Does your company need to hire a Virtual CFO?
If you need to run your business effectively and efficiently and have a competent financial department, you must have a Chief Financial Officer in your team to manage the financial actions of your company.
In fact, most small to medium businesses fail in the first thirty-six months of operation because they cannot afford the fees of a CFO or a qualified finance expert which results in a lack of:
- Accurate bookkeeping
- maintaining budgets
- tracking profits and loss
- managing cash flow
Now more than ever, a CFO full-time job is vanishing since companies are looking to run lean, while cutting on expenses, reducing staff, and outsourcing when possible. This has led to a new trend of hiring consultants and enlarging the market demand for Virtual CFO services, which allow business leaders to have the right finance expert to grow their business and succeed without the full-time commitment.
Why hire an outsourced CFO?
As a Business Leader, you are probably asking yourself
How do we run on as little executive overhead as possible without missing out on making the right decision?
Well, you do not have to, hiring a VCFO gets you the flexibility of accessing the expertise only when you need it, without committing to it full-time.
The four main technical assistance a virtual CFO should provide
Now, how to choose the right outsourced CFO for your business?
With the right part-time CFO you can receive an independent view on how to increase cost efficiently and grow your business accordingly.
The outsourced CFO will work with you and your fellow management team members to provide insights and bespoke financial guidance that will help your business soar.
An outsourced CFO should:
Not only focus on financial standpoint but also on operational and strategic viewpoint to help you identify your goals and achieve them.
Build an intensive roadmap based on your company’s demand.
have a monthly scheduled meeting with your company to review and discuss the financial reporting package. However, with the flexibility of being available at other times as questions come up or when information is needed.
As for the scope of work of a VCFO, it typically depends on your company’s size, industry, and customized financial needs. The virtual CFO can interpret your financial results on regular basis while preparing and monitoring your monthly financial statement, reporting and evaluation.