Knowledge Centre
Every business needs a finance department, but not every business can afford to keep it in-house. That’s where outsourced professionals step in, offering services that range from basic bookkeeping to strategic CFO support.
1. What You Need to Know
Outsourcing the finance function means hiring external professionals, like CIBA Chartered Business Accountants in Practice (CBAPs) to handle all or part of a company’s financial operations. For SMEs, it’s often the most efficient, flexible, and cost-effective solution as don’t need (or can’t afford) full-time financial staff at each level. Outsourced professionals fill this gap, allowing small businesses to access the skills of a full finance department without the overhead.
Outsourced finance roles mirror in-house roles. Here’s how:
Outsourced Bookkeeper → captures transactions and reconciles bank accounts.
Outsourced Financial Administrator → handles payroll, EMP201s, VAT, UIF.
Outsourced Financial Accountant → compiles AFS and submits to CIPC/SARS.
Outsourced Financial Manager → oversees compliance, budgeting, internal controls.
Outsourced CFO → provides board-level financial strategy, funding advice, and risk oversight.
2. Why It Matters to You
There is a massive market: Thousands of small businesses need finance support but can’t hire in-house. That’s your opportunity.
Flexible income: You can serve multiple clients at different levels, offering monthly packages or project-based services.
Higher value: Outsourced professionals are often seen as more experienced and can charge accordingly when they deliver strategic insights.
Build trust and scale: SMEs often grow with the same outsourced provider. Start with bookkeeping and grow with them into CFO-level advisory.
Aligns with CIBA’s model: As a CBAP or BAP(SA), you’re already equipped to offer many of these services with clear pathways to add more through licensing.
3. Key Rules, Standards, or Requirements
Companies Act – even outsourced, you must ensure the business complies with record-keeping and reporting requirements.
Tax Administration Act – you’ll often handle VAT, payroll, and income tax duties.
CIBA Practice Licences – certain outsourced services (like tax or independent review) require additional licensing.
ISRS 4410 / IFRS for SMEs / Ethics Codes – these apply to outsourced compilers and advisors.
Client Contracts & Engagement Letters – essential for scope, liability, and clarity.
4. How to Apply / Use This Insight
Identify where your current skills fit in the outsourced finance hierarchy (bookkeeping, accounting, advisory, CFO).
Market yourself with clarity. Define your scope, your designation, and your value clearly to clients.
Use CIBA resources to add licences (e.g., Tax, Independent Review) and expand your service offering.
Package your services, monthly retainers, bundled offerings, or specialised reports for recurring revenue.
Communicate outcomes to clients. Show how you improve cash flow, compliance, and strategic direction.
5. Common Mistakes to Avoid
Overselling your role, calling yourself a CFO while only providing bookkeeping services damages trust. Be clear and honest about what you offer
Skipping the paperwork. Operating without an engagement letter leaves you legally exposed. Always define your scope, responsibilities, and fees in writing.
Standing still while clients grow. If you don’t upskill, your clients may outgrow you. Invest in CPD and licensing to stay relevant and retain long-term business.
Assuming clients know what you do. Most clients don’t understand the difference between bookkeeping, accounting, and advisory. Take the time to explain your role and the value it brings to their business.
6. Need Help?
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