What are the top 10 best-outsourced CFO services for startups in the USA?
1. B2B CFO
B2B CFO is a leading provider of outsourced CFO services for startups in the USA.
It offers regional sites across the country, giving businesses access to professionals with certifications and experience that meet their specific needs. B2B CFO provides services such as cash flow improvement, bank loan applications, profitability improvements, and more to help companies improve their cash flow, grow profitability and obtain loans.
B2B CFO provides a range of services to help businesses improve their cash flow, increase profitability, obtain loans, plan strategically, and prepare for sale. The company has 26 regional sites across the US and offers a searchable database of experienced professionals with various certifications.
The benefits of using B2B CFO services for startups in the USA include improved cash flow and business strategies. Highly experienced professionals provide these services, having been recognized with awards from Forbes, the U.S. Chamber of Commerce, Inc 5000, and more. Companies can contact a professional in their area based on region or certifications and experience to help improve cash flow, grow profitability, obtain loans and increase value for their businesses.
The cost of these services typically ranges from $200,000 to $500,000 but can be far lower when outsourcing the role of CFO. Outsourcing the role of CFO can save up to 80% on average compared with hiring an in-house finance team. B2B CFOs provide financial analysis, budgeting, and forecasting as well as risk management services that are essential for any small business or startup looking to grow and succeed.
Additionally, there are 26 regional sites where businesses can find a professional who fits their needs at an hourly rate or day/week/monthly fee that ranges from $1,200-$2,000 per month.
The potential drawbacks of using B2B CFO services include the risk of not being able to meet deadlines, the cost of hiring a professional, and potential conflicts that can arise between the company and the CFO. Additionally, there is a lack of control over how the CFO handles certain tasks or finances.
2. GrowthForce
GrowthForce is a provider of outsourced CFO services for startups in the USA. It offers a range of services such as weekly coding reviews, month-end close preparation, balance sheet reconciliation, and more. With their experienced team working with startups, they are able to provide insight into the company’s needs and act as an advisor to the startup in order to guide it in the right direction.
GrowthForce also helps companies make introductions to key people and resources that are needed for success. Additionally, they offer features such as automatic content creation, social media integration, and customer feedback management which makes them one of the best Quilbot alternatives for businesses looking for increased online visibility and customer engagement.
GrowthForce provides services for bookkeeping, accounting, and controller, including reconciling bank accounts, creating KPI scorecards, and fraud reduction. They also offer strategic introductions to key people and resources that are crucial for a startup’s success. In addition to offering financial and advisory services to startups, GrowthForce also provides task management and tracking tools as well as time tracking tools to help companies manage their time more effectively. Furthermore, they offer website design, SEO, social media marketing, email marketing as well as lead generation, and CRM software features to help businesses grow faster.
GrowthForce offers a range of services for startups, including bookkeeping, accounting, and controller solutions. For a monthly fee of $297, clients gain access to exclusive content, tools, and resources that can help automate tasks and improve workflow. Additionally, GrowthForce provides financial advice and reporting from experienced professionals who are familiar with the needs of early-growth companies. The CFO of Early Growth is also an advisor to the startup, helping them with intellectual property rights issues as well as fundraising efforts.
GrowthForce offers a range of services to businesses, including bookkeeping, accounting, and controller services. It can help increase productivity and reduce time spent on tasks. It also provides access to tools and resources that can help businesses grow their leads and sales. Furthermore, it is easy to use and flexible enough for businesses of all sizes. Clients have praised the service for its reliability and helpfulness in navigating complex financial reporting requirements as well as providing invaluable advice on matters such as acquiring new intellectual property or scaling up operations.
Many clients who have used GrowthForce report that it has been a positive experience with no negatives. GrowthForce provides quality support and feedback which is invaluable for businesses in their early stages, as well as introducing key people and resources which can help companies reach their milestones. Additionally, it helps companies focus on their customers rather than worrying about financial reporting and allows them to make better use of their time. There may be some potential downsides such as data overload or spamming customers, but these are not typically associated with using GrowthForce itself.
