by Brandon Reiter
What is a Virtual CFO?
Virtual CFOs are a relatively new concept, that has seen extensive growth following the effects of the COVID-19 pandemic. They can be an individual or group of freelancers that provide part-time financial services from a remote location to orgnizations that are in need of reliable assistance and expertise to help them grow and stay organized. They ensure that the financial requirements and conditions of a business are being met, that books are being kept and reconciled, that owner’s are collecting valuable information, and can help with overall strategy to improve business productivety, all without even having to visit their client’s office. They can produce financial statements, budgeting, forecasts, cash flow management, business planning, and overseeing investments, and capital expenditures, at an affordable rate, even for companies who have yet to break even.
Why are Virtual CFOs in demand post-pandemic?
Ever since the start of the Global Pandemic, the use of technology in the workspace has dramatically increased. The use of online share drives, video meetings, and working from home are all concepts that would have seemed outlandish just a couple years ago, yet . The universal conformity to leaning on technology to provide remote productivity, has created many new roles that were not previously conveivable, such as the virtual CFO.
Benefits of hiring Virtual CFO’s for small businesses
1. Lower costs
When you work with a virtual CFO, you don’t have to worry about paying a high, full-time salary, provide benefits, or worry about insurance. Because Virtual CFO’s are able to have multiple clients from the comfort of their own office, they are able to take lower payments from their clients, work as independent contractors, and perform tasks much quicker and efficiently due to the new reliance on technology.
Hiring a virtual CFO means that there are no geographical barriers. Owner’s can potentially hire a virtual CFO from anywhere in the world, so they are not just limited to their local talent pool.
As virtual CFO’s are experienced and work with clients across multiple industries, they can serve as a great source for connections and networking. They can have other clients that could be a beneficial partner to another, or know where to get cheaper prices on common goods.
If you want more information on hiring a virtual CFO for you small-medium size business, email firstname.lastname@example.org.