Virtual CFO Services

There comes a time for every company when the accounting workload outgrows the capabilities of a simple bookkeeper. Challenging issues in business finances, such as due diligence, exit strategies, audits, forecasting, and more, can be a significant burden for a company without professional help. However, hiring an in-house CFO or controller is expensive.

That’s where virtual CFOs come in. Imagine having all the benefits of a CFO, without having to provide an office for them, and only paying for what you need? A virtual CFO doesn’t need to work a full eight-hour day if your company’s finances don’t demand it.

Suppose you’re looking for a more affordable alternative to an in-house accounting team without compromising the quality of service. In that case, a virtual CFO might be for you!

What Does a Virtual CFO Do?
The core responsibilities of a virtual CFO include financial strategy, forecasting, and managing cash flow. They aim to help you achieve your goals and stay organized, so you can focus on running the company. A virtual CFO is not the same as a bookkeeper or an accountant; they put their primary focus on your future and help you grow your company to where you want it to be. They can be crucial to problem-solving and helping you navigate past problems.

A virtual CFO can tailor their support to your exact needs, eliminating unnecessary costs and saving you money.

Here’s a list of a virtual CFO’s tasks:

Financial Strategy & Planning — guiding long-term growth, profitability, and exit planning
Budgeting & Forecasting — creating and monitoring financial roadmaps
Cash Flow Management — ensuring liquidity and optimizing working capital
Financial Reporting & Analysis — delivering accurate reports and insights for decision-making
Risk Management & Internal Controls — protecting the business from financial and compliance risks
Fundraising & Capital Strategy — supporting investor relations, loans, and equity raises
Mergers, Acquisitions & Exits — performing due diligence and evaluating opportunities
Tax Planning & Compliance Oversight — coordinating with tax professionals for compliance and efficiency
Team Leadership & Collaboration — working with controllers, bookkeepers, and other departments
Performance Tracking with KPIs — setting measurable goals and monitoring business health
Key Benefits of Virtual CFO Services
The benefit of a virtual CFO over an in-house CFO is that they can provide services for small to mid-sized companies. A full-time CFO is not realistic for these companies; the cost of an office and a full-time salary is simply too high at this stage.

Although they work fewer hours, their expertise remains undiminished. CFOs are professionals who can give you improved financial insight into your business finances through reporting and analysis. They can provide you with the quality work of any CFO for a fraction of the cost, which includes risk management and internal controls.

This contract-style work means that your CFO is highly flexible. Since their goal is to grow your business, they can grow with you and adjust their services as needed. Scalability is one of the best traits of a virtual CFO.

Who Needs a Virtual CFO?
The Ideal client for a virtual CFO is any small to medium-sized company that is looking to scale up. For some, a virtual CFO is the permanent solution. For others, it is a temporary stepping stone to grow into bigger things.

Are you struggling with cash flow or profitability? Planning an exit strategy? Looking into acquisitions? Have a big financial move in the future? All of these are good reasons to hire a virtual CFO to help lead your accounting and reduce the risk of errors.

How Virtual CFOs Work with Your Team
If you happen to have an in-house bookkeeper or accountant, a virtual CFO will work with them. They can collaborate with any in-house staff you may already have, including HR and operations. They can be the missing puzzle piece in the big picture, providing the substantial boost you need to take the following steps for your company.

Through the use of technology and cloud-based tools, you will always have access to real-time data. Any updates made will be available to you immediately, helping you and your team stay on top of things within your financial department.

A virtual CFO is an extension of your leadership that can stay for a single project or work with your team for years; they can tailor any service to your needs.

Conclusion
If a more affordable solution to your business finances sounds interesting to you, then you should check out a virtual CFO and see if they can help you. At West to East Business Solutions, we offer a range of services, including Virtual CFO, bookkeeping, and virtual controllers.

Call or email us today, and we can set up a consultation to further inform you about how your company may benefit from virtual accounting services.