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Everything You Need to Know About Virtual CFO Services

When you’re starting or growing a business, it’s important to have the right financial advice and support in place. This is where CFO services can be incredibly helpful – by providing expert guidance and support on everything from budgeting and forecasting to strategic planning and more. Virtual CFO services are where expertise meets flexibility and are ideal for businesses that are not yet in need of a full-time CFO and need flexible access to an expert to help guide their decisions.

We’re taking a closer look at Virtual and Remote CFO offerings and sharing some of the ways they work to benefit small to medium-sized businesses.

What are Virtual / Outsourced CFO services?

A Virtual or Outsourced CFO is an outsourced service provider offering high skill assistance for the financial requirements of an organization. The benefit? They work with you remotely, offering their time and expertise on an as-needed basis.

Virtual CFOs typically have experience working in senior finance roles within a variety of businesses and industries – so they understand the challenges and opportunities that come with running a business.

What is the experience of working with a Virtual CFO?

When working with a Virtual CFO, you can expect regular communication and updates on your business financials. They will provide expert insights and analysis on your current situation as well as offer recommendations for improvements. Virtual CFOs work closely with business owners to ensure they have the information they need to make sound decisions.

What services can a Remote CFO provide to a business?

A Virtual or Outsourced CFO is very similar to an in-house CFO without the expense of bringing this person into your organization full time. They oversee the financial planning, maintain and report on the financial activities, and manage financial risk of the business.

Services offered by a Virtual CFO often follow the financial pyramid of needs.

In the basic level, a Virtual CFO is expected to be the bookkeeper of the client and must take responsibility for the accuracy of the account books and interpret the financial information from the accounting data to the client. They make take responsibility for executing or overseeing the reporting process.

On the financial strategy side, they are the financial and strategic sparring partner for the CEO. They are responsible for being proactive and suggesting measures to control expenditures, advising on acquiring capital, and other strategic growth and financial oversight initiatives.

Get the Financial Support You Need from an Outsourced CFO

Each and every business is unique which means that each client’s financial needs are different. Our Virtual CFO programs allow our partners to tailor the support to fit the specific needs of their organization. Here are just a few of the ways SME CPAs CFO Services are helping Small Businesses:

  • Budget and forecasting
  • Comprehensive and detailed financial reporting and analysis
  • Deep insights on business finances
  • Analyze financial and operational data for trends
  • Analyze financial trends and budgets to identify issues and opportunities
  • Review financials, develop insights, make recommendations, and formulate strategies to support business growth
  • Cash flow management
  • Strategic planning and execution
  • Advice on the latest software and tools to make business processes more efficient
  • Preparation and presentation of monthly and quarterly financial reports as well as review end-of-year financials
  • Identify and evaluate the possible impact of new products, new service offerings, or new business initiatives
  • Developing reliable cash flow projection processes and forecasting models
  • Review debt-reduction strategies

What Kinds of Businesses can benefit from using a Virtual / Outsourced CFO?

Having CFO-level financial support is a major asset for any business looking to grow. This type of service is especially beneficial for small to medium-sized businesses that do not have the budget to hire a full-time, in-house CFO. With SME CPAs’ outsourced CFO services, our team of experts provide strategic value while working closely with your tax accountant to get the biggest value out of your dollar and tax savings at the end of the year.

What are the benefits of Virtual CFO Services?

There are many benefits that come with working with a Virtual CFO, from affordability and flexibility to expert insights and peace of mind. Here are just a few of the reasons our clients continue to trust SME CPAs with their Outsourced CFO needs.

Affordability

First and foremost, you gain access to experienced financial professionals without having to pay the high salary or overhead costs of an in-house CFO. For many small businesses, there is a sticker-shock moment when it comes to bringing a CFO in-house, once you consider salary, pay benefits, and bonuses. A Virtual or Outsourced CFO gives you access to high-level knowledge and expertise while managing cost.

Flexibility

Another benefit is that you can use Virtual CFO services on an as-needed basis. This allows businesses to scale up or down their CFO services depending on their current needs. Virtual CFOs are also great for businesses that are expanding rapidly and need extra financial support to keep up with the growth.

Expert Insights

In addition, Virtual CFOs can help businesses save money by providing expert insights on opportunities to improve efficiencies and reduce costs.

Peace of Mind

Finally, Virtual CFOs can provide valuable peace of mind by taking on some of the financial responsibilities and risks of running a business, so that business owners can focus on other aspects of their company.

Ready to take your business finances to the next level?

When you work with SME CPA’s CFO Team, your business will have access to an entire team of experts helping you run the financial side of your business. Our CFO partners also have access to our tax team meaning you’ll be able to get the full financial picture of your business in one place.

Throughout the year, our CFO and Tax teams work together to mitigate any tax implications that might arise in your business and keep the financial stability of your business top-of-mind.

Ready to take control of your business finances? Get in touch with our CFO team today.

Contact Us

Have a question or want to discuss your specific need? Contact Us or submit your inquiry using the form below.