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Why Use a Virtual CFO?

Developing and implementing financial strategy and executing a successful business plan can make or break a company. The Chief Financial Officer (CFO) is responsible for financial controls and operational efficiencies, and works directly with the Chief Executive Officer (CEO), who is mainly responsible for leading and directing a company.

Often in small businesses the CEO ends up assuming both the CEO and CFO roles; however, each of these roles is difficult to perform simultaneously. When the CEO takes his/her eyes off the direction the company is headed and spends too much time on internal control systems, the business loses focus. However, without proper attention to operational processes and internal control systems, the business may not run as efficiently. Having a CFO on board to deal with the "nuts and bolts" of the company allows the CEO to concentrate on leading the company, devoting time and energy to sales, marketing, work quality, and customer service.

The Virtual CFO is similar to a traditional CFO with regard to roles and responsibilities. The main difference, however, is that the Virtual CFO is not on site and works on a part-time basis when you need him. With technological advances the Virtual CFO can do work for the company off-site by remotely accessing data and systems. The Virtual CFO will also meet directly with the CEO, owner, management, or staff on a consistent basis for a review of financial operations and business processes.

For many small business owners it is not financially feasible to hire a full-time salaried CFO. An outsourced Virtual CFO solves this problem by providing financial expertise at a fraction of the cost. The company also saves money that would otherwise be spent on a CFO's employee benefits such as health insurance, holidays, or vacation pay.