Benefits of a Virtual CFO
Gone are the days where large businesses, with what seems like infinite funds, are the only ones needing CFOs. Most businesses, regardless of size, can benefit from the expertise of a CFO. They can guide and steer your business in the right direction. With today’s technological advances, you can even reap the benefits of a CFO in a virtual capacity. You may be thinking to yourself ‘is a virtual CFO even worth it?’ Virtual CFOs provide many benefits a traditional CFO does, at a fraction of the cost.
Virtual CFOs provide your business with all the great benefits of an in-house CFO. However, you are not liable for the financial burden of hiring a full-time employee. In-house CFO’s expect higher salaries, bonuses, and other amazing benefits; rightfully so. When hiring a virtual CFO, many of these expenses do not exist for your business. You pay for the services you desire, which ultimately reduces your business’ costs.
Businesses are like snowflakes. They may look similar, but no two businesses are the same. Virtual CFOs allow you to tailor the conditions of their services to meet your business’ needs. Currently, you may have the need for a full-time CFO, but six months from now that need may decrease. While a virtual CFO deals with the financial side of your business, you will have more time to focus on what you do best.
CFOs are subject matter experts (SME) responsible for managing business’ financial operations and strategy. With a virtual CFO you get access to a team of experts versus one expert. Having a team working for your business provides a vast amount of knowledge, to meet your business’ needs. The resources a team will provide are something an in-house CFO does not have. Also, a traditional CFO usually has experience working for one or two industries. However, a virtual CFO has experience working with multiple industries.
Virtual CFOs possess skills and expertise to foresee your business’ woes. This allows them to assist in your business’ financial affairs. Providing financial advice in areas like strategic planning, forecasting, and cash flow management to help your business grow. A virtual CFO ultimately can provide a roadmap for growth. This roadmap not only delivers your business’ goals, but also focuses on how to achieve these goals.
There are many benefits of a virtual CFO. They reduce costs, provide flexibility and expertise, and promote growth. Our team specializes in these services and would love to discuss your needs.
Contributed by Elizabeth Partlow