FBP - Certified Public Accountants

Virtual CFO Services are the Answer for Company Growth for a Fraction of the Cost

Written by Team FBPCPA

November 20, 2020

As the leader of your company, you work hard to ensure the company is growing and moving in the right direction. It can be difficult to make all the decisions on your own, which is why it is important to invest in professional services to aid you in making strategic decisions or hire the right team members.

A good rule of thumb to follow in business is to hire to your weaknesses, play to your strengths – so in the skillsets you aren’t versed in, hire someone who is so you can focus on what you enjoy and are good at, which makes life as a business owner less stressful.

Your company may not be at the point where it is ready to hire a full-time CFO, yet it needs help managing financial forecasts and the growth strategy and other responsibilities of a CFO. This is where it is helpful to have a virtual CFO, someone who is available to run the financials but for the number of hours needed not for a full-time salary.

Today, according to research done by the U.S. Bank and cited on the SCORE/Counselors to America’s Small Business, 82% of businesses fail because of poor cash flow management.  Without a full-time CFO, we see too many companies asking the following questions:

  • Am I spending too much time on managing financials, rather than planning and executing our growth strategy?
  • Can I trust my financial data and use it to make decisions about key investments?
  • Do I have a real-time understanding of our cash position?

Virtual CFO services offer a company the financial services it needs to track growth and forecast the company’s needs without having a fulltime person on salary. Our virtual CFO services are billed at a set number of project hours for the month, we take on the role of an acting CFO in the company to perform the following tasks:

  • Strategic Planning
  • Growth Planning
  • Budgeting and Forecasting
  • Customer Invoicing
  • Resource Management

We understand that some of this can be overwhelming without the knowledge and experience to execute each task well. We work with a company’s entire team to determine what the core pillars of the company are and connect the dots to how these pillars should lead to profitability. If your company is on track to grow, it is important to accompany that growth with the right forecasting so that the company’s foundational needs are met during each growth phase.

Having processes and plans in place to accompany the growth in revenue along each step of the way helps a company to not grow too fast, while also growing the team and having the internal foundation to support the growth, avoiding less problems.

If your company is ready to expand, but not quite ready to hire a full-time CFO, then virtual CFO services will provide the financial support the company needs to budget, forecast, and plan for growth.

Let’s talk today about current needs and put together a project timeline.

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