnel vision; and return on an engagement investment.

Every company must build its own business case for engaging an outsourced CFO services firm. Doing so involves asking some hard questions, including these and many others. But Los Angeles and southern California businesses that are serious about growing strategically and maximizing profitability owe it to themselves to perform the necessary due diligence to determine if engaging a CFO services firm is a smart move for them.

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