3. Preferred CFO
Preferred CFO is a professional service geared towards helping startups in the USA access Chief Financial Officer (CFO) services.
The company provides both Outsourced and Fractional CFO services, which offer high-level skills such as budgeting, problem-solving, cash flow issues, and more. Additionally, they can provide specialized services such as systems optimization and capital raising to help their clients reach their goals of financial growth and strategic challenges.
Preferred CFO provides a wide range of outsourced CFO services designed to help businesses scale and accelerate growth. Their services include turnaround consulting, accounting, budgeting, cash flow issues, capital raising, and SaaS-specific solutions. Additionally, the Preferred CFO employs a forward-looking financial strategy that helps organizations plan more effectively and reach higher levels of success through forecasting and budgeting strategies. With their help, businesses can increase value and achieve greater financial stability.
Preferred CFO offers a range of services with varying cost structures depending on the level of help required. Customers can choose between outsourcing or fractional CFO services and the cost will depend on the number of services needed complexity and customizations. Generally speaking, most clients find that Preferred CFO’s rates are competitively priced when considering the value they provide to businesses looking to increase their financial growth.
Companies should consider using Preferred CFO for their outsourced or fractional CFO services as they offer a range of services, including budgeting, cash management, and financial strategy. They are a forward-looking firm that helps companies scale and accelerate growth. Additionally, they provide expertise in diverse topics such as budgeting, cash flow, and systems optimization. Furthermore, Preferred CFO offers specialized services for SaaS companies with the goal of increasing the value of your company and helping you achieve financial growth.
One possible drawback of using a Preferred CFO is that it may not be able to provide tailored services to specific needs. Additionally, it can be expensive for some startups since the prices vary depending on the services required. Lastly, since Preferred CFOs aim to increase value and create strategies, they may not always provide immediate solutions and there could be a delay in addressing any financial issues.
4. CPA on Fire
CPA on Fire is a platform that specializes in providing financial reporting services for online entrepreneurs.
It helps businesses track and analyze their performance data in order to help them grow scalably and increase profits. The platform can be customized to track specific key performance indicators, enabling businesses to make better decisions about their growth and operations. Additionally, CPA on Fire offers accounting, bookkeeping, business strategy, payroll, and tax services which can be used by startups looking to outsource CFO services.
CPA on Fire is an established firm offering a range of financial and advertising services to startups. They can provide assistance with accounting, budgeting, M&A advisory, SEO, and PPC campaigns. CPA on Fire also offers a customizable dashboard that lets entrepreneurs track key performance indicators to help them achieve scalable growth. Their goal is to assist startups in reaching wider audiences with cost-effective strategies that yield the best results possible.
CPA on Fire is included as one of the best Quilbot alternatives because it offers a wide range of services tailored to entrepreneurs. The company specializes in online businesses and provides services such as accounting, bookkeeping, business strategy, payroll, and taxes. Additionally, they have a strong focus on turnaround consulting and capital raising which makes them well-suited for businesses that require these specialized services. CPA on Fire’s reliability and good reputation make them an attractive choice for startups looking for an outsourced CFO service.
5. IgniteSpot
IgniteSpot is a contact center that provides outsourced CFO services for startups in the USA. Through its services, companies have access to weekly or monthly calls with a CFO to discuss growth opportunities and strategies.
IgniteSpot offers financial services such as budgeting, accounting, debt reduction and shareholder communications as well as accounting services including small business accounting, online business accounting, and outsourced accounting. Clients can also get quotes for these services through IgniteSpot which also provides information and support for businesses.
IgniteSpot provides a range of financial services that can benefit businesses of all sizes, including budgeting, accounting, and M&A advisory. With their CFO Services, businesses can manage their cash flow more effectively and forecast the future to reduce debt. Ignitespot also offers bookkeeping services so startups are able to better understand their finances from the start. Additionally, clients have the opportunity to speak with CFOs on a weekly or monthly basis in order to identify growth opportunities for their business. To find out more about what benefits IgniteSpot can offer your business, you may request a quote online.
