Minimizing overhead costs is a must for every business, especially in this pandemic. This is why more and more companies are seeking the help of virtual CFO services. These outsourced financial management solutions can help cater to your unique business needs.
Similar to an in-person CFO, a virtual CFO offers analytical, management, and reporting services – minus the high costs of employing one.
What a Virtual CFO Do For Your Company
As with an in-house CFO, a virtual financial expert can help with the following business activities:
- Managing cash flow
- Managing and controlling costs (including labor)
- Budgeting funds annually
- Analyzing metrics
- Reporting financials, including key performance indicators
- Planning debts
Apart from these basic services, a Virtual CFO can assist with implementing the following solutions:
- Hiring and managing a controller who can keep the staff focused/aligned with the company’s goals
- Ensuring accurate financial reporting for transparency and compliance
- Providing consultation services to help the company plan ahead
- Supporting the accounting and auditing teams to enhance processes and resolve any issues
- Identifying redundancies to boost financial efficiency and growth
Why You Need to Hire a Virtual CFO
Now that you know what a Virtual CFO can do for your business, here are some reasons why you need to hire one now:
Getting a virtual chief financial officer is cheaper. You can get the same promising results without the need to pay hundreds of thousands of dollars every year.
Even with their affordable fees, Virtual CFOs offer the best value for your money. That’s because they have years of experience (and positive results) under their belts. They can provide valuable insight and support with areas that need the most help.
More importantly, these experts can readily offer customized solutions. That said, you don’t need to pay for anything that your company doesn’t need.
How Much Will a Virtual CFO Cost?
The fee depends on the services your business requires. However, it’s sure to be cheaper than employing an in-house CFO.
How Does the Onboarding Process Go?
Typically, a Virtual CFO Services Company will first assess your business – including its objectives, transactions, and documentary requirements. It won’t charge any fees before it recommends any solutions or services.
Once you hire a virtual chief financial officer, the onboarding process – which takes anywhere from a few weeks to several months – will commence. This usually covers an extensive evaluation of the company, its objectives, and current financial situation.
After so, your Virtual CFO will proceed with creating reporting models and organizing the record books.
With data in hand, your virtual officer will publish a report that focuses on areas that need assistance. He/she will also make recommendations that could help the company ensure stability and efficiency.
After these processes, your Virtual CFO will attend/hold meetings, discuss financial reports, and brief your team as agreed upon – either weekly or monthly.
There are so many benefits that come with hiring a Virtual CFO Services Company. With their help, your business can perform better – and save more money along the way!