Toptal is a marketplace for top part-time chief financial officers. Top companies and startups hire part-time CFO services from Toptal for their critical finance challenges.
Derek is a finance expert with 20+ years of corporate development and M&A experience and expertise in business analysis, financial modeling, and financial and strategic planning. He has been an M&A sell-side advisor on $1 billion in small-business transactions and projects and an in-house finance and corporate development executive for major corporations. Derek's experience includes leading cross-functional teams at Sony, EY, EMI, Acuity Eye Group, PSI Services, and Woodbridge International.
A dynamic CFO, Andrew built and sold a CPA firm offering contract CFO services and led a management buyout that generated a 5.0x net cash-on-cash return for investors on a $4 million investment. Andrew possesses extensive expertise in accounting, finance, investments, and tax. He enjoys quickly learning about new industries and opportunities while providing concise insights for investment funds and private equity-backed companies as a freelance.
Arnaud is CFO consultant. After an international corporate career of 20+ years working at prominent players like Veolia and PwC, he ventured into the startup space as a co-founder and CEO. For the past seven years, he has been helping small and medium-sized businesses scale up, adopt more sophisticated practices, and tackle increasing complexity. Arnaud appreciates the opportunity to engage with various visionary, demanding, and talented stakeholders.
Animesh has 15+ years of experience in asset classes, including startup investments, venture capital, private equity, real estate, equities, fixed income, structured products, and fund investments. He is an expert in PowerPoint (preparation of pitch decks, investment memorandums, transaction decks, strategic M&A due diligence reports) and Excel (detailed financial modeling, including startup models, M&A models, LBOs, Macros, VBA, data tables, valuations, accounting, and management dashboards).
Mikhail is a senior finance executive with 20+ years of experience, an MBA from the University of Chicago Booth School of Business, a PhD in economics, and a robust financial, operating, and global business background. With robust leadership, analytical, and problem-solving skills, he is a finance and strategy expert in the FMCG, retail, and eCommerce industries. Mikhail has experience working with multi-billion companies like Metro Cash & Carry, Global Fashion Group, L'Etoile, and IFF.
Tory is a Stanford graduate and partner at Tiller Partners, a US-based VC with over 20 investments and $100+ million AUM. He enjoys freelancing to reinforce his nearly 20 years of experience in strategy (Disney, Fox) and finance (Oaktree, Merrill Lynch). Tory also has a deep background in entrepreneurship and operations, as the COO and CFO of a venture-backed fintech startup and co-founder of a digital publishing firm with a Top 50 iTunes ranking podcast and over 2 million downloads per month.
Nika is the CFO/deputy CEO of a technology-focused investment firm operating under an FTSE 250 company. Before that, Nika was head of strategy, analysis, and investor relations at the major holding company in Georgia, with $1 billion in sales. He analyzed and evaluated portfolio companies with a total value of $1 billion. Nika enjoys freelancing on startups, fundraising, financial modeling and valuation, investment analysis, and CFO jobs.
An MBA from Duke University and a CFA, Vinaya has led M&A projects in the US, India, and Africa, managed debt and equity raises in large companies and startups, hedged FX and commodities using derivatives, and supported one of the largest IPOs. He has worked as a CFO at Bent Pixels LLC (US), GM India, Bira91 (Sequoia-funded), and Hindustan Zinc Limited. Vinaya enjoys working as a part-time CFO and on diverse and challenging projects in M&A, fundraising, financial strategy, and treasury.
Alec executed over $5 billion in corporate, private equity, and venture capital transactions during his tenure at Swiss Re Principal Investments Company and Tencent, the leading internet company. He co-founded a financial advisory company in Hong Kong, advising companies in China, Southeast Asia, and Central Asia. Alec enjoys freelancing because it allows him to connect and collaborate with other passionate business founders to seize opportunities and challenges together.
Johan began his career with PwC, advising on some of the most prominent private equity transactions in the UK and the Nordics. Following a decade as an M&A advisor, he took up a position with a billionaire investor, focusing on turnaround investments, including a US publicly-traded company where he was parachuted in as CFO. Johan held the position of CFO and COO for ConnectedLife, a medical technology company, successfully raising $2.5 million over Zoom during the COVID lockdown in Spring 2020.
Hiring a part-time CFO confers a number of benefits to companies in transition or crisis, bringing stability, expertise, and fresh ideas when they’re needed most. This hiring guide explains what to look for in a part-time CFO candidate.
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Testimonials
Martin so far is a complete Rockstar.
His first bit of work produced a tool for us to model and forecast our financials and is far and away worth every penny we paid and more.
