Are you thinking about streamlining some of your financial functions to help trim costs and increase your ROI? Or perhaps you want to hire someone to take care of your accounting and financials so you can focus more on the income-producing aspects of your business but don’t have enough in your budget to employ a full-time CFO.
If so, a virtual CFO might just be the ticket to taking your business to the next level.
What Is a Virtual CFO?
The term virtual CFO stands for virtual chief financial officer. A virtual CFO is an outsourced service that provides any given business a professional CFO who can perform highly-skilled financial tasks virtually.
What Services Does a Virtual CFO Provide?
Virtual CFO tasks are the same as any other onsite chief financial officer would perform. For example:
- Full day-to-day accounting services.
- Bookkeeping services for all accounts payable and receivable.
- Payroll and tax processing.
- Sales tax and income tax preparation.
- Financial planning, reporting, and interpretation.
- Financial risk management and strategic planning.
- Expenditure controls and budgeting.
- Low-cost capital acquisitions.
This is the short-list of responsibilities a virtual CFO would perform. Some virtual CFO outsourcing companies allow business owners to customize a plan to fit the business’s specific needs.
What Services Does a Virtual CFO Not Provide?
There are a few things a virtual CFO doesn’t provide. For example, a virtual CFO doesn’t carry any of the company’s legal burdens or perform any human resource functions (hiring, firing, benefits, insurance, etc.)
What Are the Benefits of Hiring a Virtual CFO?
The benefits of hiring a virtual CFO are many.
- They reduce business expenses due to lower overhead costs.
- They generally have multiple industry experience offering your business the unique benefit of multilayered insight.
- A virtual CFO will usually have broader network access to key individuals, organizations, and experts.
- Since a virtual CFO has worked for a variety of companies, he or she will generally be more well known and have more industry credibility.
- A virtual CFO will help boost your profit margins and streamline your business growth.
Why Virtual CFO Services Are a Growing Trend
Enlisting the services of a virtual CFO is a growing trend because startups, as well as other small and medium-sized businesses, are under increasing pressure to find ways to trim their budgets wherever possible and that usually includes cutting the staff.
This is where hiring a virtual CFO can really make a difference because doing so will help a business owner run the company with as little overhead as possible.
What’s Next?
Whether you are ready to hire a virtual CFO now or just have a few questions about how the process works before committing to anything, please Contact Us today. ABusinessManager.com specializes in business CFO services, accounting, bookkeeping, payroll, and other financial services and would love to help you take your business to the next level and beyond.