What is a Virtual CFO?
Are you looking for a way to boost the success of your business? The truth of the matter is that your business is only as strong as its finances. This may seem obvious, but it can also be challenging when it comes to pinpointing exactly where your business needs to improve with respect to its financial activities—its strengths, weaknesses, and financial planning. This is where a CFO comes in handy.
What is a CFO?
A CFO is a Chief Financial Officer. He or she is the senior manager who is in charge of overseeing a company’s financial activities. This includes financial planning, monitoring cash flow, analyzing the company’s financial strengths and weaknesses, and creating plans for improvement.
Why is a CFO important?
A CFO reports back to you, providing you with accurate and up-to-date financial reports when you need them—including when you are in the process of considering a new business opportunity. The financial analysis the CFO provides is integral to how the company manages its income and expenses; he or she can provide an analysis on potential business endeavors to determine whether or not they are worth the risk. This information will play a huge role in the success of the business.
As your business grows, it becomes increasingly more crucial that you incorporate a CFO into your operations. Simply having an accounting department isn’t enough. You need someone to oversee the whole financial sector of your operation so he or she can analyze and assess the bigger picture.
However, this may not be the right time for you to hire a full-time CFO. You might have an accounting team that can handle the majority of financial management, or, while your business is growing, it may not be big enough for a full-time CFO to be a cost-effective measure. Whatever the reason, the fact that a full-time CFO isn’t right for your business doesn’t mean you have to put undue pressure on your current staff, nor does it mean you need to miss out on the benefits a CFO has to offer. A virtual CFO may be able to help instead.
What is a virtual CFO?
A virtual CFO is alternatively known as an outsourced CFO, and may refer to a single person or entity. A virtual CFO, or vCFO, performs all the duties of a CFO on a contract or part-time basis. This means he or she can be made available when his or her services are needed—for instance for special projects, when financial expertise is required, or simply when an experienced third party is needed to evaluate a situation—and you don’t have to worry about paying for the times you don’t. It’s a cost-effective way to get the services your business needs, but you also gain access to a team of experts with professional knowledge and top-level resources to provide your business with the best services available.
Ensuring your business has support in all the right places as it grows toward success is an important step in securing its long-term strength and endurance. If you are looking for a virtual CFO to help you achieve the financial support your business needs, contact us at AF Accounting. Our experience, analysis, and insight can provide your business with all the benefits of executive financial support. We can be the asset your business needs to truly thrive, so get in touch with us today!