Virtual Cfo Services


Many companies are able to grow–and even grow quickly–but far fewer are able to sustain and support that growth through the long-term. A virtual CFO isn’t going to offer anything you don’t already have. If you’re lacking a CFO, however, then hiring a virtual CFO comes with a number of benefits.If you’re struggling to maintain or grow profitability, and you don’t know why, a virtual CFO may be the right person to add to your team. Most virtual CFOs specialize in one industry while working with a handful of different clients across various sectors. This enables them to demonstrate a deep, relevant understanding of your business while still drawing from the lessons learned in widely varied scenarios. Your needs at the $1 million revenue mark will be different from your needs at the $10 million mark, and so on. A virtual CFO can help you navigate through different growth phases from a financial perspective. virtual cfo services While this may be true in some sectors—we’re looking at you, AI virtual assistants—it is not the case with virtual CFOs. Since your virtual CFO has worked with a wide range of different companies, they will have developed an extensive network of contacts. If you’re launching a startup, there are a number of roles that you need to fill straight away such as CEO and marketing manager. Many companies now prefer remote contractors vs. employees because of all the benefits that come attached to contractors. Driven Insights founder, author of “Competitive Advantage through Financial Management”, writes about informing business decisions. Let us show you the financial reports that prepare CEOs for decisive action.

Services Offered

With their help, you can be in a position to step ahead of the other organizations in your niche. This characteristic also translates to affordable rates for each of the CFO’s customers. As a client, you’ll benefit from this diverse pool of experience and expertise while enjoying your virtual CFO’s deep, hyper-relevant competency. A good virtual CFO also recognizes that they are, most likely, a temporary solution. A virtual CFO who does the job well will become redundant as the company grows into a position to hire an in-house CFO. A virtual CFO can help transition your company from an outsourced CFO position to one that’s in-house, when the time comes. An e-commerce apparel company financial needs are very different from, say, a pharmaceutical R&D lab.Your provider may see that your system would work more efficiently with new software with a balance of price, performance, security, and stability. Your organization may not be in need of these services at present, but if you are or anticipate being in need, it would be wise to ask about these offerings up front. This usually consists of light advisory and analysis help, but don’t expect the provider to take on a months-long due diligence project on a moment’s notice. We walk you through the progression of increasingly reliable, robust accounting practices — from organizing your bookkeeping process and ledger transactions all the way to advising your mergers.Expanding the delivery of basic services and moving into a broader, advisory role. The public accounting profession includes many different types of firm. These range from single-employee bookkeeping firms to larger practices with outsourced accounting divisions. That’s a problem, because many small businesses fail within the first three years.

Talk To A Virtual Cfo Today

We can bring the benefit of best practices and existing resources. Our services include financial reporting and analysis, budgeting and forecasting, and service provider relationships. With outsourcing, growing companies harness the expertise of highly skilled professionals at a fraction of the cost of attracting and retaining a full-time executive. The virtual CFO provides their expertise to a number of clients, splitting their time among them. Our expert HR consultants have delivered services for all types of companies, aligning people for success. virtual cfo services A virtual CFO is an outsourced service provider offering high skill assistance in financial requirements of an organization, just like a chief financial officer does for large organizations. Understand how CPAs and other finance and accounting professionals are well positioned to be virtual, strategic business partners for these companies. Comprehensive outsourced accounting and CFO services for businesses of all sizes. This allows a company to get the benefits of having a CFO without having to pay someone to fill the role full-time. It allows a business to fill the gap until they’ve grown to the point when then they can hire a CFO full-time. A virtual CFO is a person or business that offers the services of a CFO, but does so remotely through phone calls and video conferences, and usually on a part-time basis. Here’s where you can come in and help business owners determine what to do with all of the rich data provided by a cloud-based accounting system like FreshBooks.

Want More Helpful Articles About Running A Business?

Sometimes someone with an outside perspective can see things that you may miss. The next step to becoming a virtual CFO would be to develop an offering. Not all CFO services offer help with taxes, payroll, or accounts payable, for example.Many small businesses don’t even know that their accountant or bookkeeper can do much more than just compliance and tax work. Some clients will still choose basic services, but over time you can offer added value by providing useful insights. As the client grows to know and trust you, the advantage of working with you in an advisory capacity will become clear. We have several experienced virtual CFOs on staff with high-level experience in dozens of industries.

  • This is a great way for smaller businesses to gain the experience of a high-level CFO without the cost of a comparably-experienced in-house CFO.
  • If you’re a growing service-based business that now needs professional financial advice, but can’t afford a full-time Controller, our Controller Services are a perfect fit.
  • That’s a problem, because many small businesses fail within the first three years.
  • Many startups choose to leave the job of hiring a Chief Financial Officer, or CFO, until later.
  • A CFO used to be all or nothing, but now, businesses can hire virtual CFOs on a flexible and part-time basis.

At this point, we’re not just assisting you with tax returns, but also with more strategic planning. We’re experts in laying a solid financial foundation to help your business accelerate. In the USA, Virtual CFOs earn between $55 and $250 an hour, as per their level of expertise.

What Do Virtual Cfo Services Offer?