IgniteSpot offers a wide range of services that are focused on finance and accounting, such as cash flow forecasting, budget creation and analysis, debt reduction, shareholder communications, and more. Through outsourcing CFO services to IgniteSpot businesses can benefit from access to assistance with growth opportunities and strategies. Additionally, IgniteSpot’s CFO Services provides an overview of financial management for small businesses. Businesses that use IgniteSpot can experience faster development times as well as improved quality control for their products. Requesting a quote from IgniteSpot today is the first step towards benefitting your business with the help of their outsourced CFO services.
IgniteSpot offers CFO services at a fraction of the cost of a traditional CFO. Clients can access expert advice every week or monthly depending on their needs, and get a range of services focused on financial management and capital raising. These services include budgeting, cash flow forecasting, debt reduction, shareholder communications, and accounting/bookkeeping services. For a price quote for IgniteSpot’s services, customers can contact them at (855) 694-4648.
6. Peters, Johnson, Staley & Co. CPAs
Peters, Johnson, Staley & Co. CPAs is an established CPA firm that specializes in helping businesses valued at over $1 million to grow and increase profitability.
They offer a wide range of services including turnaround consulting, accounting, budgeting, M&A advisory, and capital raising. The firm is experienced in many different industries such as IT and Tech, dental and medical services, legal services, insurance providers real estate brokers, and construction companies. Peters Johnson Staley & Co. CPAs are able to provide quotes for business taxation and auditing services upon request.
Peters, Johnson, Staley & Co. CPAs provide services such as business acceleration, tax preparation, financial planning, turnaround consulting, accounting and budgeting services, and M&A advisory services. They offer their services at three different levels: Virtual CFOs, Virtual Controllers, and Virtual Accounting. Prospective clients can book a free “Discovery Call” on the company’s website to see if PJS & Co. CPAs is a good fit for them. To request a quote from Peters Johnson Staley & Co., clients can call 844-475-7272.
The benefits of Peters, Johnson, Staley & Co. CPAs include their experience with businesses valued at over $1 million to help them grow and increase profitability. Their core service is business acceleration which can help a business achieve its goals more quickly as well as provide services such as accounting, budgeting, M&A advisory, capital raising, and turnaround consulting. Additionally, they have offices in the United States and can request quotes for clients.
Peters, Johnson, Staley & Co. CPAs services can be requested by calling (844) 475-7272 and the cost of these services can be discussed with a representative. The CPA firm specializes in providing growth and profitability services to businesses with over $1 million in revenue and provides a range of services including turnaround consulting, accounting, budgeting, and more. They also specialize in many different industries such as IT and Tech, dental and medical, legal, insurance, real estate, and construction.
7. Level10 CFO
Level10 CFO is a company that provides fractional CFO and accounting services to businesses of all stages of development.
By leveraging technology, Level10 CFO provides strategic insights to help companies make their business better. Level10 CFO also offers outsourcing services for financial planning and management. The significance of Level10 CFO in relation to the book is that they are responsible for financial planning and management at Level10, thus helping startups in the USA with practical advice on how best to manage their finances.
Level10 CFO provides a range of services to meet the needs of different companies, including turnaround consulting, accounting, budgeting, and M&A advisory services. Level10 CFO is committed to helping businesses make their finances better by leveraging the latest technology and implementing insights gained through its five core values.
Level10 CFO provides businesses with a range of benefits, including improved accuracy in financial reporting, streamlined accounting processes, and the ability to assess the benefit of their existing financial planning and reporting systems. The company also works closely with clients to ensure insights are implemented effectively. Additionally, Level10 CFO is committed to embracing new technology while always prioritizing the best interests of their clients.
Clients of Level10 CFO can expect to pay a fee for the services they receive. The cost will depend on the scope and complexity of the services needed. Generally, Level10 CFO charges a fixed rate plus expenses for their work, which includes turnaround consulting, accounting, budgeting, M&A advisory, and capital raising. Clients can also explore discounted rates based on their specific needs.
The drawbacks of using Level10 CFO include the lack of customized services and the inability to provide tailored advice. There may also be a cost associated with their services, depending on the complexity of the project. Additionally, some clients may find that their turnaround time for projects is slower than what they would expect from an outsourced CFO service.