Just thought I’d share that with you.
Pete Pellizzari
CEO
Erik has been an extremely valuable member of our team who has tremendous breath of experience with start ups in our lifecycle phase. What makes his contribution unique and highly effective is not only his excellent financial modeling skills and knowledge, but also the emotional intelligence with which he manages each relationship at Vault, understands our team dynamics, and helps us tackle start up challenges effectively. It is rare to find a part-time consultant who makes you feel like he/she is genuinely invested in the success of your company.
Romy Parzick
COO
Toptal has been an incredible key partner for Sidekick. As an early-stage start-up, we’ve leveraged both design and financial talent. The experience has been incredible, with those professionals bringing creativity, expertise, and advice to ensure Sidekick succeeds. My Toptal financial expert helped steer Sidekick’s business model, which resulted in an initial ROI of 650x! My experience with Toptal has given me great confidence in the future.
Doug MacKay
Founder / CEO
Chris was great to work with and was always available on my schedule. His communication skills and personality were a 10/10. His outputs on the project were top notch and allowed us to develop more efficient forecasting and initiative prioritization frameworks. I would definitely use Chris again.
Chris Pozek
CEO
What really sets Toptal apart is the caliber of finance talent available in their network. I had a very specific and pressing need, and Toptal quickly matched me with the perfect person for the job. The expert produced a thoughtful and robust financial analysis that has ultimately allowed us to forecast and prioritize initiatives much more efficiently.
Chris Pozek
CEO
How to Hire Part-time CFOs Through Toptal
1
Talk to One of Our Client Advisors
A Toptal client advisor will work with you to understand your goals, technical needs, and team dynamics.
2
Work With Hand-selected Talent
Within days, we'll introduce you to the right part-time CFO for your project. Average time to match is under 24 hours.
3
The Right Fit, Guaranteed
Work with your new part-time CFO for a trial period (pay only if satisfied), ensuring they're the right fit before starting the engagement.
EXCEPTIONAL TALENT
How We Source the Top 3% of Part-time CFOs
Our name “Toptal” comes from Top Talent—meaning we constantly strive to find and work with the best from around the world. Our rigorous screening process identifies experts in their domains who have passion and drive.
Of the thousands of applications Toptal sees each month, typically fewer than 3% are accepted.
The first step of the screening process is a comprehensive English language and communication evaluation. We also assess personality traits, seeking only those who are passionate and fully engaged in their work.
STEP 2
In-depth Skill Review
7.4% of applications pass
We test each applicant’s technical knowledge and problem-solving ability through various assessments. Every member of the Toptal network is an expert in their domain, and we typically only advance candidates with exceptional results in this phase.
STEP 3
Live Screening
3.6% of applications pass
Toptal screeners, who are experts in their functional domain, interview each part-time CFO. Our screeners provide specific live exercises, looking for problem-solving ability, depth of experience, communication ability, and creativity.
STEP 4
Test Project
3.2% of applications pass
Each candidate is assigned a test project to evaluate whether they can “walk the walk.” Test projects take 1-3 weeks and are comprehensive and provide real-world scenarios for candidates to demonstrate their competence, thoroughness, professionalism, and integrity.
STEP 5
Continued Excellence
Top 3.0% of part-time CFOs
As a quality-first company, we demand the best from our talent, so they can deliver the best to our clients. This principle permeates every Toptal engagement and delivered project. Only the top 3% of management consultants can consistently perform at this level.
FAQs
How quickly can you hire with Toptal?
Typically, you can hire part-time CFOs with Toptal in about 48 hours. For larger teams of talent or Managed Delivery, timelines may vary. Our talent matchers are highly skilled in the same fields they’re matching in—they’re not recruiters or HR reps. They’ll work with you to understand your goals, technical needs, and team dynamics, and match you with ideal candidates from our vetted global talent network.
Once you select your part-time CFO, you’ll have a no-risk trial period to ensure they’re the perfect fit. Our matching process has a 98% trial-to-hire rate, so you can rest assured that you’re getting the best fit every time.
How do I hire part-time CFOs?
To hire the right part-time CFO, it’s important to evaluate a candidate’s experience, technical skills, and communication skills. You’ll also want to consider the fit with your particular industry, company, and project. Toptal’s rigorous screening process ensures that every member of our network has excellent experience and skills, and our team will match you with the perfect part-time CFOs for your project.
How are Toptal part-time CFOs different?
At Toptal, we thoroughly screen our part-time CFOs to ensure we only match you with the highest caliber of talent. Of the more than 200,000 people who apply to join the Toptal network each year, fewer than 3% make the cut.
