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.
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79% of investor-backed CFOs report working with a finance and accounting partner.
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CFOs who work with a partner feel more prepared to face their next audit and funding event than CFOs not working with a partner.
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The number one challenge all CFOs face is ensuring financial reporting is done in a timely manner.
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The biggest benefit CFOs receive from working with a finance and accounting partner is improved reporting accuracy and consistency.
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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.
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.
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.
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.
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.
When it comes to preparing for critical events, such as audits and fundraising, partnered CFOs stand out. By leveraging an external finance and accounting team, these CFOs free up time, streamline processes, and gain specialized expertise.
Investor-backed CFOs operate in fast-paced, high-expectation environments. Beyond typical tasks like bookkeeping and reconciliations, they often juggle post-merger integrations and intricate funding structures.
Timely financial reporting ranks as the top challenge, followed closely by establishing clear financial processes and integrating systems after mergers and acquisitions. For those without a partner, recruiting skilled finance talent and dealing with system gaps further complicate the landscape.
79% of CFOs have turned to finance and accounting partners to outsource specialized tasks and optimize costs. These partners often serve as a strategic extension of in-house teams, providing both on-demand expertise and technology resources.
Whether your company faces M&A complexities or struggles to find the right finance talent, third-party partners offer a range of services. This includes FaaS (Finance as a Service), CFO advisory, technical accounting, and more, ensuring CFOs have the infrastructure to scale smoothly.
For CFOs who leverage external partners, the payoff is increased reporting accuracy, reduced operational overhead, and immediate access to specialized talent and systems.
Our findings show how CFOs benefit from outsourced finance and accounting solutions, revealing that improving financial reporting speed and accuracy remains the top priority.
CFOs increasingly view AI as an essential tool to automate repetitive tasks, enhance data accuracy, and address staffing shortages. Generative AI, in particular, promises faster knowledge sharing and smoother financial close processes.
Although many CFOs acknowledge AI’s potential, they remain vigilant about data security and regulatory compliance.
By integrating cutting-edge technology and leveraging specialized finance expertise, CFOs free themselves to focus on higher-level priorities. Adopting an agile, partnership-based approach to finance sets companies on a faster trajectory toward scale, funding success, and regulatory readiness.
As CEOs, CFOs, and investment managers seek ways to streamline and scale financial operations amid growing complexity, this survey makes it clear that finance and accounting partnerships deliver vital support.
Those who engage these partners gain in reporting efficiency, talent access, and technological sophistication—ultimately being better prepared for audits, funding events, and growth-focused initiatives.
By embracing advanced solutions like Finance as a Service and leveraging emerging AI technologies, CFOs can offload operational burdens and focus more on strategic opportunities, ensuring they’re well-equipped to guide their companies or portfolio investments toward sustained success.
Consero Global LLC
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Austin, TX 78703
866.588.0495
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