An Outside CFO can add value to a business.  They  bring expertise in an affordable way, to complement  management’s lack of  high level Financial stewardship. 
Look for the following four qualities in picking an Outside CFO:-

1. Expertise – This is basic.
   1. Do they have knowledge and experience in managing an accounting function? This involves the job roles, systems and routines needed to process data.
   2. Will they be a conduit for new concepts, technology, products/services to improve business processes?
   3.  Do they have knowledge of the legal and regulatory framework.

1. Implementor –This is where work happens.
   1. Is he biased towards implementing his recommendations?
   2. Is he a team builder?
   3. Can he prioritize between (critical) immediate and later tasks?
   4. Can he set himself up to be multi-tasker via delegation to your firm’s team and also ‘roll up the sleeves’ in a show and tell way?

1. Ownership and counsel – Be a sounding board
   1. Does he use his abilities to support business decisions?
   2. Can he articulate the pros and cons in a plain manner?
   3. Can he provide unique insights?
   4. Is he  competent and confident?

1.  Strategic management  This is understanding the raison detre’ – (the reason for our existence)
   1. Can he shape the big picture for the business ?
   2. Does he understand how to conceive and implement a strategy?
   3. Can he respond to changes as it happens ?