Why a virtual CFO?
Businesses benefit from convenient access to financial metrics that are up to date and forward-looking. Most traditional accounting firm services are reactive making observations and recommendations based on historical information. Finding and keeping qualified in-house accounting and finance talent is increasingly difficult and expensive. But with the cost of hiring a virtual CFO being typically less than the all in cost of a full time bookkeeper, outsourcing the accounting and financial functions of small to medium-sized closely held businesses has become an emerging trend.
Who needs a virtual CFO?
Small to medium-sized closely held businesses are ideal candidates for virtual CFOs. Typically, these are businesses with revenues ranging from $1M to $20M that are either in the second stage with an upside that want to grow or mature companies that are ready to transition to their next iteration. In both cases, their business owners understand the value of accurate, real time data.
Top Ten Reasons to Hire a Virtual CFO
1. You are running the financial side of your business blindly.
2. Your financial information is not up to date or is inaccurate.
3. You may not know which financial metrics are the most impactful for your industry and business.
4. You are not currently getting proactive, forward-thinking financial advice.
5. You lack a succession plan and/or exit strategy.
6. You may not completely understand how your financial performance impacts value in the context of an exit strategy.
7. You may have an unqualified person currently handling your company’s finances.
8. You may not have anyone to talk over business and financial decisions or are lacking an objective, outside perspective.
9. You do not have a person that can easily explain complex financial information and concepts.
10. You do not have someone to share the responsibility and burden of running a business.