What is a Virtual CFO?
So why do you need a Virtual CFO? It is clear that times have changed. The way that companies think about their workforce has to change with it to adjust to the new normal. The days of having ONLY in-house staff and leadership to perform services and create goods are becoming a thing of the past. With all of the reliable virtual and outsource solutions, top talent has realized that the drives to and from the office are no longer necessary for them, they can work from the comfort of their homes. As business owners, we have to be sure that we’re doing what’s necessary to attract and keep top talent in our organizations. This means using more virtual solutions, which also opens the door to the price savings and the other benefits of outsourced virtual “non-employee” solutions.
At this point, we all know that there are many roles & positions that can be outsourced. Some of the most popular examples are marketing, IT, and admin… BUT did you know that you could also outsource key roles like the Chief Financial Officer (CFO) and Chief Operating Officer (COO)? Okay, you’re reading this blog, so of course you had an idea. Just go with it.
Whether in-house or outsourced, the Chief Financial Officer or CFO is the accounting and finance leader of an organization. The CFO delivers reliable financial insights and strategy that help to guide the company forward. Opting for an outsourced virtual CFO, allows an organization to cut the robust full-time executive employment & benefit costs while still getting the benefits of having a CFO on the team. This is a win-win for most organizations that don’t require the “full time, in the office” solution.
Let’s imagine that your company is growing. There is no doubt in your mind that you need someone to help oversee the company’s finances and give financial direction. Though the company is growing, you do not believe that it’s feasible to onboard a full time CFO and pay $250k+ in salary plus additional benefits. However, your business is now super vulnerable as any financial misstep could set you back in a major way. We know that you don’t want that… We don’t want that for you! This is where hiring an outsourced virtual CFO comes into play. Your virtual CFO will be able to accomplish the same goals, and for a fraction of the cost!
Now let’s tap into what an virtual CFO actually does. We’ve mentioned that they perform the same duties as an in-house CFO… but what does that really mean? No worries. We got you! Here are five of the main deliverables: (Click here for our full list):
- Accounting and tax strategy, insights, & analysis
- Oversight of accounting & finance function
- Guidance on increasing operational efficiency
- Financial forecasts, budgets, projections, etc.
- Greater return on investment (ROI)
Sounds like a lot right? Maybe even a little technical? Yes! Exactly. A CFO is one of the key pieces to a successful business. If you’re interested in learning more about how a virtual CFO can help your specific business, Contact Us to schedule your free introductory meeting now!
Right Choice Accounting Solutions is proudly a black owned, CPA led outsourced accounting and tax firm. Right Choice offers a one-stop shop accounting and tax solution that covers high level strategy, accounting insights & analysis, financial statement preparation, tax planning and preparation, basic bookkeeping, and much more. Schedule your FREE intro call TODAY to learn more about what makes us the Right Choice for your accounting and tax needs.
Keywords: Virtual CFO, Outsourced, Accounting, Tax, Black Owned