Does Your Business Need A Virtual CFO?
Updated: Aug 28
As small businesses grow it is inevitable that their financial situations will become more complex. Savvy leaders quickly learn that being organized financially and understanding what their numbers mean is key in having a successful business. Insert us... We get questions like: “Do I need a Virtual CFO,” “What does a Virtual CFO do,” “What’s the difference between a bookkeeper and CFO,” “Should I hire a team or outsource my accounting,” and many more questions that pretty much equate to “Why should I hire Right Choice Accounting Solutions?”
Why Should You Choose Us?
Since Right Choice is the solution for most of those questions, I’ll start by answering why you should choose us. Our primary business offering is an “Outsourced Accounting Department” service. This is a one-stop accounting shop that includes services like Virtual CFO, Accounting strategy and analysis, Tax planning and strategy, Budgeting, Projections, Bookkeeping, and more. We take the full accounting function off your plate. The best part is… We do it for a fraction of the cost of hiring employees to handle all these functions. To learn more about our current services Click Here.
What Is A Virtual CFO?
An online Chief Financial Officer is a CFO who works on a remote basis to deliver the same services and benefits as a traditional CFO. The value of having a Virtual CFO is the ability to offer high-level, reliable financial guidance to a business without the attached cost of full-time executive employment.
What A CFO Does & Why You Need One
The most obvious benefit of hiring a virtual CFO is the cost. Hiring virtually allows you to incorporate a CFO’s level of expertise into your business without paying the salary of a full time CFO (normally $300k+). CFOs offer a lot of value to a business. That’s why they are able to demand such a high salary, and the employee benefits and other perks are normally just as hefty. Here are some of the key deliverables that a CFO brings to a business:
· Strategic Planning
· Insight & Analysis
· Greater Return on Investment (ROI)
· Oversight of Accounting & Finance Function
· Sounding Board, Coach, and Guide
· Increase Efficiency – Identify and cut waste, also find opportunities.
· Identify Key Metrics - KPIs
· Financial Reporting & Analysis
· Annual Budgeting, Forecasts, & Projections
· Much more…
As you can see, CFOs deliver the type of value that every business needs. When you can get that value for a fraction of the cost, it’s a “win win” situation. What business owner doesn’t love to win?
Right Choice Accounting Solutions is proudly a black owned, CPA led outsourced accounting and tax firm. Right Choice offers a one-stop shop accounting and tax solution that covers high level strategy, accounting insights & analysis, financial statement preparation, tax planning and preparation, basic bookkeeping, and much more. Schedule your FREE intro call TODAY to learn more about what makes us the Right Choice for your accounting and tax needs.