Do you need a CFO or a financial advisor?

We get this question a lot. A founder raises their seed round, realizes they need help with financial planning, and starts wondering whether to hire a CFO. At most early-stage companies, the answer is: not yet.

Here's how to think about it.

What a CFO does

A full-time CFO runs your entire finance function. Accounting, compliance, tax planning, treasury, financial reporting, board preparation, fundraising strategy, and eventually managing a team of finance hires. They're a senior executive. They cost €150-250k/year in the Nordics, plus equity. And they need infrastructure to be effective — tools, processes, sometimes an accountant or controller underneath them.

At seed stage, there usually isn't enough work to keep a CFO busy full-time. You end up paying a senior salary for someone who spends half their time on tasks a bookkeeper could handle.

What a financial advisor does

An advisor works with you on specific problems: preparing for a raise, building a financial model, setting up board reporting, thinking through pricing or runway decisions. You pay for the time you use. There's no equity negotiation, no onboarding, no management overhead.

The trade-off is that an advisor isn't embedded in your company. They don't see everything. They work with the information you give them and the time you've scoped.

When each one makes sense

Hire a CFO when your revenue is complex (multiple products, international billing, regulatory requirements), you're preparing for Series B or beyond, or your board is asking questions that require deep financial ops to answer. Usually that means you're past 30-40 employees and €2M+ ARR.

Work with an advisor when you need targeted help: a fundraise, a financial model, runway planning, pricing analysis. This covers most companies from pre-seed through Series A.

The hybrid path

Some founders use a fractional CFO — someone who works 1-2 days a week on retainer. This can work well if you find the right person, but be honest about whether you need ongoing financial leadership or just periodic support. A lot of fractional CFO engagements end up being advisory relationships with a fancier title.

What we tell founders

Don't hire a CFO because you think you should have one. Hire one when the complexity of your business demands it. Until then, get the specific help you need without the overhead. Your investors would rather see you spend that €200k on product and growth.