Outsourced CFOs: Cost-Effective Strategic Partner for Growth

Growing companies facing a "competence dilemma" – the need for Chief Financial Officer (CFO) expertise without justifying a full-time role – can strategically address this challenge by hiring such expertise on a flexible, as-needed basis. Gerton Jönsson, a senior accounting consultant at ECIT Sverige, explains that a CFO's workload often fluctuates. This variability can lead companies to dilute the role's strategic function by assigning administrative tasks. Jönsson proposes that an outsourced CFO, working approximately 60 to 80 hours per month, can deliver equivalent strategic value by maintaining the correct focus. The increasing interest in outsourced CFO functions stems from both the difficulties in matching competences and the drive for cost-efficiency. This model allows small and medium-sized businesses to access senior financial expertise that they might otherwise be unable to afford. An outsourced CFO functions as a strategic partner, possessing a clear mandate and relevant experience. Furthermore, their exposure to multiple companies and industries provides diverse insights into effective systems and processes that can be applied to a client's business. ECIT, a Nordic outsourcing partner, offers these specialized finance, payroll, IT, and business systems services with a local presence.