6 Ways CFO Support Services Lessen the Stress of Finance Executives

The Chief Financial Officer (CFO) position is an interesting title to hear as they are one of the top executives of the company. 

Yet, behind this prestige lies an undeniable truth: the level of stress that a CFO bears is far from trivial. The job is a lot to take on.

A finance executive’s responsibilities aren’t just crunching numbers -- they stand at the crossroads of financial acumen and strategic foresight, playing a crucial role in steering companies towards sustainable growth. 

According to a study by Ganesh et al. (2018), 51% of executives surveyed (out of 827) who answered stress-related questions reported experiencing significant high stress levels. Of those surveyed, 64% (or 540 executives) attributed their stress to work-related factors. 

Given this result, it only shows that it is important for finance executives to begin recognizing the value of having a strong support system in place to lessen and reduce stress, boost their productivity, take care of their mental health and avoid burnout in the long run. 

So where does an outsourced CFO support fit the picture?  

An outsourced CFO support service acts as an external accounting support team for CFOs. It can offer numerous benefits in assisting finance executives with their everyday duties, thus giving the latter more bandwidth for other strategic priorities. 

In this article, we will discuss how having a CFO support team can help finance chiefs ease their stress and growing regulatory responsibilities.  

How CFO Support Services Lessen the Stress of Finance Executives? 

Here are six (6) ways CFO support can lessen the stress of finance executives: 

1. Strategic Insights 

Having a CFO support team within your firm means they can contribute to strategic decision-making by providing comprehensive financial insights. 

By delegating tasks such as payroll, bookkeeping, and even some aspects of financial analysis to the external accounting team, you can concentrate on higher-level strategy and decision-making processes.  

Doing this does not only lessen the stress and workload but also opens opportunities for gaining insights from external partners who are experts in their respective fields. 

Read: A Comprehensive Guide to Outsourcing CFO Support Services 

2. Time Management 

Outsourcing CFO support can drastically reduce the time spent on routine tasks. This division of labor helps with time management and eases up their schedule significantly.  

In addition, these third service providers usually have a team of accountants who are well-versed in financial management and equipped with the right skills to handle tasks diligently and efficiently. 

3. Compliance and Risk Management 

With regulations constantly evolving, keeping up can feel like navigating a minefield as it can be tedious and time consuming. 

However, with the assistance of an external accounting team, issues related to compliance can be resolved as they can complete the necessary requirements, protecting your business from the fallout of compliance woes and safeguarding your financial health and reputation. 

In addition, having another pair of eyes focused purely on managing and mitigating risks can significantly reduce the stress associated with potential financial loss and drive the strategic process forward. 

4. Access to Advanced Technology

Many CFO support services take advantage of advanced technologies for better financial data analysis and reporting. This means finance executives can enjoy the benefits of state-of-the-art technology without the usual stress involved in implementing new systems themselves.  

As the external accounting support can leverage their expertise in these systems, they can efficiently integrate them into a company’s existing processes. By doing so, they minimize disruptions and learning curves typically associated with the adoption of new technologies. 

In addition, these CFO support providers often implement robust cybersecurity measures. They also have an in-house IT staff to be able to protect your sensitive financial information from any cyberattacks, easing the stress of finance executives.

5. Reduced Operational Costs  

With an external CFO support team, there are minimal infrastructural and human resource costs involved. The savings procured from this strategy can then be redirected towards improving other operational aspects, such as product development or customer service, which can ultimately increase profitability and competitiveness. 

Read Next: What is CFO Outsourcing? Benefits and List of Services 

6. Access to Specialized Expertise 

Lastly, finance executives can have access to specialized finance teams and skills that could be expensive to maintain in-house when they outsource. Through this solution, they can hire an expert who can work with them full-time without the costs associated to hiring an in-house full-time expert.  

This approach is both cost-efficient and valuable, as it allows a consistent connection to an expansive skillset that could otherwise be high-priced to maintain internally. 

So, is being a CFO stressful?

Well, it’s certainly challenging. But with the right CFO support services on your end, it doesn't have to be stress-filled. 

Team Up with D&V Philippines’ accountants 

Thinking about building a CFO support team to help with your growing accounting tasks? Consider partnering with D&V Philippines for outsourced CFO support services. 

With over a decade of experience in offering comprehensive finance and accounting services across the globe, you can be sure that D&V Philippines can be your trusted business partner. Schedule a free consultation with us today.  

You can also visit our website to find out what our clients say about us and download our Premium CFO Solutions whitepaper to see if we’re the service provider you’re looking for.