The Best Part-Time CFO Services In 2022
Your SaaS company is growing and things are better than ever.
As the founder, you likely have a lot on your plate already. That’s why you’ve decided to outsource a Chief Financial Officer (CFO).
A CFO can help you get a better handle on your finances, no matter the size of your business. You don’t have to wait to scale up to bring on a CFO.
Plus, if you’re concerned about the cost of bringing on a full-time employee—not to mention the time it takes to find someone great, a part-time CFO, sometimes called a fractional CFO, is the perfect solution.
There are several companies out there that offer this type of service. To help you decide which one to go with, we’ve come up with this list of the best part-time CFO services to consider now.
Criteria to look for in a part-time CFO service
Before we jump into some service options, it’s important to know what to look for in a part-time CFO service.
Consider these criteria before making your final decision.
Cost
You need to have a budget in mind before you begin looking into CFO service options.
The good news here is that a part-time CFO will almost always cost you less than bringing on a full-time team member.
What you’ll pay depends on the size of your business and the services you’re after, but generally speaking part-time CFOs cost between $3,000 and $10,000 per month. It may seem like a lot, but it’s a fraction of what a full-time CFO would demand.
Salaries for full-time positions can be up to 6-figures per year, plus benefits.
Experience
While it’s always nice to want to give folks just starting out a chance, you want to opt for a part-time CFO service that has ample experience.
Select services that work with SaaS companies in particular (like us!) to ensure that you’re in good hands.
You also want to go with a service that has a solid track record. What are people who have used their services saying online and elsewhere?
Look at reviews, and if you can, try to connect with other companies who have worked with them in the past. Getting the low down straight from the source can give you great insight.
Commitment
If you’re on the hunt for a fractional CFO, it’s likely because you don’t have the time, desire, or knowledge to do it yourself.
You want to go with a service that has enough bandwidth to take on your company. Some part-time CFOs work as freelancers. Make sure that when they take you on as a client, they aren’t overextending themselves.
You want someone who is going to be committed to your business, even if they are only working part-time.
When you get in touch with one of the services below, don’t be afraid to ask them flat out if they have the time to commit to your needs. Better safe than sorry.
Communication
Consider your preferred method of communication. Do you like email, or do you live in Slack? Are you a phone call person, or do you prefer to video chat?
Communication is essential to any relationship, work included. You want a part-time CFO who is able to adapt to your specific needs.
You also want to go with a service that is known for good communication. Now, as they will only be working for you part-time, you can’t expect them to be available for you 40 hours a week or at a moment’s notice.
That said, they should be able to respond to your communications and address your needs within a reasonable timeframe.
The Best Part-Time CFO Services: Our List
Here at Flight Financial, we work solely with eLearning, SaaS, and online businesses.
Our main focus is outsourced CFO services, but we also offer assistance with bookkeeping, budgeting, and trend analysis. We are CPAs, MBAs, business owners, and financial experts, and we’re passionate about helping small business owners grow and succeed.
In terms of our services, we have three CFO options: Lite, Growth, and Premium:
CFO Lite
For new businesses with less than $1M in sales who need to get a handle on their books, establish sound financial practices, and want access to expert advice and guidance.
Dedicated, certified bookkeeper
Xero accounting software subscription
Bookkeeping with accrual method accounting
Tax-ready financials
P&L, balance sheet, and cash flow statements
Historical trend analysis
Standard Financial Metrics
Value enhancement recommendations
CFO Growth
For established businesses with at least $1M in sales that want to scale and optimize their financial performance.
Annual budgeting
Rolling forecasting, including cash flow forecasting
Scenario analyses
Standard Financial KPIs
Dynamic customizable budget and forecast drivers
Budget and forecast vs actuals variance analysis and insights
Strategic financial advisory & decision-making support
CFO Premium
For established businesses with at least $1M in sales that are considering raising money or selling in the next few years and want to get their financials optimized and ready for a sale or capital raise, and/or want help going through a sale process.