8. Accountancy Cloud
Accountancy Cloud is a platform that provides outsourced CFO services to startups in the USA. It offers specialized services tailored to fit different types of businesses, such as financial reporting, spending insights, forecasting and budgeting, and payroll management.
Accountancy Cloud’s platform can be accessed via a web browser or their app and offers flexible plans designed to meet the needs of the startup. The platform also allows accountants to store, share and manage files online while allowing them access to professional resources. Communication between Accountancy Cloud and the startup is pro-active and helpful which helps ambitious startups gain flexible access to strategic financial expertise and knowledge.
Accountancy Cloud can help startups by providing a range of services, including financial reporting, spending insights, forecasting and budgeting, payroll management, growth forecasting, complex accounting assistance with taxes, and financial planning and budgeting. They also provide advice on mergers and acquisitions. Their online platform provides detailed reports to make the process easier for startups. They also communicate proactively with their clients to ensure their needs are met.
The benefits of using Accountancy Cloud include better communication with team members, accurate forecasts, and financial health. It also provides the ability to manage finances more effectively, as well as automate tasks such as billing and tax filing which can help save time.
The cost of Accountancy Cloud’s outsourced CFO services varies depending on the chosen plan. There is a range of plans to choose from, each with its own features and benefits.
9. Paro
Paro is an outsourcing service that provides CFO services to startups in the USA. It offers a wide range of services focused on finance, such as business strategy, project pricing, optimizing operations, contract creation, and corporate development.
Paro’s AI technology also provides data-driven insights into businesses to help them improve processes. Paro’s remote professionals and contactless communication system for those with disabilities, helps companies grow their business by automating finance functions and providing access to communication without the need for assistance or devices.
Using Paro for startups can offer a number of benefits, such as reducing communication costs, increasing efficiency, and improving collaboration. Paro’s AI technology can help identify areas where businesses need improvement and provide solutions to help achieve goals more efficiently. Additionally, its network of top-tier financial professionals specializes in helping startups grow their businesses. Paro also provides services such as turnaround consulting, accounting, budgeting, capital raising, and more.
The benefits of using Paro for outsourcing CFO services include access to business solutions, AI technology for insights into businesses, project pricing, optimizing operations, contract creation, and corporate development. Paro also allows professionals to have more freedom from traditional work. Additionally, it provides a way to communicate with pets in an interactive and informative way that is also fun. Through this experience pet owners can also gain information about their pet’s health and behavior.
The main drawbacks of using Paro are that users have to be patient as the automated support for customers with issues with their products can take some time, and it cannot handle more complicated requests.
10. Unit Economics
Unit economics is an important measure that can help businesses determine their profitability relative to the amount they spend on acquiring customers. It also helps stakeholders in the sale process, as it can be included in a Quality of Earnings (QoE) report. Unit economics focuses on a company’s production methods, and it is critical for understanding how much profit can be generated from costs and margins.
Unit economics is the analysis of costs, revenues, and profits associated with a particular business unit or product. It is an important tool for startups to gain visibility into their financial performance at the highest level and identify opportunities for improvement. By understanding unit economics, startups can make better business decisions by recognizing which contracts are more profitable and where they can cut costs.
A CFO with a deep knowledge of customer contracts and industry trends can help startups review their customer contracts to ensure they are in their best interests, as well as identify potential risks associated with the terms of these agreements. With the help of an experienced CFO service provider, startup companies in the USA can get insight into their financial health by optimizing unit economics and managing customer contracts more profitably.
Unit economics can be extremely beneficial for startups in the USA as it helps them to determine their profitability and identify ways to improve their bottom line. A fractional CFO can also help to improve cash flow by speeding up invoicing, increasing collections, analyzing spending, reviewing financial statements, and working with creditors and banks to manage lines of credit. By utilizing unit economics, startups are able to make more informed decisions regarding their finances which can lead to improved profit margins.