As executive recruiters for finance positions and HR, our extensive vertical expertise, existing network of candidates, and state-of-the-art tools support quick delivery of candidates. Always, vcfo works as trusted advisors, working with your team to solve the most complex business and operational issues. You’ll have one distinct point of contact, a project manager of sorts, which will enhance efficiencies such as time, money, and management. If you’re a growing service-based business that now needs professional financial advice, but can’t afford a full-time CFO or controller, our Virtual CFO Services are a perfect fit. Scaling, or even planning for future growth adds complexity to your financial infrastructure. Access to our Virtual CFO-level of financial & operations experience gives you more resources to focus making the most informed decisions possible, and growing your business. Part of our virtual CFO’s role in the company is to help your internal team support your new elevated financial strategy. virtual cfo services Offering virtual CFO services is a win-win for both you and your potential clients. For example, you don’t have to pay virtual CFOs benefits such as paid holiday and paid medical leave, like you would with a traditional employee CFO. The virtual CFO often delivers the final monthly report in a single, easy-to-read PDF. The Virtual CFO service should be able to give you a 90 to 120 day roadmap of everything that will occur in this time period. This roadmap is a crucial first piece in the engagement with the service provider. If your foggy understanding of your business’s financials inhibits your ability to make decisions, working with a virtual CFO may be a good idea.

Youre Experiencing Rapid Growth

Basic services like compliance, financial statements and tax returns can still be profitable. But they should be relegated to the bare minimum package your firm will provide to a new client. Because virtual Chief Financial Officers are frequently hired by smaller start-ups, they’ll be expected to handle some of the more fundamental financial chores like bookkeeping and reconciliation.Changing your business philosophy and engaging with clients as a business advisor instead of a service provider. Cloud accounting software gives you real-time reporting and analytics features. Scaling your business and looking for a flexible, thoughtful and strategic partner? Onboarding a workforce, maintaining relationships with financial partners and financial forecasting might be in your immediate needs, but a full-time CFO position isn’t in the immediate budget. Engagements can range from one day a week to 3-4 days a week, with the flexibility to end the arrangement at any time after a 6-month contract. Ideally, this will be when your business has grown enough to need the services of a full-time CFO. A virtual CFO will have had experience with a wide range of different systems and products.Unlike a CEO, the CFO is primarily focused on the financial aspects of a business. And unlike the CEO of smaller businesses, the CFO doesn’t wear the marketing hat, the salesperson hat, or the HR hat. Their expertise is focused solely on financial matters, freeing them to be the main financial strategist for the business and a strategic business partner. However, CEOs are also busy running their primary business, so minimal time is invested in learning about key financial metrics and gaining deep insights from financial data. Our executive growth kit is a sample of each of the reports that we use for helping organizations in each stage of growth.In the end, you’ll have a team member who knows your business and can help hold you accountable as you work to reach clearly-defined goals. Want to gain full control over your firm’s finances but aren’t sure where to start? Each step you and your Ignite Spot CFO take together gives you more and more financial insights into every aspect of your business’s money-making engine. You may need better visibility into corporate spending as GlobalEd did. Or you may need to know exactly where to cut costs to survive a global health event, as Kaka’ako Kasuals did. The key is to understand why they’re happening so you can take the necessary steps to right the financial ship. Using a cloud-based accounting system with in-depth reporting and analytical tools.

Why do I need a Virtual CFO?

More Accuracy in Your Financials. Critical issues such as budget planning and cash flow forecasts, among others, call for accuracy. A vCFO has the expertise to make your financials more accurate for you to work off better data that gives you higher chances of succeeding.According to September 2020 data from, the average salary for a chief financial officer in the United States is around $385,000. A virtual CFO’s scope of work typically depends on the organization’s size, industry, and unique financial needs.

The Changing Face Of Accounting

These regular meetings also allow for further assistance if things start to get off track with the ability to quickly pivot your plans as needed throughout the year. A CFO is an extremely strategic hire for businesses off any size to have. Our virtual CFOs will take a look at your cash flow, vendor contracts, compensation strategy, and more to ensure you’re getting as much from your products or services as possible. In most cases, changes to your resource or inventory management, vendor contracts, and how you utilize your existing cash can have huge benefits to your bottom line.There is currently no official requirement as to the qualifications that a virtual CFO should hold. However, it is generally expected for a virtual CFO to have finance related university degree, professional accountancy qualification and sufficient relevant experience. Average monthly investment for our Growth & Profitability Advisory services is $8,500/month.Communication is usually handled via phone or video conference with a service like Zoom or GoToMeeting. Document sharing may be handled by email or a document management solution like Box, SmartVault, or Google Drive.Do your research carefully when deciding which cloud accounting software is best for you. Read our guide tomoving your accounting practice to the cloudto help you make the right choice. The bank account reconciliation is one example of how the cloud can save you time and money. Cloud accounting software can do it much faster, connecting to online bank and credit card accounts that are also in the cloud. Daily bank transactions are fed into the accounting software and matched to the corresponding transaction. So it’s not only a good idea to use cloud technology – it’s essential. Firms that don’t adapt will face decreasing revenue as their services become more commoditised.

Virtual Cfo Proven Process

Controller servicepartners you up with an experienced Controller who works with you to help guide your business to success. If you’re a growing service-based business that now needs professional financial advice, but can’t afford a full-time Controller, our Controller Services are a perfect fit. We get into more strategic cash flow management and dynamic forecasting. If you’re ready to scale, this kind of dynamic forecasting is a critical component of your future growth.