Everything in CFO Growth
Preliminary business valuation analysis
Strategic business positioning presentation
[Add-on] Potential Buyer/Investor List Research
[Add-on] Earnings Inspection and Red Flag Warnings
[Add-on] Sale Process Execution
[Add-on] Due Diligence Management & Support
For all 3 services, we encourage you to schedule a call to discuss a customized offer tailored to your business.
Let’s take a look at how we hold up to the criteria listed above.
Cost:
As you can see, in terms of cost, Flight Financial is much more affordable than bringing on a full-time CFO. Even when you opt for our Premium plan, you’ll pay a fraction of what you would for a full-time salaried employee. You’ll also save when you pay annually instead of monthly.
Experience:
Again, we’re MBAs, CPAs, and seasoned financial experts with over 15 years of experience. We also specialize in SaaS, eLearning, and online businesses, so we understand the nuances of those industries. We’ve been employees and owners, and over the years we’ve worked with companies of all sizes.
Commitment:
We never bite off more than we can chew. We have ample time and resources to dedicate to your business, and we give each of our clients the attention that they need and deserve.
Communication:
Communication is the name of our game, and we will always be there when we say we will.
We’re happy to hop on a 25 or 50-minute call with you so that you can get to know us (and our services) better.
And, if you ultimately do decide to work with us, we’ll adapt to your preferred method of communication.
2. Pilot
Pilot is an online bookkeeping and tax service that offers part-time CFO services as well. They specialize in online businesses and startups and they have a real focus on fundraising assistance and growth. Their CFO services in particular can help with:
Your company’s financial health
Budgeting and financial forecasting
Service provider contract negotiation
Financial analyses
Cost:
Monthly engagement: Starts at $900 per month
Annual budgeting and forecasting: Starts at $6,300 per year
Fundraising strategy and support: Starts at $4,000
The caveat to working with Pilot is that you may have to sign up for several different services to get the full scope of working with a part-time CFO, which can easily get expensive.
Experience, commitment, & communication:
Pilot has grown hundreds of startups since they’ve opened. They’ve also helped to raise more than $1 billion for their clients. They are known for being responsive and professional.
3. Zeni
Zeni is an Artificial Intelligence (AI) powered financial service that also specializes in small businesses and startups.
They offer bookkeeping, accounting, tax, and CFO services. Zeni is a good option for those of you who need a lot of help with your tax returns. Their outsourced CFO services include:
Financial projections and analyses
Budgeting assistance
Help with board meeting presentations
Future scenario analyses
Cost:
Full-service plan: Starts at $549 per month
Professional plan: Starts at $799 per month
Enterprise plan: Custom pricing
As you consider different part-time CFO options, be aware that Zeni is on the expensive side.
Experience, commitment, & communication:
The amount of attention you’ll get from Zeni really depends on which plan you sign up for. Their full-service plan gets you two calls per month, while their enterprise plan will get you more than four.
One area where Zeni excels is in its monthly financial reports. Its AI software also offers intelligent insights.
4. EasyBooks
While EasyBooks is technically a bookkeeping app for smartphones, they do also offer some of the same services as a part-time CFO. The company works with startups, small businesses, and sole traders.
While they are most focused on bookkeeping, their app also features financial reports that will give you the same information that a CFO would. When you sign up, you’ll get access to:
Multiple monthly financial reports
Reports that can help with forecasting
Compare taxes
Assistance with invoices
Cost:
Bronze: Starts at $17 per month
Silver: Starts at $20 per month
Gold: Starts at $25 per month
While EasyBooks is very affordable compared to other services out there, you won’t get the same quality as the app has a more Do-It-Yourself approach to CFO services.
Experience, commitment, & communication:
The app will provide you with all of the information you may need, but you’ll have to figure out what to do with it yourself.
Their customer service is also known to take a while to get back to clients. That said, if you’re on an extremely tight budget, you may want to start here.
