Virtual CFO services give startups and medium-sized businesses access to financial management at a fraction of the cost of hiring someone in-house. You benefit from partnering with an expert in business accounting, including reporting, taxation and payroll, as well as unparalleled strategic insight into the financial health of your business. Here’s an in-depth description of how this arrangement works and how you can get started.
The Role of a Virtual CFO
Most businesses think they have two options: hire a bookkeeper, to take care of day-to-day accounting tasks, or a financial manager to provide in-depth analysis and advice. Especially smaller businesses start with the former, thinking they don’t need the additional services a full-fledged CFO provides.
In reality, a chief financial officer (CFO) is key to helping you grow and scale your business. That’s in addition to taking care of the “nuts and bolts” of daily accounting and reporting. A CFO gives you insight you may not have the time or expertise to develop, including:
- Financial planning and analysis
- Cash flow management
- Budget management
- Cost control and revenue enhancement
- Business strategy
- Credit and risk recommendations
So, what makes a “virtual” CFO? This innovative arrangement helps you to partner with a CFO on a part-time basis. You get the benefit of the same services as an in-house employee, but your virtual CFO works to provide insight, analysis and reporting as needed. Businesses receive services from experienced, knowledgeable financial experts, without excess investment of precious resources.
How the Service Benefits Businesses
Businesses experience a number of events that determine their need for financial expertise. In periods of growth, transition, unexpected challenges, and new ventures, the need for hands-on financial expertise may be greatest. A virtual CFO works with you when you need insight the most. The terms of the relationship are tailored to your preferences as a business. Here’s what you gain:
- Costs less than hiring in-house
- Provides relevant financial expertise
- Drives long-term growth and financial health
- Lets you focus on other aspects of running your company
- Flexibility, with in-house, outsourced, long-term or short-term options
Although the need for the CFO may vary from time to time, you never lose that ongoing partnership. You always have your CFO’s expertise to call upon, as you manage the ebbs and flows of your venture.
The virtual CFO adheres to the same high standards of professionalism and ethics as you would expect from an in-house employee. You can rely on this insight and expertise, knowing your virtual CFO shares your commitment to the success of your company.
Navitance: Your Virtual CFO
The first step is partnering with a virtual CFO. Navitance is a team of financial professionals with decades of experience across sectors, working with businesses, nonprofits, and distressed companies. Read testimonials from past clients to see the results of our work. When you’re ready, contact us to learn more about how we can support your enterprise.