Many business owners spend too much time working in their business, especially on their books. Hiring a virtual CFO give you time to work on your business, not in your business.
The cost of hiring a full-time CFO can average close to $200,000 per year, making the expense out of reach for many startups and small businesses. Hiring a virutal CFO costs a fraction of this amount and is especially attractive to startups and small businesses.
It might seem counter-intuitive but hiring a virtual CFO can add to your bottom line. Companies that work with professional financial experts typically increase revenues by 3% to 5%, virtually paying for themselves.
Cash forecasting is a top priority for business owners. Without the expertise of an experienced professional, a company's key performance indicators can be negatively affected.
A virtual CFO can outline and track critical financial risks and create a budgeting schedule and adhere to it.
Your business faces multiple risks, from a lack of internal financial safeguards to ineffective A/R procedures, inadequate business insurance and weak cyber-security. A competent virtual CFO will be better equipped to assess these risks and reduce them, ensuring your business can succeed.