5. Ignitespot
Ignitespot is an online accounting tool that offers bookkeeping, tax, controller, and CFO services. They believe that strategic growth should be possible for all companies, no matter their size or industry. Their fractional CFO services include:
Forecasting and projection
Budgeting
Performance monitoring
Financial reporting
Cost:
Bookkeeping: Starts at $575 per month
Virtual CFO: Start at $900 per month
Like some of the other options on our list, Ignitespot can quickly become expensive if you need several different services.
Experience, commitment, & communication:
Ignitespot has been in business since 2008 and they have an A+ rating with the Better Business Bureau (BBB). Their entire team is based in the United States, if that’s important to you.
That said, they work with over 500 businesses at a time, so you may not get the individual attention you can get from other companies.
6. GrowthForce
GrowthForce offers several different options for your business, from accounting to bookkeeping to controller services. Their CFO services land under their “Advisory Services” and offer assistance with growth, improved cash flow, and financial forecasting — to name a few. You’ll also get help with:
Setting realistic financial goals
Overcoming challenges
Business performance
Optimization
Cost:
GrowthForce doesn’t offer standard pricing models. Each plan is customized based on your needs as well as the size of your business.
That said, most startups opt for plans that start at around $3,500 per month. It’s quite pricey compared to other options.
Experience, commitment, & communication:
While you’ll gain access to a dedicated team of experts when you sign up with GrowthForce, it does come at a price — both literally and figuratively. Those who have used them in the past say that the biggest con is reduced control over your finances. As an owner, you have to determine just how much control you’re willing to give up.
7. Preferred CFO
Unlike some of the other options on this list, Preferred CFO specializes in outsourced CFO services, full stop. They offer consulting, fractional CFO services, and interim CFOs.
They’re focused on small and medium-sized businesses and often work with startups that are looking to grow and understand their financial health better. You’ll also benefit from:
Financial forecasting
Optimized cash flow reports
Several accounting software integration options
Financial strategy support
Cost:
You’ll need to contact Preferred CFO directly in order to get pricing information. They base their offers on what services you need and how many hours per month you’ll need them for, as well as the size of your business.
Experience, commitment, & communication:
As Preferred CFO is focused strictly on CFO services, you can assume they know their stuff. Folks who have worked with them say that their reports are always accurate.
They don’t have a mobile app, so if you’re hoping to communicate with them via an application, you’re out of luck. That said, they are very communicative via the phone or email.
8. Level10 CFO
Level10 CFO is another CFO-specific service. They’ve done an excellent job at recognizing that every business’s journey is different, and so they come up with unique offerings for each and every one of their clients.
They also take the time to continually assess your situation and will tweak their service when necessary. A few things you can expect to get are:
Strategic financial planning
Advice on important financial decisions
Cash flow management
Accounting services
Cost:
Like a few other services on our list, Level10 CFO doesn’t have one size fits all plans. You’ll have to go through their assessment process so that they can customize a plan for you.
They do revisit every service model every 90-days to make sure that you’re happy with their services and pricing.
Experience, commitment, & communication:
Level10 CFO works mostly with startups and medium-sized businesses. They consider themselves partners to whichever business that they work with, so you know that you’ll always remain in control of your finances and any major decisions that need to be made.
Level10 CFO puts their clients first and utilizes tech tools whenever they can — so you can assume that you’ll be able to communicate with them in whatever way works best for you.
Summing things up
At the end of the day, you know your business and your needs best. Consider the important criteria that we listed above (cost, experience, commitment, and communication) when looking for the best part-time CFO service for you.
We’re passionate about offering the best fractional or part-time CFO services for SaaS and online businesses. If you’re interested in learning more, we’re here for you.
Contact us so that we can hop on a 25 or 50-minute call.
We’ll determine how best we can help you and go from there. We also offer a free financial inspection so that you have a better idea of where you’re at.