In addition to screening for industry-leading expertise, we also assess candidates’ language and interpersonal skills to ensure that you have a smooth working relationship.
When you hire part-time CFOs with Toptal, you’ll always work with world-class, custom-matched part-time CFOs ready to help you achieve your goals.
Can you hire part-time CFOs on an hourly basis or for project-based tasks?
You can hire part-time CFOs on an hourly, part-time, or full-time basis. Toptal can also manage the entire project from end-to-end with our Managed Delivery offering. Whether you hire an expert for a full- or part-time position, you’ll have the control and flexibility to scale your team up or down as your needs evolve. Our part-time CFOs can fully integrate into your existing team for a seamless working experience.
What is the no-risk trial period for Toptal part-time CFOs?
We make sure that each engagement between you and your part-time CFO begins with a trial period of up to two weeks. This means that you have time to confirm the engagement will be successful. If you’re completely satisfied with the results, we’ll bill you for the time and continue the engagement for as long as you’d like. If you’re not completely satisfied, you won’t be billed. From there, we can either part ways, or we can provide you with another expert who may be a better fit and with whom we will begin a second, no-risk trial.
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How to Hire a Part-time CFO
Why Hire a Part-time CFO?
Why would business owners just want a part-time chief financial officer (CFO) when this position is a key player in any business? If your business is growing fast, or you have complex accounting projects to implement, or even an important fundraising event coming up, hiring a CFO is the obvious solution. Traditionally, this would manifest in the form of a search for a full-time, in-house executive, but choosing fractional CFO services can bring certain strategic advantages. For example, consider the following scenarios:
Hiring your first CFO: Key hires are critical for startups and new small businesses. Getting them wrong can be costly from a time and financial perspective. Hiring a fractional CFO allows management to dry test the role, see what results it brings, and determine the specific needs your company has for the ideal candidate.
Firefighting: An experienced outsider can come in and solve a complex issue or launch a new initiative using a specialized skill set or earned knowledge from having already done the same thing for other organizations.
Caretaking: If there is a short period where the CFO chair is vacant (garden leave, parental leave) a part-time fractional or interim CFO can come in and maintain continuity in the finance function.
Getting a jolt of new ideas: At times, companies can become myopic in their views. Bringing an outsider into the CFO role for a period of time can allow for fresh ideas from someone whose goals are very transparent.
Closing: If there is a significant funding or exit event approaching, a part-time CFO can lead the business over the line. With timing and bonus-related advantages, this can be a strategic and cost-effective way of achieving the desired result without paying a full-time CFO salary.
A seasoned part-time CFO comes with the flexibility of no termination fees and the license to roll the contract over on a weekly basis. The position could also change throughout the year, giving the opportunity to bring in specialists to tackle specific business needs in financial operations, budgeting, financial management, mergers, or financial planning.
There are four key pillars to the role of the CFO; in this hiring guide, we will look at these roles in the context of how a fractional CFO may be required and can help. Each section will also detail desirable characteristics that such a role requires.
Accounting
While they will not necessarily be preparing cash flow statements, developing financial forecasts, or performing day-to-day bookkeeping, a CFO does drive financial strategy and has to sign off on all financial reports and defend them to management, investors, and regulators. Control is a key element of the role, along with ensuring that financial records are presented in a timely, accurate, and informative manner.
The accounting process for a team with a full-time CFO should be a well-oiled machine. Controllers and accountants will prepare the finances and the CFO will communicate business decisions down the chain, review the figures, and report them upward. However, when seeking a part-time CFO, there is likely to be a more hands-on role required of them in the accounting process. Perhaps:
The process is a mess. Cracks may have been papered over before in processes such as reconciliations.
A modernization process is required with software.
New strategic insight is required for the board pack and reporting channels.
The team needs to be trained for new business units/incorporating acquisitions.
What to look for: Outsourced CFOs will require a strong set of project management and delegation skills. An ability to communicate clearly and inspire a potentially jaded/overworked accounting department also cannot be overlooked. When assessing CFOs for this role, pay attention to their most recent roles and the prestige of their last company. A CFO who has worked in a large, traditional organization may not have received enough exposure in recent years to changing accounting technology and may not be able to cope with the stress and flux of an accounting clean-up operation.
