Virtual CFO Services: Why Is It a Growing Trend?
What Are Virtual CFO Services?
As a business owner, you may often find that navigating your finances is among your most challenging tasks. You may lack the financial acuity to do an effective job, simply because it’s just not what you want to focus on. But every business needs an expert to handle the financial aspects of the company, and this is especially true if your business is experiencing rapid growth or increasing complexity.
The solution may be a virtual CFO, which is a Chief Financial Officer who works remotely, usually on a part-time basis. Outsourcing tasks to a virtual CFO is a cost-effective way to have an expert handle the numbers side of the business. It’s a growing trend because virtual CFO services provide expertise at a fraction of the cost of a full-time employee. When you’re looking for virtual CFO services in the Asheville area, look no further than Barney Holtzman, CPA, CGMA, offering CFO services at Peridot Consulting.
What Does a Virtual CFO Do?
The services performed by a virtual CFO depend on the unique needs of your company. Any tasks you would expect an in-house CFO to handle can be done by a virtual CFO at a much more affordable cost. Services may include:
Cash flow management
Financial reporting
Annual budgeting
Debt reduction
Strategic financial planning
Accounting
Tax representation
Fraud examination
Payroll services
Financial coaching
For example, Barney will communicate with you, your team and stakeholders while helping guide your business toward its financial goals. An outsourced CFO, like Barney, gets to know your business and can make recommendations for taking advantage of growth opportunities and cutting wasteful spending.
How Do Virtual CFO Services Benefit Your Business?
Hiring outside CFO services can be beneficial for your business in a number of ways. Some of the top benefits include:
Customized service. Each business is different, and a CFO gets to know your company well enough to customize services so you’re paying only for what’s needed by your business.
Cost-effective. The expected salary of a CFO can be high, especially once you add benefits and bonuses. Outsourcing CFO services allow you to have that same professional financial direction at a much lower cost.
Diverse experience. Virtual CFO service companies often work with several different industries at the same time, which allows them to contribute diverse industry experience that you don’t get from a full-time hire.
Additionally, new employees may take some time getting to know what your business needs. The extensive experience that Barney brings to the table allows him to get started providing effective action right away. This means he is ready to handle your immediate needs, such as the next deadline to file tax returns.
How Are Peridot Consulting CFO Services Unique?
The CFO Services we offer here at Peridot Consulting is a full-service accounting firm offering one-stop-shop financial services, as well as, tax services and tax planning. This can also include business advisory and accounting management for both individuals and businesses. While outsourced CFO services are often priced for medium to large corporations, Peridot offers these services to small businesses at an affordable price.
When you choose us here at Peridot, we dive deep to assess and review your books together with your team during standing monthly meetings. You’ll get solutions and expert guidance from a professional accountant at every turn. If you’re looking for tax or financial help for your business on a part-time or per-project basis, contact us at Peridot Consulting CFO Services today to get started.