The potential drawbacks of using unit economics include the need to have accurate data, the time required to analyze and interpret the data, and a lack of customization when it comes to interpreting results. In addition, since unit economics is focused on short-term profitability rather than long-term vision, it can be difficult for startups to use this method effectively in order to meet their strategic goals.
How to choose a suitable outsourced CFO service provider?
Step 1: Identify the financial services you need
It is important to identify the financial services a startup needs before choosing an outsourced CFO service provider. Knowing the specific needs of a startup can help ensure that they get the best service possible, as not all CFO providers offer the same services and levels of expertise.
By getting in touch with a CFO provider and asking questions such as whether there are problems with customer churn if there are projections on who and what employees need to be hired in order to meet goals, or if there is accurate financial data available, it will be easier for startups to determine which type of financial services best fits their company’s unique situation.
Step 2: Find a CFO with the necessary skills
When choosing a CFO service provider, it is important to consider their skills in budgeting, cash flow forecasting, scenario modeling, and other financial tasks. Scenario modeling is crucial to creating financial stability and helping finance team members become strategic partners.
It can also encourage collaboration and creative/strategic thinking in managers. A provider who has experience in budgeting, cash flow forecasting, scenario modeling, and other financial tasks should be sought out when hiring a CFO service provider.
Step 3: Ensure the CFO has experience in your sector
It is important to ensure that the CFO has experience in the startup sector when choosing an outsourced CFO service provider because they should be knowledgeable about department budgeting, paying bills and prioritizing, profit analysis, cash flow forecasting, payroll management, and more.
They should also have expertise in accounting system design and implementation as well as internal process and risk control design and implementation. This knowledge will help them to better advise on how to manage the finances of the company for growth.
Step 4: Check the CFO’s credentials
It is important to check the CFO’s credentials when outsourcing this service in order to ensure that the individual has sufficient expertise and experience in the industry. Checking their credentials can also reveal how long it might take for them to start providing value, as well as their ability to bill sensibly and adjust according to changes within the company or employer of record.
Additionally, checking the CFO’s credentials helps assess whether or not they have a comprehensive knowledge of financial matters such as budgeting, cash flow forecasting, payroll management, and more. Finally, having background checks on any potential outsourcing provider will help identify any weaknesses in their operations that could affect service delivery.
Step 5: Assess their financial systems strategy & design
Assessing the financial system strategy and design of an outsourced CFO service provider is important because it requires understanding the current and future capabilities of a company, as well as its competitive landscape within the industry.
Additionally, it necessitates knowledge of financial algorithms, trends, budgeting, paying bills, profitability forecasting cash flow, payroll and accounting system design and implementation.
Step 6: Consider their short- and long-term forecasting capabilities
It is important to consider a CFO service provider’s forecasting capabilities because having an accurate financial forecast is essential for any business. A financial forecast allows businesses to plan their year’s financial decisions, create budgets, and ensure that their performance aligns with the company’s goals.
Having access to a CFO who understands how to create strategic forecasts can make all the difference in ensuring that a business remains on track financially.
Step 7: Look at their budgeting and financial projection capabilities
It is important to look at a potential CFO service provider’s budgeting and financial projection capabilities in order to identify any potential red flags or issues early on and make any necessary adjustments.
This can help ensure that the CFO service provider has the resources to support a startup’s current financial projections and extend them as necessary. Additionally, it allows the CFO to use the company’s past financial results as a basis for predicting future performance.
Step 8: Evaluate their customer contract reviews
Choosing an outsourced CFO services provider requires contract reviews in order to ensure that the company is getting the best possible value for their money. Contract reviews also help to identify any potential issues with the provider and make sure that the terms of the contract are suitable for the business’s stage of development.
Additionally, a CFO can provide expert advice on how to negotiate contracts with customers from both a finance and business perspective.
Step 9: Assess their financial reporting and presentation skills
It is important to assess the financial reporting and presentation skills of a potential outsourced CFO services provider in order to ensure accurate financial data and reports.
The CFO should have the necessary knowledge and experience to interpret financial information, create budgets, audit books, allocate stock options, coordinate auditing activities, and provide valuable insights into the company’s overall financial health. Having an experienced professional in charge of managing finances helps startups make sound decisions that can help them grow their business.
