What can a Virtual CFO do for Your Business? | proCFO

Whether your business is large or small, you can benefit from having a virtual CFO.  As a business owner, you have a lot of challenges to deal with and little time to focus on every detail of your business.

Many businesses owners try to do it all.  As a result, they miss opportunities and make mistakes that leave their businesses vulnerable.  This is where an offsite CFO can help.

Virtual CFO services provide you with quality control over your bookkeeping, risk management, financial planning, and so much more.

Every entrepreneur has a vision for their new business. But without proper financial management, your business will suffer.

Let’s take a look at how your business can benefit from hiring a virtual CFO.

Save Money

Hiring virtual CFO services is much less expensive than hiring an in-house CFO. Small businesses and startups may not have the cash flow to hire a full-time CFO.

A virtual service may be the perfect solution.

Using an outsourced CFO service will save you money on employee benefits, office space, technology, and more.

A remote CFO only bills you for the time they spend focused on your business. Depending on your needs, this can vary from month to month.

You get the business expertise you need without the overhead price.

Multiple Industry Experience

Virtual CFOs have experience working with many types of businesses across multiple industries. This experience adds value to your business.

A CFO understands financial trends and the economy. They can offer guidance to help you grow your business and increase your bottom line.

An offsite CFO isn’t emotionally attached to your business. So, their objective viewpoint provides perspective on what’s going on with your business based on factual data.

Virtual CFOs don’t focus on one particular industry, so they can provide a multilayered perspective. They’ve seen it all before.

Their goal is to meet your company’s needs and take your business to the next level.

Flexibility

Many offsite CFOs are part of a large outsource service. Normally, you will work with one particular CFO. But that CFO may be working behind the scenes with a group of people helping to meet the needs of your business.

This gives a remote CFO networking capability that an in-house CFO may not have at their disposal. As a business owner, you know the hassle you face when key employees take sick leave, vacation days, or simply quit.

With virtual services, if your CFO isn’t available, the service continues. Another member of the team takes over.

If, in time, your business needs a change and you no longer require the services of your CFO, the company will provide someone else to meet the new challenges of your business.

Financial Reporting

When you are busy trying to run your business day-to-day, you don’t always see the true picture of your overall financial stability and performance. You may have a bookkeeper and still not have the standardised formatting and accurate financial reporting you need.

This can be a headache when it’s time to prepare documents, make financial forecasts, and handle taxes. A CFO can help you assess and analyse your financial data and provide a solid strategy for moving forward.

One of the perks of an offsite CFO service is the in-depth analysis of your company’s financial health. A CFO who understands the financial metrics of your business can help develop strategies to grow your business and your wealth.

Making Necessary Cuts

It’s hard to make cuts in regard to your business. You may think cuts require personnel changes or reducing employee benefits, but that’s not always necessary.

Sometimes small systematic changes over time can make a huge difference for your business. A remote CFO can help you understand what changes need to take place for your business to grow.

Having another pair of eyes to oversee your company’s financial decisions can help you streamline services and get the most for your money.

Sometimes cuts and personnel changes are necessary. Having the advice of a seasoned CFO will help you feel more comfortable making necessary changes and adjustments along the way.

Improve Efficiency

As a small business owner, you wear many hats. Obviously, your main goal is to make a profit and provide a valuable product or service.

Trying to stay on top of accounting and finance issues while trying to run your business can stretch your time and productivity. When you are scattered in many directions at once, some aspects of your business will suffer.

Having a CFO in your corner can improve your company’s efficiency. Allow them to focus on the core-business process while you focus on other aspects of your business.

Adaptability

Outsourced CFOs have experience in multiple industries. They’re familiar with a variety of personality types as well.

They will work to adapt to your team without causing chaos or infringing on anyone’s ego. An experienced CFO is ready to meet whatever challenge comes their way.

Whether your business is expanding or facing some serious obstacles, an offsite CFO has likely seen and handled similar situations before.

Even if you present them with a new problem or concept, they’ll meet the challenge and keep your business moving forward.

Plans for Growth

Every business owner wants their company to grow and prosper. But too many entrepreneurs have a dream but lack the financial finesse to take their business to the next level.

That’s the perfect scenario for an outsourced CFO. They will work as a partner to help you develop a stronger business model and develop winning strategies for growth.

They can help you identify your strengths and central challenges while allocating your resources to the best possible advantage.

 

A Virtual CFO Adds Credibility

An outsourced CFO comes with a proven track record. They’ve worked with multiple businesses facing a variety of challenges.

 

You’re don’t have to worry about someone coming in and taking over your business. They work with you to help move your business forward and achieve success.

An experienced CFO comes with a network of contacts with the potential to help your business in many ways.

Whether you’re hoping to expand, sell, or restructure your business, a virtual CFO can help you achieve your business goals. Contact us today to get started.

  • A great combination of technical & people skills, strong business development focus.

    Simon Creek, Managing Director HHG Legal Group
  • A professional who is part of your business to assist its growth & deliver a better way.

    Mark da Silva, Concept Marketing
  • Vital business planning, ability to come up with alternatives was invaluable.

    Andrew Slomp
  • Instrumental in expanding… became the framework of our success…

    David Egerton-Warburton
  • Keeps client’s interests at heart at all times, very versatile business expertise.

    Raghav Mehra, HR Catalyst
  • The proCFO team are the utmost professionals.

    Marama Carmichael
  • Fantastic service from proCFO team of professionals.

    Aaron O’Brien
  • proCFO has been beyond helpful in giving direction and helping our business.

    Donna Cortese
  • Chris Bowey