Hiring a virtual CFO could be one of the best financial decisions you make for your business. A virtual chief financial officer, or vCFO for short, brings their advanced expertise and skills in all of the financial requirements of your business. A vCFO could potentially streamline your business, saving time and money in the process. Let’s go into more detail about what a vCFO could bring to your company:
Expertise and Experience
A virtual CFO has the experience you need to take charge of your financial tasks expertly and accurately. If your business is growing or is a start-up, you’re going to need to keep up with changes in your finances, tracking everything from your payroll to your business expenses, to revenue types. There isn’t any room for financial mistakes in business. Hiring a vCFO could safeguard your business and give you peace of mind.
Enhance Accounting Efficiency and Accuracy
Your accounting efficiency and accuracy will improve tenfold when you bring a vCFO to your company. Moreso, if the vCFO is paired with an efficiency-focused bookkeeper. You must ensure your accounting is professionally taken care of, so there are no delays when it comes to things like auditing, taxes or sales tax filing. vCFOs will strive to set your financial goals and adapt to your needs. The service is tailored to your business as there is no ‘one size fits all’.
Enjoy a Thriving Business
More accurate accounting, efficient processes and executive dashboards enable your company to thrive. Your accounting and financial status play a big part in how your business fares on the market. You should notice that you have more time and resources to do what you do best, and with accurate real-time reporting, are able to focus business priorities and meet challenges more effectively.
Less Financial Stress and More Free Time
Run your business with more clarity and less stress thanks to a vCFO. You won’t need to take your focus away from what you do in the business, and there will be no more need to pull your hair out over complex accounting tasks or lack of financial intelligence.
A virtual CFO will take care of things like detailed expense reporting, vendor analysis and cost savings recommendations, burn-rate analysis, and so much more. As a vCFO oversees some of the most laborious tasks associated with running a large business, you will have more free time to come up with new growth strategies and other ways of benefitting your business.
All the Benefits of an In-house CFO at a Lower Price
Six-figure salaries are the norm for Chief Financial Officers in New York, N.Y., with median pay hovering around $188K per year. Total cash compensation to Chief Financial Officers in New York approaches anywhere from $88K on the lower end to $390K on the higher end; in exceptional cases, this can include more than $104K from bonuses and upwards of $59K from profit sharing.
With a vCFO, you get all of the benefits of a physical or in-house CFO, all at a lower price. With a vCFO, you pay them only for the time spent on your financial tasks. As you’re not paying for them 8 hours a day and having to think about the costs of training and benefits that come with a full-time employee, you are going to ensure your budget is working smarter. This is money that can be put to better use, perhaps towards your marketing efforts.
We are our client’s Trusted Advisors
With offices in New York and Portland, MBS ATA provides CFO reporting and support to a multitude of business, non-profits, and high net worth individuals (HNWI). Our most recent company due diligence project resulted in the sale of a large VR company. Additionally, read how we provided diligence reporting to help a single location experiential restaurant secure financing to open 19 locations. To discuss if a vCFO is the right choice for you schedule a free consultation with us. We’re here to help.