Outsourcing for CFOs: What You Should Look for in Your Partner Firm

Posted by Cedric Joshua Martinez
Oct 30, 2018
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Outsourcing is a big step especially for companies who have never experienced this business model. For those who have made the leap to avail outsourced CFO support solutions, the next logical step is to find the right outsourcing partner.

CFO shaking hands with outsource CFO solutions provider

In order to be successful in your search, it is important to find out the right qualities that you need in an outsourcing partner. Here are a few suggestions to keep in mind:


1. Diverse finance and accounting solutions

Your needs grow together with your company. As you face new frontiers, complex solutions will be needed to sustain and even further your company’s growth. A key feature of a desirable CFO support solutions provider is the ability to provide diverse solutions ranging from bookkeeping, general accounting to high-end solutions such as data analytics, process automation, and other complex reports that will help you utilize your resources to the full potential.


2. State-of-the-art IT infrastructure

Outsourcing relies heavily on internet connectivity and a reliable IT infrastructure. Processes are mostly, if not exclusively, accomplished through cloud servers and remote access applications. Your partner firm must employ state-of-the-art IT infrastructure to ensure fast, secure, and reliable service delivery.


Competitive talent3. Competitive Talents

One of the main reasons why companies outsource is to gain access to more talents on another talent pool. However, all efforts are wasted if your outsourcing partner does not have the talent to match or exceed the people you have in your team. A finance and accounting (F&A) outsourcing partner with globally competitive talents can help you produce meaningful results and bring solutions to your F&A woes.


4. Tailor-made solutions delivery

Different organizations have different needs, and so do different CFOs. The right outsourced CFO services provider acknowledges this fact and knows that it is important to formulate solutions depending on their client’s needs.

Before starting your outsourcing partnership, they should be able to conduct a proper assessment to identify your requirements and know more about your company’s processes. This will help them formulate solutions that are well-suited to work on your setting.


5. Mastery of business tools and software

Businesses also use different tools for different purposes. While the process of conducting finance and accounting tasks remain similar in nature, modifications are necessary to provide businesses with more insights into their F&A status.

Your CFO solutions provider must have a deep sense of understanding o how F&A tools and software work, their basic capabilities, and how they help in F&A execution. This advanced understanding can help them adapt to the use of another software or tool with ease.

Finding a CFO solutions provider with these characteristics is no easy task. However, once you have them on board, you can expect improvements and more growth opportunities for your business.


READ NEXT: Three Essential Roles to Support Your CFO


Our comprehensive CFO solutions can help keep up with your dynamic and diverse role. Download our Premier CFO Solutions today and learn how our globally-competitive finance and accounting professionals can create helo you deliver accurate, faster, and smarter insights for your company. 

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This post was first published 30 October 2018 and edited 04 November 2020.


Our Outsourcing: How to Make it Work guide explores how you can utilize accounting and finance outsourcing to drive growth to your business and add value to your processes.