Archive for October, 2020

postheadericon How Virtual CFO Services can Improve Your Bottom Line

There is nothing quite as satisfying as starting a business and watching it grow to full maturity. This can only be surpassed by the feeling of achieving the goals you have set out to reach on your financial plan. But, these things don’t come easy and it will mean facing and addressing the pressures of new revenue rates.

As you reach these higher echelons of financial planning, you may have heard of the value of a virtual CFO from a reliable company such as Shaila Chamberlain. You may also want to know what type of advantage this plan would have for you.

If you have found yourself at this point in the game, we have the answers you are looking for. Read on to learn more about this important financial plan and how CFO services can be cut to fit the needs of your company perfectly.

What Defines A Virtual CFO?

As you probably guessed from the name, virtual CFO services offer all the advantages of a Chief Financial Officer, but can be performed remotely. This means that instead of full-time employees providing these costly but essential services, your virtual CFO can provide only what you need in a part-time capacity.

The work a virtual Chief Financial Officer will do for your company depends on various factors. These can include the size of your company as well as the type of financial needs you are facing. Sometimes you may have to pay a standard fee per month, or an hourly fee.

Here are some off the various services you can expect from a top-quality virtual CFO

–           Financial Planning, including points like such as Cash Flow Forecasting

–           Debt Management

–           Financial Risk Management

–           Financial Reporting

–           Cost Management

Does Your Business Need A Virtual CFO?

In all honesty, not every organization and business will need the services of a virtual CFO. In some situations, the work will be superfluous, in others, a virtual program will not fit the needs of a company.

Nevertheless, if any of the following statements is true about your company, a Virtual CFO services for your company is the best solution.

–           Your business operations are becoming more complex

–           You need some financial expertise to make better planning and decisions

–           Your business is experiencing rapid growth

What are the Major Benefits of a Virtual CFO to your Company?

There are several ways that a virtual CFO can help your company by balancing their financial capacity. 

1. Cost Controlling

Perhaps the single most important benefit is the capacity to manage costs.

According to the statistics on payscale.com, the average salary for a CFO in New York is around $173,000. This could be a seriously high price to pay for an essential service, especially if you are an entrepreneur. When you add to this the price for incentives and insurance, the price can be prohibitive.

But, by signing on with a virtual CFO you can greatly reduce these costs by only paying for the services that you require as you require them. This will also cancel out the many other fees and stipends related to hiring a costly CFO. As one of the most effective virtual CFO providers, we excel in saving our clients cash and adding value to their company.

2. Personalized Budget Based On Your Requirements

No two companies or organizations are completely the same. A divorce lawyer will have very different financial requirements than an e-commerce company, the projections, analysis and procedures alone will be very different.

A virtual CFO will be able to provide tailor-made service to the company so that they are only paying for what they need at the time and nothing more.  As your business grows, its needs are sure to grow as well, the services provided by your virtual CFO will also be adapted for maximum financial efficacy.

3. Diversified Competence

As a premiere virtual CFO, we provide these services to a wide variety of different companies and industries. This means you will benefit from extensive creativity. Resourcefulness and experience that will ultimately lower prices and greater variety of solutions to keeping your financial planning sleek and streamlined.

Chances are that no matter your situation, a virtual CFO company has seen it before and has the solutions you need to sustainable growth and expansion in your field. This advice will allow you to maintain balance as your business reaches new heights.