Step 10: Check if they offer scenario modeling
Scenario modeling is a tool that provides businesses with insight into potential outcomes and risks, enabling them to better plan for different scenarios. When selecting an outsourced CFO services provider, it is important to consider the skills and experience they can offer in terms of scenario modeling. This type of analysis helps businesses understand the potential implications of worst-case events as well as identify opportunities available during favorable market conditions.
Furthermore, scenario modeling can help support a startup’s culture by encouraging creativity and strategic thinking among managers while also positioning finance as a strategic partner within the business. Studies have even shown that implementing proper scenario modeling techniques can lead to improved performance from teams and increased confidence in their processes.
Step 11: Confirm their compliance knowledge
It is important to confirm that an outsourced CFO services provider is compliant with applicable regulations in order to ensure accurate and up-to-date financial records, as well as properly filing taxes and issuing 1099s to employees.
Additionally, compliance allows for the management of a range of vendors and accounts payable, payment protection, preparation of financial data for Board reports, and cash burn control. Compliance also provides guidance on founder earnouts or continued employment contracts when engaging in negotiations with other parties.
Step 12: Make sure they can provide HR oversight
It is important that the CFO service provider can provide HR oversight to ensure that the company’s policies are properly followed and adhered to. This ensures a safe, equitable, and fair working environment for all employees, which in turn encourages trust and loyalty from these employees.
Moreover, it also helps maintain good public relations with customers, partners, and other stakeholders in the business by showing good governance.
Step 13: Ensure they have legal team liaison experience
Having a CFO service provider with legal team liaison experience is critical for entrepreneurs and startups, as it gives the CFO an understanding of the company’s contracts and legal obligations.
This helps to ensure that the financial statements produced are accurate, allowing for more informed decision-making when it comes to financial matters. Additionally, having someone experienced in liaising with a legal team can provide added security during venture capital rounds by ensuring all necessary documents are present and accounted for.
Step 14: Verify their training and bookkeeping & accounting skills
It is important to verify a potential CFO service provider’s training and skills in order to ensure that they are up to-date and qualified so that the business can be sure their financial needs are met with quality services. Without verifying their credentials, businesses may risk hiring an inexperienced or unqualified provider which could lead to costly mistakes being made.
FAQs
What are the different packages offered by the best-outsourced CFO services for startups in the USA?
The best-outsourced CFO services for startups in the USA offer a range of services, such as financial forecasting and projections, budgeting, financial analysis, scenario modeling, board meeting attendance, and investor deck review and feedback. Many companies like Zeni also offer flat monthly fees that cover all their outsourced CFO services.
This allows entrepreneurs to get the help they need to manage their finances smartly without worrying about hourly charges. Companies can discover more about these CFO services by scheduling a free demo with an experienced financial professional from the company.
What is the average timeframe for the best-outsourced CFO services for startups in the USA?
The average timeframe for the best-outsourced CFO services for startups in the USA is typically 6-12 months.
What is the average number of clients for the best-outsourced CFO services for startups in the USA?
The average number of clients for the best-outsourced CFO services for startups in the USA is typically between $500,000 and $1 million per year. The range of clients can vary from startups with $35MM in revenue to larger companies with $500MM in revenue.
What is the average number of years in business for the best-outsourced CFO services for startups in the USA?
The best-outsourced CFO services for startups in the USA typically have an average of five years of experience.
What are the average number of years of experience for the best-outsourced CFO services for startups in the USA?
The best-outsourced CFO services for startups in the USA typically have an average of 10 years of experience.
What are the average number of projects for the best-outsourced CFO services for startups in the USA?
The average number of projects for the best-outsourced CFO services for startups in the USA depends on the scope and complexity of their financial needs. Generally, a budget of 15-25 hours per month is recommended to ensure that all their financial needs are met.
Services may range from simple accounting tasks to more complex cash flow management and growth strategies. Depending on the level of expertise required, clients may also opt for a Full-Service solution that combines AI with expert human analysis to provide tailored solutions at an affordable rate starting at $549 per month.
