Virtual Chief Financial Officer
Just like any Chief Financial Officer (CFO), a Virtual CFO oversees the financial operations of an organization by managing accounting and treasury functions, establishing and maintaining internal control, creating and tracking budgets, and preparing and analyzing financial reports. A majority of large organizations employ a CFO as a full-time member of the executive team. Progressive companies view their CFOs as strategic partners of the Chief Executive Officer (CEO) that analyze the actual and potential impacts that decisions have on finances and help to guide the overall direction of the company.
Due to the high salary typically demanded by a financial professional at that level, CFOs are much less likely to be found in small- and medium-sized organizations. The duties of a CFO, however, are present in every successful company. Most often, the owner takes on the additional role of CFO, managing bank accounts, tracking expenses, and planning for the financial future. Other duties, like managing internal control and performing detailed financial analysis, are either given little attention or are entirely ignored due to the natural constraints on an owner’s time and energy.
A Virtual CFO provides a solution for small- and medium-sized organizations by offering tailored accounting and advisory services remotely on a part-time basis. There are no high salaries, employee benefits, or bonuses, and a growing company pays only for the work required for the size and complexity of their organization. As a result, Virtual CFOs do all of the work of a financial executive for a fraction of the cost of an in-house CFO or Controller. Companies also get the benefit of financial professionals that are able to consistently apply new knowledge and best practices obtained through professional development and work with other clients.
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