As a small or medium sized organization, you may not have the resources available to hire a senior finance resource, despite needing access to that level of expertise. A Virtual CFO can provide the level of expertise you need as a part-time contracted resource. Virtual CFOs will work with you to manage and build your business by ensuring that your financial resources are well managed and available when you need them. Here are some of the top reasons you might want to consider this:
1. You are ready to take your business to the next level.
Even if your accounting transactions are well-handled, a lack of senior level financial oversight may be preventing business growth. A Virtual CFO gives you the senior level advice and oversight that your business needs without the cost of a full-time hire. Virtual CFOs function within your management team, and can provide business advice through a financial lens. This gives balance and strength to the management of your business, and is key to building value.
2. Your business is changing significantly or quickly.
If your business is going through a period of change, you need your financial information to be more relevant and timely. You need a senior accountant working closely with your finance team or your bookkeeper, and you need to be able to better identify and measure the key factors that are driving business performance. This applies whether you are a for-profit business or a not-for-profit, as both need to deliver efficiently and effectively.
3. Cashflow is getting tighter or a big contract is on the horizon.
If your cashflow is getting tighter or you have a new contract which is bigger than you have handled before, it may be time to hire a Virtual CFO. You need to know well ahead of time when cash may be tight or your options are becoming limited. With cashflow forecasting and the right data informing your discussion and enabling you to better manage your cash, your negotiating position is strengthened with potential lenders or investors.
4. Your financial reports are never quite right, and something is missing.
These are all signs that your financial team or your bookkeeper may need some additional senior level support. There may be a knowledge gap, too much change and/or too high a workload which makes dealing with issues more difficult. Senior level support from someone like a Virtual CFO can help and improve confidence in your financial reports.
5. Things are just not running quite smoothly.
Sometimes you can just sense that the time is right to have an unbiased opinion from an expert, someone to bounce things off of who actually understands and can guide you on your path to success. Bringing on a specialist from outside the company can be extremely helpful in getting a better perspective.
How does a Virtual CFO work?
Virtual CFOs work with organizations in a flexible way to support their needs. This may be a regular engagement, a half or full day a week. It may be a fluctuating level of effort depending on your needs. The part time, contract nature of the arrangement makes it an affordable option that can pay for itself in sound business decisions and a stronger organization. Virtual CFOs truly work as part of your management team, and they are focused on making your business more successful. All organizations need to manage their financial resources effectively, and we are here to help.