What Is A Virtual CFO, Exactly (And Why Do I Need One?)
First of all, what is a virtual CFO exactly? And why does your business need one? Take a look at everything you need to know today.
Keyword(s): virtual cfo
The average salary for a CFO in the United States is $395,820.
If you’re an entrepreneur or a small business owner, this figure might make you panic.
CFOs perform a number of critical functions for growing and maintaining your business. But for many business owners, bringing someone on board at this price point isn’t realistic.
Fortunately, there is a better option. Keep reading to learn more about virtual CFOs and why your business needs one.
What is a Virtual CFO?
As you probably know, CFO stands for Chief Financial Officer. A virtual CFO operates in this position without being a full-time employee of your company.
Virtual CFOs are experts in business and financial operations who work on a contractual basis. They work remotely and usually on a part-time basis.
Hiring a virtual CFO gives businesses access to the benefits of having someone in this role working for their company without the high costs associated with offering them an in-house position. More businesses than ever before now have access to the benefits of working with a CFO.
What Does a Virtual CFO Do?
Virtual CFOs offer financial and business strategic advice to the companies they work with. They use data provided by accountants and accounting software to advise businesses in areas including cost management, planning, analysis, accounting, controlling, productivity management, and more.
An online CFO can also perform special financial functions like managing investor relations and performing audits. Virtual CFOS can evaluate how well your business is performing by looking at incentives, targets, metrics, and value management. They can help your business manage cash flow, evaluate financial risk, and plan for contingencies.
They also prepare financial statements, reports, and provide evaluations of their findings. Finally, virtual CFOs help businesses create and meet their goals, reduce their debt, and identify opportunities for growth.
Why Does My Business Need a Virtual CFO?
Small and medium-sized businesses often can’t afford to bring in a full-time CFO. It can also be difficult to know when is the right time to make that move as you are trying to scale your organization.
With virtual CFO services, your business can get the invaluable insight that comes with having a CFO without making a big financial commitment. Hiring a virtual CFO is a better return on your investment than hiring a full-time employee. Virtual CFO services are highly customizable, and you only pay for what you need.
Does Your Business Need Virtual CFO Services?
As a business owner, visibility into your finances and performance can make or break your business decisions. You can make better and more informed decisions with the help of a virtual CFO.
If you can’t afford a full-time CFO salary or aren’t ready to make that commitment, you can still benefit from the services of a CFO.
Click here to schedule a free consultation today and learn more about how virtual CFO services can transform your business.