Sometimes in business you just need some financial help, advice or financial expertise. Maybe you have reached sort of a plateau and need a push to reach the next level. Perhaps you have already heard of a part-time Chief Financial Officer (CFO) or a virtual-CFO type service.
What exactly is a Virtual CFO?
Businesses may reach a point where they need professional financial advice but can't afford or don't need a full-time CFO or even a controller. Let's face it, the cost of hiring a full-time CFO can range anywhere from $175,000 to over $400,000 per year, plus bonuses and benefits.
Our Virtual CFO service sets you up with a dedicated CFO who is also a CPA. They will work with you and alongside you to help guide your business to success. If you happen to be a growing business that now needs professional financial advice, our Virtual CFO service is a perfect fit.
What does the Virtual CFO do?
Our firm will handle CFO duties such as strategy, leadership, funding, financial reporting, presentations, process improvement, compliance, as well as communications with various stakeholders. We also meet regularly with the key team to bring clarity as to how financial numbers help your company operate more effectively.
We will analyze and evaluate your processes and procedures and propose ways to improve efficiency thus increasing the bandwidth of your employees and lowering both direct and indirect costs. We deliver insightful, highly customized services, allowing us to be flexible and always remain in touch with the needs of the business.
These services are provided as a “fractional” resource to your team, enabling you to have access to a key experienced financial skill-set and resource that is like an everyday part of your business on a cost-effective basis.
The financial leadership we provide to the business may include, but is not limited to, the following areas of expertise:
- Provide perspective, direction, and financial management
- Deliver timely, accurate, and useful financial information to support decision making
- Provide leadership in both financial and operational areas
- Succession planning
Cash and Credit Management
- Provide cash management and planning support and best practices
- Provide dashboards and forecasting models to enable visibility into future cash flow
- Work with lenders and other partners to obtain additional financing, refinancing and/or restructuring of existing financing arrangements and prepare lender packages
Forecasting, Reporting, and Analysis
- Prepare and deliver financial reports, analysis and supporting information to owners and management at least monthly, along with an understanding of the numbers
- Provide forecasting and modeling to show the financial impact of decisions
- Implement and possibly maintain dashboards to measure performance
- Implement job cost reporting and project management tools and reporting
- Provide business valuation support
- Provide acquisition and divestiture analysis
Financial Systems, Processes, and Practices
- Enhance the use of financial and operational systems to quickly obtain needed information for management to make effective decisions
- Understand and Improve procedures and processes to increase efficiency
- Assist in software implementations and financial system automation
- Assess skill-set of existing staff and advise where improvement is needed
- Design and implement incentive programs to drive productivity
Contact us here to learn more about this service and how we can help you increase the profits of your business.