Outsourced CFO Community Gains Momentum

The Maryland Association of CPAs and its center for learning and innovation, the Business Learning Institute, has helped plant the seeds for a community of professionals who call themselves outsourced CFOs.

That community now includes the MACPA’s new Outsourced CFO Task Force, a group of MACPA members who are interested in promoting outsourced CFO services and sharing resources.

The task force officially went public recently by hosting the MACPA’s Outsourced CFO Community Forum, a gathering of MACPA executives as well as outsourced CFOs and those who use their services. The event was a platform for sharing issues that impact the outsourced CFO community, lessons learned from those who have made the journey, and insights from leaders of firms that offer outsourced CFO services.

“I see this community as the third branch the personalized business application of the private company CFO with the ability to oversee and advise multiple companies at once,” says Barrett Young, former member of the MACPA’s board of directors. “The group of firms seeking to add this service within their existing companies surpasses the group of sole practitioners and dedicated outsourced companies. This is not a niche idea any longer. Larger firms are paying attention. The time to move on this is now.”

“It might be the first time I’ve seen a niche service that spans the entire range of our profession,” says MACPA executive director Tom Hood.

“Outsourcing jobs to independent contractors can go in waves with businesses, but with the help of the MACPA I hope we can continue to educate the small to mid-size business community that the skills of a CFO are something every business needs – if only on a part-time basis,” says Kelly Jennings, founder and CEO of Quincy CFO and a former member of the MACPA Board of Directors. “For the sake of businesses at every stage out there, I hope outsourced CFOs become commonplace.”

View Tom Hood’s presentation from the event here, and the forum report here.