Questions to ask the outsourced CFO
When hiring an outsourced CFO, it's important to ask specific questions that address their qualifications, experience, and ability to meet your organisation's financial needs, and, most significantly, their compatibility with your company's culture and ability to integrate smoothly. Here are some relevant questions to consider:
Expertise and Experience:
a. What is your background and experience?
b. Can you provide examples of clients of a similar size or in the same industries you have worked with?
c. What types of challenges have you helped organizations address?
d. Can you share examples of how you have helped clients gain valuable insights from financial data?
Services and Scope:
a. What specific financial services do you offer as an outsourced CFO?
b. How do you tailor your services to meet the unique needs of each client?
c. Are there any limitations or areas where you might need to collaborate with internal or external resources?
Collaboration and Communication:
a. How do you ensure effective communication and collaboration with the internal finance team and other stakeholders?
b. What tools or technologies do you use to facilitate remote collaboration and data sharing?
c. How frequently do you provide financial updates or reports to clients?
Cost and Contractual Details:
a. What is your fee structure and how do you determine the cost for your services?
b. Are there any additional charges for specific tasks or projects?
Flexibility and Scalability:
a. How do you accommodate changing financial needs or business growth?
b. Can you handle increased workloads or additional projects during peak periods?
c. Do you have the capacity to provide additional services if required in the future?
These questions should help you assess the capabilities, fit, and reliability of an outsourced CFO. Feel free to modify or add questions based on your organization's specific requirements and priorities.
