It is not uncommon where small business owners reach a point in their company’s lifecycle where managing the financial side of the business becomes overwhelming. If this occurs, then it may be time to add a virtual CFO to your business.
A Virtual CFO can help a business with:
- Day-to-day financial management
- Interpretation of financial data
- Plan capital acquisition strategies
- Liaison between the company & the bank
- Help negotiate any loans
- Analyze mergers & acquisition opportunities
- Maintain adequate internal controls
- Implement cash management practices
- Budgeting & cash forecasting
- Financial performance analysis
Hiring a full-time CFO represents a major financial commitment to your company’s payroll. ZipRecruiter stated that the average CFO salary is $125, 273 per year. Most small businesses cannot afford a CFO full-time salary. Outsourced CFOs offer an alternative to full-time CFOs without the hefty price tag.