Why use a Virtual CFO Service?

Client Advisory Services, Virtual CFO, Fractional, CFO, Part-Time Controller…whatever you want to call having an extra set of hands available to you, there are many options and reasons for outsourcing. Just like housekeeping, maintenance, and social media, any of the many hats you wear as a business owner or organization can be outsourced. Personally, marketing and social media makes me want to curl up in a ball, so I usually outsource that piece of my business to someone who has capacity and is excited about the work. That way, I can do more of things I love and am energized about. It’s just not a hat I want to wear, so I have found folks who do.

Here are some reasons to go with a Virtual CFO:

1. An independent perspective. You love what you do and are passionate about it. While that love and passion can push us to work hard to further our goals, it can sometimes blind us to things that may not be working well or lead us to taking risks when the company may not be financially ready. An independent, outside perspective can help you avoid making costly mistakes and ensure that you invest in a way that allows you to grow.

2. Flexibility. Regardless of entity structure, you can expect that your business will go through various cycles and ebbs and flows over time. You can scale your services and needs as your business changes.

3. Affordability. You know you need a financial partner or internal staff, but you are not ready to hire a full-time, in-house person. Full-time rates plus benefits can add up if you don’t have the full need just yet. Contracting with a virtual CFO allows you to have the support you need at a price you can afford.

4. Get some time back/wear less hats. If you are feeling bogged down by paperwork, payroll, bank statements, etc., hiring a virtual CFO allows you to focus on what you do best. Many entrepreneurs experience burnout and high stress. Just like going for a massage, letting one hat go can be an excellent self-care option.