Challenges and Opportunities for Investor-Backed CFOs

Investor-backed companies face an increasingly complex financial landscape—one shaped by geopolitical changes, regulatory requirements, and talent shortages.

To better understand how CFOs at private equity- and venture capital-backed firms are addressing these challenges, Consero surveyed 102 CFOs from growth-stage companies in North America. All respondents lead companies with annual revenues between $10 million and $200 million, spanning sectors such as software/technology, professional services, and healthcare.

Explore our 2024 CFO Survey to uncover the most pressing issues CFOs face, including reporting complexities, technology investments, talent shortages, and more. We’ll also compare the experiences of CFOs who leverage finance and accounting partners versus those who do not.

Our research is this whitepaper identifies disparities in financial management between CFOs who utilize third-party partners or advisory services and those who do not, with partnered CFOs reporting better audit and funding event preparedness, and more efficient financial processes.

Today’s investor-backed CFOs are turning to finance and accounting partners to navigate complexity and build confidence. According to our survey, 79% already work with a partner—and those who do report feeling more prepared for audits and funding events. While timely reporting remains the top challenge across the board, CFOs say their greatest gain from partnership is improved accuracy and consistency in financial reporting.

High Adoption of Finance & Accounting Partners

• 79% of CFOs surveyed already work with a finance and accounting partner.
• These CFOs cite improvements in financial reporting accuracy, reduced time spent on managing finance teams, easier access to skilled professionals, and overall cost savings.

Accelerated Preparedness for Audits & Funding

• 74% of CFOs working with a partner feel fully prepared for their next funding event.
• 67% of partnered CFOs also report full readiness for the next audit, compared to only 52% of CFOs without a partner.

Timely Reporting Is a Top Concern

• Ensuring on-time financial reporting ranked as the number-one challenge for CFOs overall.
• CFOs not using a partner face additional hurdles, including skill gaps in staffing, high turnover, and deficient reporting systems.

Streamlined Financial Closes

• Only 35% of CFOs with a partner took 21 days or more to close the books, while 48% of CFOs without a partner needed at least 21 days. This points to significant efficiency gains from outside partnerships.

AI on the Rise

• 74% of investor-backed CFOs already use AI tools in financial reporting, with another 24% planning to incorporate them within two years.
• CFOs foresee AI helping with automation, data accuracy, process streamlining, and closing talent gaps—while remaining cautious about data security and regulatory risks.