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How to Find the Best Outsourced CFO for Your Business
For Toronto-based entrepreneurs who have just launched a small business, managing basic bookkeeping and expense tracking might seem manageable initially. But there will come a time when you want and need professional help and advice. Maybe your business has boomed and is growing faster than you’ve projected, or you have a chance to gain new investors. Either way, when that time comes, you’ll want to find someone experienced that you can trust.
Hiring an outsourced CFO can help you improve your company’s financial management while keeping your business flexible. Here are some tips on finding the best outsourced CFO and some questions to ask candidates when you interview them.
Tips for Finding the Best Outsourced CFO
Finding an outsourced CFO doesn’t have to be complicated. In fact, there are ways you can use your network as a business owner to find the right fit.
Here are some tips for finding the best outsourced CFO:
- Ask your network for referrals. Speak with other Toronto-based business owners, founders, and advisors to gather recommendations for outsourced CFOs familiar with the Ontario business landscape.
- Look for the right fit. Consider interviewing multiple candidates instead of choosing the first one you speak with. Take into account each individual’s background, experience, and industry knowledge when interviewing them.
- Check for industry knowledge. Ask candidates you talk with for a list of past and current clients they have worked with. This will let you see whether they have worked with past businesses and firms similar to yours and whether they have the knowledge and expertise that your company needs.
How to Interview CFO Candidates
The right CFO can help you with more than just basic bookkeeping. They can provide advice and insight into financial forecasts, budgets, business models, financial plans, pricing, cash management, monthly reports, and more.
The easiest way to find the best outsourced CFO is to be upfront about your current and future needs while listening to their advice and how they can help during the interview process.
Here is a list of questions worth asking during the interview:
- What experience do you have working with new businesses? If you’re a new business owner, you’ll want to work with an outsourced CFO who can help guide you as your business grows. CFOs with startup experience may be able to provide strategic planning advice and a list of contacts for potential funding sources.
- Where does your expertise lie? It’s essential to ask this question early on as you will want an outsourced CFO with past experience in your particular field of business. This will help ensure that you find someone who can provide specific financial advice for your domain and situation.
- How do you work with clients? Asking this question will let you know if your communication and management style works well with that candidate.
- What’s your capacity to help with my business? The outsourced CFO candidates that you’re interviewing may have other clients. It’s worth asking to make sure they have the capacity to help you and your business grow.
While these are questions worth asking, the interview process is not one and done. You should be open to continuing dialogue with candidates to find the best outsourced CFO for your business and needs. After all, you will work with this person closely to help you navigate your current and future financial plans.
Leonard Tam Professional Corporation: Your Trusted CFO
Whether you operate a startup or an established company in Toronto, our local insights and tailored financial strategies will position your business for success in the competitive Ontario market. The team at Leonard Tam Professional Corporation can help you build solid foundations for your business by providing a 360-degree view of how to make your business more profitable, keep most of your money by lowering taxes and planning for your financial future.
Ready to get started? Book a meeting today with our team of experts.