A virtual CFO is less expensive than the salary of an in-house CFO with similar experience. A virtual CFO doesn’t require benefits or bonuses. Where an in-house CFO will be a full-time salaried employee, virtual CFO pricing will be based only on the amount of time/deliverables your organization needs.
Multiple Industry Experience
Virtual CFOs have the unique experience of working with multiple industries at any given time. While the CFO organization you work with will pair you with a CFO who has significant experience in your specific industry, your CFO will also have experience in other industries as well. This provides an opportunity for multilayered insights and networks that you might not have otherwise had.
Standardized Reporting and Formatting
While most CFOs, Controllers, and Bookkeepers bring some of their own preferences or style into how they format documents, files, or reports, a virtual CFO is more likely to have adopted the most widely accepted best practices for generating and formulating client reports and deliverables.
They’ll Fit Right Into your Existing Team
Virtual CFOs have worked with dozens of different personalities—often simultaneously. They know how to bring financial expertise to an existing team without ruffling feathers or egos. Expect a CFO who knows how to bring about change without causing contention in the organization.
Most CFOs have been in the industry long enough to have a robust network of key individuals and organizations for you to leverage from, such as financiers, lenders, and other experts. A CFO who is part of a virtual CFO team has not only his or her contacts, but also has access to the network of the rest of the CFOs on their team. That means if you are raising funds or expanding into new geographies or products/services, your CFO will know some people who may be able to help you get off to an even better start.
Credibility in the Industry
When a CFO has proven themselves time and time again, they gain clout and credibility in the industry. When you consider an outsourced CFO, they’ll likely have solved more challenges and raised more funds for more organizations than an in-house CFO who has worked at the same organization for many years.
They Can Handle Any Challenge You Throw at Them
When it comes to virtual CFOs, they’ve “been there, done that,” for nearly any challenge you could throw at them. They’ve worked with organizations of all sizes, industries, stages of growth, and stages of disarray/emergency. If they haven’t faced a certain issue before, then you know one of the CFOs in the organization has and can bring a tried and true solution to the table.
There’s a Smaller Learning Curve
You’re probably aware of the general expectation that new employees will typically take 6-12 months to get up to speed and perform at their maximum capacity. With a virtual CFO, they have so much experience entering organizations mid-process that they always hit the floor running. Virtual CFOs can very quickly assess the current situation and begin putting actions in place to resolve challenges and achieve goals.
We welcome the opportunity to help you and your organization achieve the next level in your organizations development!!