Why a Virtual CFO is right for YOUR Business

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Information about Why a Virtual CFO is right for YOUR Business
Business & Mgmt

Published on March 3, 2014

Author: DonaldGordonCPACA



Is your business meeting its full potential? Your business will benefit from a virtual CFO!

Why A Virtual CFO is Right for YOUR Business

What is a CFO? • • • • Manages financial risk Financial planning, budgeting and forecasting Financial reporting Analysis of data – It has been estimated that although nearly 80% of employees collect data or use data for decisionmaking, only 38% have the skills and judgement to use data successfully • Strategic partner and advisor

What is a Virtual CFO? • Virtual – “existing or resulting in essence or effect though not in actual fact” • A virtual CFO is a fancy name for a part-time or contract CFO • Using a virtual CFO gives you the financial and strategic capabilities of an experienced financial executive without incurring the salary or overhead required of a full-time CFO


Where does your organization’s Finance function fit in the triangle? -Most small and medium enterprises fall in the transactional accounting layer. This includes invoicing, payables and payroll functions along with year end financial statements and tax reporting -In the middle layer the organization might have job costing, revenue or costs by product line. Many of these organizations track all sorts of data, but rarely do they get information from it to help them with decision making. In fact often the data is tracked but never analyzed. -In the High Value Analysis layer there is timely data to help make good decisions on a timely basis that are consistent with the strategic plan and vision of the organization.

Is a Virtual CFO Right for You? • All companies need good financial management, but not all companies need the services of a CFO on a full-time basis – Do you feel there are areas of your business that are inefficient or not as profitable as it should be? – Are you dissatisfied with the accuracy or timeliness of financial reports for the results of your operations? – Do you want to take your business to the next level? • Do you have a clear well defined strategic plan? • Do you have a good understanding of your working capital and cash flow needs to support growth? – Do you feel you could have better information with respect to the financial drivers of your business? • Those are just a few of the areas that your business could benefit from a Virtual CFO.

Frequently Asked Questions • • Q: IS MY COMPANY TOO SMALL TO BENEFIT FROM CFO SERVICES? A: Small companies as well as large ones benefit from the services of a CFO. But small companies usually don’t need these services on a regular day-to-day basis. • • Q. CAN’T MY CA FIRM PROVIDE THESE SERVICES? A. No. There are several reasons why your independent CA cannot perform CFO services: They are ethically required to remain independent from certain functions in your business. They are CAs who have not had the responsibility, accountability and experience as a Corporate CFO. Being a CFO, whether on a full-time or part-time basis is much more than being able to crunch numbers or to fill out a tax form. A CFO is multi-faceted. A good one has lots of first-hand experience wearing many hats including administration, management accounting, production, purchasing, human resources, contracting, and negotiations in addition to having strong finance skills. • • • Continued......

FAQ’s continued • • • • Q: MY COMPANY IS RUNNING JUST FINE. I HAVE A GOOD ACCOUNTING STAFF. WHY DO YOU THINK A VIRTUAL CFO CAN HELP MY COMPANY? A: More than 85% of private start-up companies fail within their first five years of operations. Every year thousands of small businesses fail. Often these businesses fail, not due to a fundamental weakness in the business itself or even the changing economics of their industry, but due to a lack of financial management. Without sound financial management, companies are simply not able to realize their potential or manage risk. Having an experienced financial executive as part of management can only be a positive. A CFO provides the big financial picture and a clear vision for optimal growth. Even if your company is running fine, nothing is perfect. Efficiencies and margins can always be improved providing the shareholders with a greater bottom line. A CFO can work with your accounting staff to improve financial reporting, so that you can make better decisions about your future. Q. HOW CAN I RECEIVE AN ESTIMATE FOR CFO SERVICES? A. Just give us a call or send us an email and we’ll be happy to discuss with you how we can help.

Add a Virtual CFO to Your Team! Phone: 613-408-6540 Email: Web:

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