Treasury
CFOs also oversee the treasury function of an organization and, depending on the size of the company, they will delegate day-to-day management of it to a treasurer.The main concerns and responsibilities of the CFO are the following:
Liquidity: Working capital management and availability of credit lines
Capital structure: Asset liability management and balance sheet composition
A strategic CFO will view the balance sheet as a ship that they sail—one that can be powerfully maneuvered to the benefit of the organization. During the financial crisis of 2008, balance sheets became the focal point of all businesses. Strategic CFOs were those that were both defensive and proactive to this. They pivoted their capital structures toward longer-dated liabilities and shorter-dated assets, giving their businesses the breathing space to operate and prepare for future opportunities.
The best CFOs are those that sit with a commercial hat on and view their role as a business generator, not a supporter. If working capital management is poor, a company might be bleeding money away on unnecessary interest payments on borrowing. On the other side of the coin, unnecessarily high cash reserves are a sign of a CFO that doesn’t have creativity or proactivity.
What to look for: From an accounting perspective, a CFO will need book smarts and project management, but for treasury functions, a strong understanding of the financial markets takes over. Prior experience dealing with financial instruments will ensure that they are privy to the machinations of foreign exchange risk and the suffocation that poor working capital management can enact on new business growth. A CFO with a treasury background in banking will be exceptionally strong on the liquidity side, but perhaps not so much on working capital. Conversely, a CFO with a manufacturing background will deviate to the opposite. Choose a candidate whose experience best aligns with the most pressing treasury needs in the organization.
Capital Markets
Treasury duties are mostly concerned with cash flow from operations. In terms of cash flow from financing, a far bigger picture is required. Tapping capital markets and managing investors is a role that a CFO must instigate and lead; funding the company with significant capital ranging from small angel rounds, through to IPOs and then institutional bond issuances.
Capital can be raised through debt or equity, from public or private sources. The CFO should be able to clearly inform the management team both when the company should be raising and what type of instrument they need. The previously mentioned areas of accounting and treasury lead into this role, as effective management of those responsibilities will provide perfect insight as to when capital needs to be raised.
Part-time CFO services are often sought for roles like tapping the capital markets. If the founding team is not experienced in this area, their negotiation power can be boosted by bringing in a skilled operator to lead the process. Again, this demonstrates the value of a part-time CFO, where special financial expertise can be brought in for a specific project. By the time a startup is raising Series A, where a priced round is being negotiated, they must be prepared to ensure that the appropriate funding arrives at a fair valuation. Yet, for early stage companies looking for seed rounds, it is more important to have a CFO that has the creativity to find investors and communicate the long-term vision for the business. Bringing in different part-time CFOs for different stages of fundraising can be strategically critical for startups.
What to look for: In addition to direct experience with capital raising needs similar to your company’s, consider soft skills. While the CEO is an important public figurehead for companies, the CFO also plays an important role communicating the financial side. They are expected to be made available to investors to provide deeper color to the financial statement numbers. Being able to communicate a vision for the company based on numbers, not rhetoric, is important. A part-time CFO also works closely with your company’s chief operating officer, CEO, and other C-suite team members, so when assessing candidates for this role, pay attention to their confidence and communication skills.
Business Strategy
Effective CFOs provide a different perspective in both the boardroom and on the business front line. They can be the voice of reason that drive revenue growth through margin expansion, pointing out cost savings and maintaining the cadence between making sales and making profits.
A CFO will have no particular bias to a certain business line, geography, or customer. Their metric is the financial stability and health of the company and, for that, they can be a crucial form of impartial advice at a strategic level. The viewpoint of a CFO can be more long-term than other divisional heads, because their responsibilities involve time horizons measured in years rather than quarters.
According to Ernst & Young, when CFOs were asked to assess their contribution to overall strategic planning, the majority of respondents say that their most valuable input is across all strategy, as opposed to specifically within the realms of financial guidance:
What to look for: Candidates that have a diverse mix of operating and financial roles throughout their career have the kind of long-term thinking that makes them good strategic partners—especially those who have worked in sales or product development, where they can then marry the needs of the revenue generators with the support staff. When interviewing part-time CFOs, you need to find someone who can grasp the business quickly and hit the ground running. Ask them questions related to your business—perhaps pose a commercial problem to them—and see how they respond. A confident and well-rounded CFO will relish this opportunity.
In Conclusion
Gone are the days where CFOs were mere bookkeepers. These financial experts are a powerful contribution to the management arsenal. While full-time CFOs are the end goal for most companies, part-time CFOs can offer unique benefits: The more diverse career experience that they have, the more they will be able to offer. Aside from paying attention to their classical training in finance (the bedrock for the job), look for a commonsense approach to commerce and ability to grasp the bigger picture and link parts of the business together.
