- Virtual CFO
The virtual Finance Director or virtual CFO is a new concept. The Merriam-Webster Dictionary’s simple definition of “virtual”: Very close to being something without actually being it; existing or occurring on computers or on the Internet. It’s a way for small businesses to get CFO support that they wouldn’t have been able to afford previously. Small businesses who hire a virtual CFO get access to an experienced financial professional at a fraction of the cost of a full-time CFO.
1. Handle all the duties of a traditional CFO, however, work remotely and on a part-time basis.
2. Monitor the financial health and well-being of the business, usually with cloud technology.
3. Offer financial insight and guidance on all company decisions and issues.
4. Provide back-office functions such as managing accounts ledgers, also developing on the client and their need.
- Why hiring a Virtual CFO is better?
1. Having access to a virtual CFO can be a big benefit for a small business. Most small businesses can’t afford an experienced, knowledgeable CFO on a full-time basis and may never consider hiring one.
2. Virtual CFOs often have the qualities and strengths of a full-time CFO, but they are often less expensive. Hiring a virtual CFO can focus on solving problems within a limited period of time, saving costs and improving work efficiency.
3. Because of the low cost of virtual CFOs, companies can hire more than one. This will enable companies to obtain more comprehensive opinions and plans so they can make more scientific decisions and obtain more lucrative profits.
4. By relying on remote network contact, the communication between the company’s relevant departments and financial personnel can be realized instantly. Hiring a virtual CFO can eliminate complicated procedures.