When Should a Startup Hire a CFO?

November 11, 2018

If you’re the owner and/or operator of a startup business, you may be wondering when you’re going to need to hire a CFO. Although there’s no pat answer to that question, there are a few guidelines for making that decision. If your business is quite small and your revenue hasn’t been building that quickly, you may just want to continue on your own without a CFO until a few months down the road. However, don’t wait too long. Your company’s financial future could be at stake if you don’t act in a timely manner.

For Complex Financial Situations

At DeepSky, we provide CFO services that we outsource for all kinds of companies from startups to those that are well-established. When you bring in a professional firm like ours to provide your CFO services, it can benefit your business in a number of ways. As your startup grows, most of your financial situations will start becoming more and more complex. You may find that you need a CFO but can’t necessarily afford one to work in-house. In addition, you may find that any full-time CFO that you could afford would be lacking the financial expertise necessary for making the well-informed strategic decisions that you require, whether they’re day-to-day or long-term.

Financial Expertise

Outsourcing a major position in your company like the CFO function can be one of the very best ways for bringing a wealth of financial expertise and function onboard on an affordable basis. As a valuable member of your team, your CFO will be tasked with tracking all of your financial operations that go on day-to-day. In addition, he will also be expected to make substantial contributions to a long list of financial projects and other tasks, including:

  1. Working with project management for increasing profitability,
  2. Management of your internal cash flow,
  3. Supporting your marketing and sales teams,
  4. Coordinating with your main financial advisors,
  5. Supporting your strategic planning (both long and short-term).

At DeepSky, our highly-experienced CFOs can deliver all of those plus a wide range of other services that would be delivered by an in-house CFO but at a much lower and more affordable price.

Contact Us

If your startup could use an outsourced CFO for better business health and financial stability, we can help. Yes, saving money is a part of the package, too, because your outsourced CFO will cost you just a fraction of what an in-house CFO would be. For an affordable service fee each month, you can have all of the many CFO services available. Let DeepSky put together your custom CFO plan and get your hands on it when you contact us at (949) 200-6829.