Small Business & Startups

What Is a Virtual CFO?

By January 28, 2019 No Comments

Virtual CFO

Virtual CFO, remote CFO, part-time CFO, outsourced CFO…there are many names for this type of role, but they all mean exactly the same thing: they fill the strategic financial role for organizations that don’t yet need or can’t yet afford a full-time, in-house CFO.

Here are some benefits to consider when hiring a virtual CFO:

 

  • They can help you scale smarter.

A full-time CFO costs a quarter of a million dollars. And if your business is coming in at under $10 million in revenue, this is an expense you can’t (or shouldn’t) take on.

On the other hand, a virtual CFO can help you with high-level financial strategy earlier in the process, instead of waiting until you can hire the full-time person. Another bonus? Since a virtual CFO is a “use them when you need them” kind of position, you’ll never feel like you’re paying for time and work that is unnecessary.

  • The talent pool is limitless.

What’s more valuable to you: Someone who is located conveniently near you and has some experience in your field, or someone who may be further away but is an expert in your field?

Hiring a virtual CFO means you’re not just limited to the talent in your city. You can work with the person who will be EXACTLY what your business needs — even if they’re across the country. Each of our virtual CFOs specializes certain industries — from SaaS to healthcare to manufacturing — and can give specific insight into those particular niches. And the best part? You’re not paying overhead to keep them in the office.

  • They come with endless resources.

A virtual CFO is probably helping many different businesses scale at the same time. They’re helping solve a lot of unique problems simultaneously, and they’re talking to a lot of people to help them make the best decisions. This means they’re creating a diverse community of people and resources to source advice from when they’ve got a particularly tough problem.

Virtual CFOs are well known for having a “deeper bench” to consult with their questions. When they don’t have the answer, they’ve got contacts in the business that they can go to for answers. So instead of just hiring one position, it’s like you’re hiring a team of experts to work on your problem.

Think you’re ready for a virtual CFO and interested to see how they can help your business? Check out our CFO office hours for a FREE 30-minute consultation with one of our seasoned CFOs.