A virtual chief financial officer is a financial expert who provides the same financial services that a full-time CFO offers in person. However, there are a few critical differences in these roles. A virtual CFO works on a part-time contractual basis. This contract employment allows the virtual CFO to focus solely on the specific financial areas where a company most needs assistance. Furthermore, virtual CFOs cost your company less money in the long run. This cost reduction is because you only need to pay for the services that your company will benefit from the most. In most cases, virtual CFOs have the same finance degrees, qualifications, and experience that in-person CFOs do.
Services A Virtual CFO Provides
Virtual chief financial officers are in charge of financial planning. Additionally, they maintain economic activities and records to mitigate the monetary risk of a company. Bookkeeping, accounting, and interpreting financial data such as capital investment are vital responsibilities the virtual CFO will likely tackle. Many virtual CFOs also offer a one-time consultation to address business plans and budgeting to set a business on track with its financial goals.
Why Your Business Needs One
Small to medium-sized businesses exponentially benefit from the services of a virtual chief financial officer. These businesses may not yet need full-time CFO services. Moreover, it might not be in the budget to hire a full-time CFO. However, the company still needs an expert financial advisor on its team. A virtual CFO will bridge this gap and provide only the most essential and critical financial services that the company currently requires.
Schleidt Works provides financial consulting services to clients across a variety of industries. Our services help clients minimize risk and improve returns. In addition to small to mid-sized for-profit companies, our clients include municipalities, utility companies, and non-profit organizations.
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