External Chief Financial Officer – Scope of Services

The competencies of an external Chief Financial Officer (CFO) encompass key areas of corporate finance, without which effective and long-term management is not possible. Our service model includes budgeting and financial forecasting, among other things. Effective utilization of managerial information also remains an expression of organizational maturity. We take on tasks related to managerial reporting, providing a full picture of the financial situation and streamlining decision-making processes.

Employing an external CFO addresses issues related to accounting and taxes. An essential stage of development includes the implementation of Cash Flow and Working Capital management systems. Among other services, we offer due diligence, the implementation of Business Intelligence tools, supervision of financial audits, restructuring processes, and advisory services in the area of mergers and acquisitions.

We work based on widely recognized BI, CPM, and ERP tools. The framework of each service is tailored to the industry-specific and business areas. We specialize in all forms of strategic financial management. The external CFO comprehensively tackles the challenges faced by micro and small businesses, providing support in modeling current and future operations.

Creating and overseeing a financial strategy is crucial for the long-term success of any company, regardless of its scale of operations. However, it’s not always necessary to hire a full-time specialist to handle this task – often, small and medium-sized enterprises (SMEs) cannot afford that. In such cases, an external Chief Financial Officer (CFO) is a much better solution. This is an experienced expert who provides services to companies, organizations, and businesses as an independent consultant or outsourcing employee.

What does an external CFO do?

  • Analyzing the market and trends affecting the company’s finances.
  • Monitoring the budget and financial reporting.
  • Making strategic financial decisions, such as resource allocation, investments, and financial risk management.
  • Supporting other departments in utilizing financial resources to achieve business goals.
  • Conducting due diligence analysis and implementing BI tools, as recommended by the external CFO.
  • Optimizing financial processes and introducing innovations to increase company efficiency.
  • Collaborating with auditors, tax advisors, and lawyers on financial and legal matters.
  • Managing working capital and obtaining investment financing.
  • An external financial director also collaborates with the management and provides advice on business decisions based on financial analysis.
zewnętrzny dyrektor finansowy od CFO Consulting

What Types of Companies Can Hire an External Financial Director?

  • Small and medium-sized enterprises (SMEs) that do not have sufficient financial resources to hire a full-time financial director.
  • Companies in a difficult financial situation that need the support of an external CFO in restructuring or reversing negative trends.
  • Enterprises experiencing rapid growth and requiring professional assistance in managing financial resources and investments.
  • Public limited companies that must adhere to rigorous accounting and financial standards.
  • Companies planning to enter new markets or expand internationally, needing the advice of an external financial director, especially in tax matters.
  • Startups in need of support in managing resources and obtaining external financing.
  • All companies looking to improve their results and increase operational efficiency.

What Questions Can an External Financial Director Help Answer?

  • What are the best ways to improve the company’s profitability?
  • Which investments will have the greatest impact on the company’s value growth?
  • What sources of financing are available to the company, and which ones can the external CFO secure?
  • Which financial indicators should be monitored, and what actions should be taken to improve them?
  • What costs should be reduced to increase the company’s profit?
  • What financial risks does the company’s expansion into new markets entail, and how can they be minimized?
  • Which methods are best for managing cash flows in the company?
  • What are the financial prospects of the company for the coming years, and what should be done to achieve long-term success?

What Does an External Financial Director Not Handle?

  • Day-to-day accounting tasks, such as invoice entry, accounting, and balance sheet preparation.
  • Detailed budget control for operational departments of the company.
  • Direct tax optimization – an external financial director can only suggest solutions that will lead to cost reduction in this area.
  • Decision-making on the company’s investment policy without consulting the management.
  • Resolving conflicts between employees in financial and accounting departments.
zewnętrzny dyrektor finansowy

An external CFO is often confused with, for example, a Chief Accountant. Compared to an accountant, such a specialist holds a more strategic position in the company. They are responsible for making decisions regarding investments and resource allocation, analyze the company’s finances, signal potential liquidity issues, and bring an entirely new perspective to financial strategy.

Looking for an external Chief Financial Officer? Start collaborating with us!