When Should a Startup Hire a CFO? A Stage-by-Stage Guide
Most startups need a full-time CFO later than founders think. The finance team by stage and ARR, seven signs to hire, and what a CFO costs in runway.
Read moreCFO consulting and advisory that starts with your decision.
ControlFi offers CFO consulting and advisory services for founders and established companies. Start with the decision, not the job title.
Which ControlFi service do you need?
Many companies need two of these. A founder raising a round usually needs a financial model first and fractional CFO support around it. A business preparing for sale usually needs a valuation and outsourced CFO oversight of the numbers buyers will test.
- Fractional CFOA startup or scale-up, bootstrapped or venture-backedRaising, hiring ahead of revenue, extending runway, reporting to a board
- Outsourced CFOAn established business with an accountant or controllerLender relationships, working capital, reporting quality, exit readiness
- Financial ModelingAny company that needs a model it can defendA raise, a budget, a lender case, a pricing or hiring plan
- Business ValuationAny company facing a transaction or valuation questionA sale, a raise, a shareholder buyout, a board or tax decision that needs a value
How every engagement starts
Scope review call.
We talk through the decision, the numbers you have and your timeline. If ControlFi is not the right fit, we will say so.
Written scope.
You receive a proposal with deliverables, cadence and fee: a monthly retainer, a project fee or a day rate, depending on the work.
Diagnostic first.
Every engagement starts by testing what is reliable in your current numbers, so nothing is built on a bad base.
CFO consulting vs CFO advisory: what is the difference?
The terms overlap, and firms use them loosely. In practice:
- CFO consulting is project work on a defined problem: a model, a valuation, a board pack, a lender case.
- CFO advisory is ongoing senior counsel: a regular rhythm of forecasting, reporting and decisions, usually on a monthly retainer.
- A fractional CFO takes on the CFO role part-time, owning the finance agenda rather than advising on it.
- An outsourced CFO takes over the finance function for an established business, working alongside its accountant or controller.
ControlFi works in all four ways. The table above shows where to start.
More on how ControlFithinks about thisMore on how ControlFi thinks about this
Practical guides to hiring finance leadership, building reliable models, and understanding the numbers behind your business.
Frequently asked questions
What are CFO consulting services?
CFO consulting services give a company senior finance expertise on a defined project, such as a financial model, a valuation, a fundraising plan or a lender case, without hiring a full-time chief financial officer.
What is the difference between CFO consulting and CFO advisory?
Consulting is usually project-based, with a defined deliverable and end date. Advisory is usually ongoing, on a monthly retainer, covering forecasting, reporting and decisions as they come up.
Do you offer remote CFO services?
Yes. Engagements run remotely by default, with shared models, a regular call cadence and written reporting. On-site sessions are arranged where the work needs them.
Do you work with small businesses?
Yes, where there is a decision that needs CFO-level work. Fractional CFO support usually makes sense from roughly $1 million to $2 million of revenue, or earlier if you are raising or taking on debt. Below that, a reliable bookkeeper and accountant usually come first.
How much do CFO consulting services cost?
It depends on scope. Published US rates for fractional CFOs run $3,000–$12,000 a month, and project work such as a financial model or valuation is usually priced as a fixed fee. See our guide to fractional CFO cost for current market rates.
Can you help us raise money?
We prepare you to raise: the model, the metrics, the data room and a view on how much to raise and when. ControlFi does not introduce investors, contact or pitch them, or negotiate terms on your behalf, and takes no fee contingent on a round closing.
Not sure which service fits?
Book a scope review call. We will tell you which service fits, or whether you need one at all yet.