Let’s face it! Founders and business owners may not be finance experts and lack the abilities to manage so many aspects revolving around finance and capital including budgeting, identifying market trends, obtaining money, and preparing financial forecasts. But thankfully, they can trust a vCFO to look after what they can’t or have time-shortage for. A virtual CFO is an outsourced service provider rendering high skill support in a variety of finance-related requirements of an organization, just like a chief financial officer does for large organizations. A virtual CFO may be a single person or an entity. 

Interim, part-time, or fractional CFO services may be the answer to the accounting and financial issues for a wide range of businesses. Although businesses of any size can benefit from the part-time virtual CFO services without having to splurge on a full-time employee, CFO services are ideal for SMEs and start-ups.
 

Appointing an outside financial expert from an advisory firm with the objective of gaining financial strategy services on a part-time or project basis is what we call outsourced CFO services. From an outsourced CFO, you may expect high-level financial strategy, systems analysis and design, and operational optimizations without splurging a fortune. The role of a Virtual CFO (or vCFO) is to be a. forward-thinking strategist whose primary purpose is to provide strategic insight to help move. the needle forward in business.8 Oct 2020 

Don’t worry, you only pay for what you get. The costs associated with an advisor depend on the advisory firm, your situation and the services you want from them. Fortunately, CFO services are customizable, keeping the needs of your business in view. Usually, an external CFO service costs about half of what you would spend on the internal one considering their salary, perks, retirement, taxes, etc. You can easily save >60% by outsourcing to a part-time CFO. CFO services can be remunerated three ways – Fee-Only, Fee-based and Commission-only. Click here to learn which method suits you the best. 

Why hire a full-time CFO that can cost you the earth while a part-time CFO service is available at a nominal fee. Saving big-time cash without compromising on financial leadership is one aspect, appointing a part-time CFO has many other advantages too. You can gain strategic perspective/input and world-class reporting to act right away, benefit beyond the experience of a single person as a service, plus you won’t experience any geographical limitations of finding someone in your area. They can locate in your area, as you can engage a service outside your region as well. 

A CFO service provider is responsible for administering your current bookkeeping and controller staff to ensure all procedures undergo certain checks and balances to beef up security and present exact financials. Not only that, but they also make sure you are practicing the right and latest financial software to run your business in the best possible manner.
There is a cartload of reasons why you should invest in a CFO service. We will talk here about the obvious ones. You require a CFO service because you:

• Are not a number cruncher. And you don’t want to feel intimidated by what bookkeeping and financial staff do all day. 
• Don’t want to let go of any opportunity to achieve your growth goals quickly and more economically 
• Know that your bookkeeping staff lacks the experience and knowledge to generate the kinds of reports and numbers you need to take your business notches above. 
• Will be needing the budget and financial projections along with the best financial information possible to make strategic decisions about your company’s future. Bonus? Your CFO service will also provide the toolset to hold your team accountable for hitting your goals.