CFO support services provide finance executives with an added capacity to deal with their growing workload and priorities.
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Finance chiefs can focus on what really matters when they have enough back-end support. With enough accountants onboard, they no longer need to worry about unattended transactional tasks. It also frees them up of the details of everyday work and allows them to focus on more income-generating projects that drive company growth.
But filling roles within an accounting department is tough. Up until this day, the industry continues to grapple with accountant shortage — a concern that seems to give rise to another concern. Along with the growing demand for accountants, companies also need to increase their efforts to retain their top talent, so the latter won’t easily get swayed by tempting job offers.
The good news? With a reliable CFO support service, you don’t always need to deal with attracting and retaining top accountants to keep your accounting department functional.
In this guide, we’ll explain how that is possible. We’ll walk you through:
Let’s start with a refresher of what CFO support services are and what they are not.
What are CFO support services?
CFO support services are outsourced accounting solutions specifically designed to meet the back-office accounting needs of a chief financial officer (CFO) and their accounting department.
Under this setup, outsourced accountants provide services that mirror similar functions you can normally find in an accounting department.
To avoid confusion, note that CFO support services are different from CFO outsourcing services.
CFO support services are meant for assisting accounting departments in handling their routine tasks whereas CFO outsourcing services are meant for businesses that need the financial advice and expertise of actual CFOs.
To put it simply,
> CFO support services are for CFOs who need more support staff in their accounting department. These are delivered by accounting and finance professionals.
> CFO services are for business owners who need more financial guidance. These are delivered by actual part-time or full-time CFOs and other executive-level accountants.
That’s why if you’re a CFO, or someone from your company’s accounting department who’s tasked to check the feasibility of outsourcing accounting support, this guide is for you.
But if you’re a business owner who’s looking to outsource CFO services, don’t fret because we’ve prepared a more suitable guide for you: What is CFO Outsourcing? Benefits and List of Services.
CFO support services you can outsource
CFO support services can be a mix of both transactional and technical accounting tasks.
Third party accounting service providers offer comprehensive solutions more than you can imagine — you just need to ask them about it or send a request for proposal to see who’s capable of delivering the specific solutions you need.
In a real-life setting, the majority of finance leaders start with back-office functions. Accounts payable (65%), accounts receivable (48%), and cash application (31%) are among the top functions they outsource, a 2024 survey revealed.
The list below gives you a more concreate idea of the CFO support services you can outsource.
1. Accounting, bookkeeping, and administrative support
Accounting, bookkeeping, and administrative support services are composed of your routine accounting tasks. Despite their repetitive nature, these are tasks you cannot do without. Of course, that’s if you want to keep your business finances in order and your financial reporting accurate.
It doesn’t necessarily mean, however, that you need to keep them in-house. Your recurring accounting tasks are the easiest tasks to outsource because they’re mostly transactional. They don’t require high level financial expertise either.
Some examples of recurring accounting tasks you can outsource include:
- Report to report (R2R) processing
- Order to cash (O2C) processing
- Procure to pay (P2P) processing
Your chosen outsourcing partner can also help you in automating manual and repetitive tasks. This explains the importance of choosing the right service provider.
2. Financial planning and analysis
If you need some assistance in making quick data-driven decisions, then you must consider outsourcing financial planning and analysis support.
These are more high-level outsourcing solutions. Nevertheless, your outsourced accountants are still working at the back end to help you in areas such as:
With this solution, your outsourced team can do all the preliminary work. This allows you to focus solely on making more complex financial analysis and decisions at a faster pace.
3. Management reporting
Outsourcing management reporting can help you optimize your company’s finances. Through it, your accounting support team can help you with:
- Key performance indicators (KPIs) tracking
Management accountants can also help you monitor project costs and budgets, forecast expenses and profits, and prepare financial statements, among others.
4. Audit compliance and tax management support
Audit and tax compliance can get overwhelming, especially when deadlines are approaching. To assist your internal accountants with the paperwork, you can outsource audit and tax management support.
Keep in mind though that if you choose to outsource to offshore locations, accountants may not have the necessary qualifications to lodge taxes. In such cases, you can let them handle the preparation of reports and returns as your in-house team takes care of the rest.
5. Treasury management support
You can also outsource treasury support roles if you need help in the following areas:
It’s a good-to-have if your organization is undergoing rapid growth or you’re trying to raise capital. It’s because when you outsource, you can process the necessary transactions and reports in a timelier manner.
Benefits of outsourcing accounting support for CFOs
As accounting support outsourcing continues to prove its superiority in delivering quality services, many business executives have started using it as a strategic solution to fill in operational gaps like specialist skills, technology, service delivery, and data security.
Below are more reasons why you should consider outsourcing CFO support services.
1. Cost-effective extension to your in-house accounting department
Outsourcing helps you expand your in-house team’s capabilities for a lower price.
Offshore locations like the Philippines, for instance, have affordable labor costs compared to its Western counterparts. The country also offers competitive tax incentives to outsourcing companies, making the overall costs even lower.
On top of labor costs and taxes, outsourcing also allows you to cut costs in recruitment, equipment, utility costs and office space, among others.
2. Access to qualified talents
If you’re having a difficult time finding qualified talents in your area, offshore outsourcing can be a viable option.
With this option, you can increase your reach in terms of recruitment. This is especially helpful when there’s a skill and talent shortage in your location.
Moreover, most service providers offer end-to-end solutions. This means they’ll take care of the entire process of recruiting, hiring, training, employee management and talent development on your behalf.
