Hiring a fractional or outsourced CFO is a big decision. This person will influence how you grow, spend, and protect your money. Use the questions below when vetting an outsourced CFO candidate to determine whether they have the experience and qualities you need.
1. What is your financial background and education?
- Do you hold a degree in finance, accounting, economics, or business?
- Are you a CPA or do you hold other financial certifications?
Why this matters: A strong educational foundation and advanced training show they understand complex financial principles and can apply them strategically.
2. How many years of finance and leadership experience do you have?
- Have you worked in finance for at least 10 years?
- What types of roles have you held (e.g., analyst, controller, finance manager)?
- Have you led teams or served as an outsourced CFO for other companies like mine?
Why this matters: Deep experience means they’ve navigated a variety of challenges and know how to support decision-making at a high level.
3. What types of businesses have you worked with?
- Do you have experience in my industry?
- Have you worked with businesses at a similar stage (e.g., startup, growth, mature)?
- Can you share examples of financial strategies you’ve implemented for similar companies?
Why this matters: Relevant experience leads to more accurate forecasts, tailored advice, and faster results.
4. How do you support business growth and manage risk?
- How do you help companies identify growth opportunities?
- What steps do you take to mitigate financial risk?
- How have you helped businesses prepare for or navigate a downturn?
Why this matters: The best outsourced CFOs think beyond the numbers—they help you grow smart and protect your downside.
5. What tools or software do you use for financial management?
- Are you proficient in tools like QuickBooks, NetSuite, or Excel modeling?
- Do you use any dashboards or reporting software for real-time insights?
- How do you ensure financial data is secure and accessible?
Why this matters: A modern CFO should bring tech-savvy solutions to make your financials clearer and more actionable.
6. How do you communicate financial information to non-finance stakeholders?
- Can you explain financial performance in plain language?
- How do you collaborate with other departments or business owners?
- Will you present updates or reports to my board, partners, or investors?
Why this matters: Your CFO should make financial data understandable and useful for decision-making, not just spreadsheets and jargon.
7. How do you approach long-term planning and strategic decisions?
- Do you help with forecasting and budgeting?
- Have you advised on investments, acquisitions, or major spending decisions?
- How do you align financial planning with company goals?
Why this matters: A great CFO doesn’t just manage the books—they help shape the future of your business.
8. What’s your availability and communication style?
- How often will we meet or review reports?
- What’s your turnaround time for answering questions or handling issues?
- Do you work solo, or do you have a team behind you?
Why this matters: Even an outsourced CFO should feel like a strategic partner—accessible, responsive, and reliable.
Use all or some of these questions when vetting an outsourced CFO for your business. Want to find out if Business CFO for Hire is the right fit for your business? Schedule a time for a free consultation today.