Your finances are the fuel that allows your business to go where it needs to go. Too often, insufficient accounting and inattention to internal control hold companies back.
A Virtual CFO requires no employee benefit costs or bonuses. Additionally, no Controller or CFO turnover means no costs associated with lost time, knowledge or expertise and no recruiting or training costs for high-level accounting and finance staff.
Small- and medium-sized organizations often need the expertise of a Controller or CFO long before they have 40 hours of high-level finance and accounting work per week. In many cases, in-house Controllers and CFOs end up filling their time with transactional or administrative work that could be handled by entry-level staff at a much lower cost.
Breadth of Knowledge and Experience
In-house Controllers and CFOs develop a good understanding of your business, but they do not have contact with the operations of other companies, A Virtual CFO works with a variety of clients and is able to bring best practices and new ideas to your organization on a consistent basis.
The Association of Certified Fraud Examiners estimates that the average organization loses 5% of its revenues to fraud each year. Strong internal control significantly reduces the risk of fraud and error and provides clearly defined roles for employees.
Well designed and maintained financial reports give management consistent and reliable data for decision-making. Complete and functional budgets and forecasts give management tools to measure results. Regular analysis of business results compared to budget, forecast and past activity brings the entire operation into focus.
Many companies falter because their leadership is weighed down by administrative tasks and forced to make decisions using bad data. With strong financial management and a good system in place, owners and managers have time and energy to focus on building the business.