3. Increased focus on high-impact activities
Sixty-six percent of finance leaders have expressed a strong desire to allocate more time to strategic planning, according to the 2025 Global CFO Report. To achieve this, they need to apportion their resources to “where it really matters”. In a normal work setting, this means handling less transactional tasks and focusing on more high-level duties.
The challenge arises when the accounting department is spread too thin. If your accountants’ day-to-day tasks are already taking up most of their time, how else can they fit into their working hours the more complex and high-level projects?
With outsourcing, you can focus on doing high-impact activities as your outsourced accountant takes care of your time-consuming admin duties.
4. Industry-standard solutions
Established outsourcing companies deliver services to their clients based on recognized industry standards and certifications. They also follow internal procedures for continuous service quality monitoring and talent development.
5. Readily available resources
In most cases, specialized accounting outsourcing companies already provide the resources you need. This includes accounting tools like Xero and QuickBooks and business analytics software such as Power BI.
6. Scalable solutions
When your company is undergoing rapid business growth, outsourcing helps you scale your operations. It provides the necessary assistance to hire new talents and acquire the equipment you need to start operations.
On the contrary, your chosen service provider can also assist you in scaling down. This way, you can lower your operational costs when your company is going through financial difficulties.
7. Business continuity
Reliable accounting outsourcing companies also have business continuity plans (BCP) to guarantee uninterrupted delivery of finance and accounting support to your company.
Among the common BCP measures are setting up flexible working arrangements and appointing a backup contact person in case your main contact is unavailable.
8. Enterprise-level data security
Specialized accounting outsourcing companies implement strict data security measures. This way, you can rest assured that your sensitive business and financial data are safe from threats.
Steps on finding, choosing, and working with a service provider
Finding the right service provider and establishing a good working relationship with them are two main ways to succeed in your outsourcing journey.
To further prepare you for this initiative, consider these pointers:
a. Tips on finding and choosing a service provider
1. Outsource accounting support to a specialized provider
Not all outsourcing companies are the same. Some providers offer a wide range of back-office services such as customer service, lead generation and data entry. Other providers, meanwhile, only focus on a single area.
To ensure you’ll get quality service, we recommend working with a company with a hyper-focus on the field of accounting. Through this, you’ll be assured of working with accountants who are properly supported by the management.
2. Dig deeper using client reviews and testimonials
The company website is a rich source of information about a provider’s services and unique selling propositions. However, it’s often one-sided.
Reading client reviews and testimonials on third-party sites such as online forums, search engines or social media channels can give you clearer insights into the provider’s quality of service.
3. Learn more about their company culture
Another way to know if a provider is the right fit is by looking into their company culture. If you share similar values and goals, it could be a sign that they’re the right provider for you.
4. Ask about their programs for employees
Service providers with excellent employee development programs are considered green flags. When they care about the welfare of the employees, it only means they know how valuable the latter are in bringing top-notch accounting support to clients.
5. Stay away from companies with rates below the market standard
Good quality service is non-negotiable. As a CFO, what you want is to receive excellent performance from your outsourced accountants.
If you opt for companies offering their services below the standard rates, you’re running the risk of receiving sub-par, headache-inducing service. It may even cause higher financial losses than gains in the long run.
6. Look into the provider’s attrition rates
Be wary of companies with high attrition rates as it could mean poor employee development programs and bad corporate culture. It could even translate to working with different accountants in a short period because the ones before them keep resigning from their posts.
Even if the provider gives you a tempting option, never sacrifice your company’s long-term goals for short-term cost-cutting opportunities.
7. Avoid providers that lack transparency
Stay away from providers that don’t want to disclose critical information. Make sure to be inquisitive enough about their business so you can build an outsourcing partnership that’s grounded in trust.
8. Check their financial standing
Lastly, avoid providers with bad financial standing since they’re more prone to bankruptcy and stopping their operations.
Must-read: Due Diligence in Outsourcing Accounting Services
b. Best practices in working with a service provider
To have a long-term meaningful working relationship with your chosen service provider, check out these best practices:
1. Set realistic expectations
Let your outsourced accountants know what you expect of them right from the start of the outsourcing engagement.
2. Understand the limitations of your outsourced CFO support service
Be familiar with the scope and coverage of your outsourced service, including the strengths and weaknesses of your team.
3. Keep your communication lines open
Always maintain open communication to avoid delays and misunderstandings.
Whenever necessary, set aside time to meet with your team, even if it’s only through video conferencing.
Keep in mind that they’re the extension of your in-house department. By staying in touch, you can build a strong rapport with them and resolve underlying concerns immediately.
4. Assess your outsourced team’s performance
Provide feedback on your team’s performance so they’ll be aware if they’re performing based on your expectations or if there are areas they need to improve.
5. Celebrate and reward good performance
As an extension of your team, you can motivate your outsourced team to do better by recognizing those who go above and beyond your expectations.
Read our latest guide: A CFO’s Guide to Outsourcing Finance and Accounting Services
Right-hand accounting support for the growth-driven CFO
If you’re looking for qualified talents who have the necessary skills, experience and industry knowledge, consider D&V Philippines.
Our accountants have an extensive background in supporting CFOs and other executive-level professionals. Armed with regular training and powerful accounting software, they can help make your accounting processes more accurate and efficient.
Find out more about our accounting solutions for CFO — schedule a call with our team today.
Not yet ready for a call? Feel free to download our whitepaper, Outsourcing for CFOs: Premium Finance and Accounting Solutions for Modern Finance Executives, to discover if we’re the service provider you’re looking for.
This article was first published on 19 July 2023 and updated on 13 March 2025 for relevancy and comprehensiveness.
Updated by: Mary Milorrie Campos
