Does your company need a virtual CFO?
A traditional CFO (chief financial officer) works in-house, reports to the CEO (chief executive officer,) and handles all of the business’s finances.
A virtual CFO would also manage your business’s financial operations, but this option gives you access to many more benefits.
What is a Virtual CFO?
Both in-house and virtual CFOs focus on your company’s finances. More specifically, their responsibilities include:
- Providing business owners with financial analysis
- Analyzing their cash flow
- Showing them where they’re spending revenue
- Identifying areas for growth
- Helping them set financial goals to help your business grow
When you hire a virtual CFO, their first line of action is typically to review your current financial systems. Once they have some background on your fiscal operations, they can help you streamline your processes and make your business more profitable.
What Does it Look Like to Work with a Virtual CFO?
A virtual CFO acts as a fully staffed financial department. They handle all of the daily financial tasks, but they also take care of your:
- Accounting
- Taxes
- Legal matters
- Investor relations
In addition to all of these responsibilities, a virtual CFO serves as your financial advisor. They guide you on financial decisions that cover topics like budgeting and forecasting, profitability analysis, cash flow management, etc. They’ll help you review your previous financial reports and make a plan for the future. These services will have a tremendous influence on your business.
In addition, working with a virtual CFO compared to an in-house CFO comes with its benefits:
- Less Expensive
- One of the major benefits of hiring a virtual CFO is cost savings. If you hire a virtual CFO, you don’t have to hire an employee, meaning you don’t have to pay a full salary, benefits, bonuses, insurance, etc. Instead, you only pay for the services that your business needs.
- Lots of Experience
- Virtual CFOs typically have multiple clients, so they have experience in your specific industry and market. This means your virtual CFO will be knowledgeable and can provide a better analysis of your finances.
- Work with a Team
- When you hire an in-house CFO, you only get access to one person’s skill set. When you work with a virtual CFO though, you have access to an entire team. Working with a team has many advantages, but one of the best is that there will be several people who can answer your questions, review your financial reports, and offer business advice.
- Additionally, your in-house CFO could leave your business at any time. Then, you would need to interview, hire, and train a new candidate. If you’re working with a team of virtual CFOs, one person could leave, and there would still be several other people who are familiar with your business’s financial operations. Basically, a team of virtual CFOs will ensure that transitions run smoothly.
Is My Business Ready for Virtual CFO Services?
If you’re wondering if you need virtual CFO services, the answer is probably “yes”. But here are a few questions you can ask yourself to discover if you need virtual CFO services.
- Do you constantly worry about cash flow?
- If you’re struggling to manage and predict your cash flow, you would really benefit from the help of a CFO. If you’re starting a new business or if you’ve recently made changes to your business, it can be really hard to forecast how much money you will have coming in. A skilled virtual CFO would greatly help with this task.
- Do you wish you had more insight into your finances?
- Without a virtual CFO, you could be missing out on a lot of valuable information. You might have an efficient financial system, but a virtual CFO will help your business thrive.
- First, your virtual CFO will review your current systems. Then, they will give you a detailed report of your income and expenses, suggest ways your company could grow, and help you set goals to achieve those goals. A virtual CFO goes way beyond organizing your finances.
- Are you lacking the time you need to focus on other areas of your business?
- If keeping up with your finances is tearing you away from other essential aspects of your business, you need to consider outsourcing. Your time and energy are precious, so you want to use these resources on things you are truly passionate about. Allow a virtual CFO to take this item off your plate, so you can focus on growing your business.
Looking for Virtual CFO Services?
A virtual CFO gives your business access to countless benefits and opportunities for growth.
If you’re ready to take your business to the next level, contact Pasquesi Partners today! We offer virtual CFO services and would love to talk with you more about how we can help you grow your business! can provide you with these services.