Virtual services for your small business are growing faster than ever during COVID-19. The need to maintain and manage growth of your company while innovating your services and revenue streams is more important than ever now.
Have you found your small business has come to a bit of a crossroads when it comes to hitting your financial goals? Maybe you’ve heard of something called a virtual CFO, or virtual chief financial officer, and are wondering what that even looks like for your business? Does hiring a virtual CFO have any benefits to the growth of your business? Or would the sheer cost alone of hiring someone to handle the duties of a CFO and the accounting services that go hand-in-hand with that be too much to bear?
Today, we wanted to discuss some of the benefits of bringing on a virtual chief financial officer to your team, as well as some of the burdens it may bring to your small business.
Before we dive into all of that, let’s first look at what a virtual CFO is and what they do. It’s not any more complicated that the title implies. A virtual CFO is a chief financial officer; just instead of showing up to your business offices every day, this type of CFO works remotely. And usually does so while also acting as virtual chief financial officer for other small businesses, not just yours.
As far as what a virtual CFO does, it is the same functions and duties as a CFO that would come into your business office and perform.
What are some of the benefits of a virtual CFO?
Services Customization
A photography business has a completely different set of accounting services and needs than would a small medical practice. Whether it’s in the day-to-day accounting, budgeting and reports processed, or the projects and forecasting required, these two types of businesses have very different needs when it comes to accounting.
The hiring and implementation of a virtual CFO allows for the customization of all of the accounting, reporting, and budgeting skills that fit your business. This way you’re not paying for services that you don’t need or wouldn’t use.
Multiple CFO’s
When hiring a company that specializes in virtual CFO accounting services, you’re not just getting one dedicated CFO, but rather a team of people that are able to handle your company’s needs. You will always have a single, dedicated point of contact for you and your team, but usually whatever the need there are also other accounting specialists available at any time.
Experience & Expertise
When hiring a virtual CFO, you’re able to get someone who’s experienced in coming into an organization mid-process, growth, or need and can fit right into the flow of things. Their expertise through working with many different business across numerous and differentiating industries provides a greater level of accounting and financial expertise that having just one dedicated CFO for your company wouldn’t afford.
Network of Needs
Virtual CFOs or accounting services offering virtual CFO capabilities have a built-in network of lenders, financiers, and experts that are yours to your benefit. Any CFO working directly for your company also has the network of the other CFOs on their team or within their organization to use at any time. You never know as a business owner what accounting or financial need you may have, and using a virtual CFO allows for a large expansion of your professional network to pull from.
Doesn’t try to Change Your Business
Sometimes when bringing an in-office CFO onto your team, they will come in and work to implement their way of handling the accounting department and all of its practices. When working with a virtual CFO, you’re getting someone who will come in and just fit right into your mold. If you have a way of doing the accounting that has worked for your business and just want them to take over, they’ll work with that system. They’ll also be able to show you ways that your business can create growth while not ruffling the feathers of your already established accounting team.
Working with a company like Numetrica to handle all of your CFO needs will save you money, as we will work with you to provide those services with our team of accounting experts at a fraction of the costs! Call Numetrica today to see how we can provide virtual CFO accounting services for your business!
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