If you’re running a small or medium-sized business, you may not have the need (or budget) for a full-time CFO on staff. But that doesn’t mean you can’t benefit from the expertise and guidance of a qualified financial professional. A Virtual CFO (or Outsourced CFO) can provide many of the same services as an in-house CFO, but at a fraction of the cost.
How can a Virtual CFO help my business?
As your business grows, it can be hard to find time to balance your day-to-day operational tasks and the responsibilities of managing and overseeing the financial aspects of your business. When you don’t have the budget for a full-time accounting role, a virtual CFO can be a great solution until your business scales up to the next level.
A Virtual CFO can help your business in a number of ways, including:
– Providing financial analysis and advice
– Developing and implementing financial strategies
– Creating budgets and forecasting cash flow
– Managing financial risks
– Overseeing accounting and bookkeeping functions
– Preparing financial reports
What are the benefits of using a Virtual CFO?
At SME, our CFO team partners with business owners to help optimize finances for their business needs today and develop plans supporting future growth in the years ahead.
Here are just some of the benefits of partnering with our CFO team:
– Cost savings: A Virtual CFO is typically much less expensive than an in-house CFO.
– Flexibility: You can use a Virtual CFO on an as-needed basis giving you the flexibility to scale up or down as your needs change.
– Access to expertise: A Virtual CFO can bring a wealth of experience and knowledge to your business.
– Objective perspective: A Virtual CFO can provide an objective perspective on your business’s financial situation.
How do I find a qualified Outsourced CFO Partner?
So how do you find a Virtual CFO who is qualified and experienced enough to meet your needs? Here are a few tips:
1. Look for someone with experience in your industry.
While a Virtual CFO can provide valuable insights and guidance no matter what industry you’re in, it can be helpful to find someone who has experience working with businesses like yours. They’ll provide more targeted advice and may have a better understanding of the unique challenges you face.
2. Make sure they have the right qualifications.
Just like an in-house CFO, a Virtual CFO should have the proper qualifications and certifications. Be sure to ask about their education and training, as well as, any professional memberships or affiliations they may have.
3. Check their references.
As with any important business decision, you’ll want to make sure you’re working with someone who others have found to be qualified and trustworthy. Ask potential CFO partners for references from past clients and be sure to follow up with those references to get honest feedback.
4. Consider their fees.
Virtual or Outsourced CFOs typically charge by the hour or project, so you’ll want to have a budget in mind when you start your search. Be sure to ask about their fees upfront so there are no surprises down the road.
5. Ask about their availability.
Depending on your needs, you may want to find a Virtual CFO who is available on an as-needed basis or someone who can commit to a set number of hours each week. Be sure to discuss your needs and expectations in this regard upfront to avoid any misunderstandings down the road.
Looking for a CFO? We can help.
If your business is on a path toward growth and you’re looking for expert guidance on the financial aspects of your business, our CFO team would love to connect with you. Get in touch today.