5 Reasons to Hire a Virtual CFO

5 Reasons to Hire a Virtual CFO

In the COVID world, many people are “virtualed out.” Endless video calls, emails from remote workers, and overwhelmed Wi-Fi signals take a toll on people’s patience.

However, not all virtual work is a burden. Sometimes, virtual workers and assets can be a tremendous benefit to you and your company. A prime example of such a virtual asset is a virtual CFO.

These days, a great deal of CFO work is outsourced to virtual companies and experts rather than hiring an in-house CFO. While this may sound tedious at first, we’ll present you with five reasons that virtual CFO services may be just the thing your company needs!

  1. A Virtual CFO Saves You Money

A virtual CFO salary is much easier to afford than hiring an in-house CFO would be. When you hire a traditional CFO, there are several other expenses beyond annual salaries to consider.

For instance, a traditional full-time CFO requires benefits and bonuses. A virtual CFO has no such requirements. Moreover, virtual CFOs aren’t full-time employees; you only pay them for their services as needed.

If your business is on a tight budget, a virtual CFO is a much more affordable option.

  1. A Varied Portfolio

Virtual CFOs provide the unique benefit of working with multiple businesses and industries at once. Generally, virtual CFO organizations pair you with somebody with specific expertise in your industry.

However, that person will also have experience with other industries. Their experience provides a textured, multivalent insight you wouldn’t get with a typical in-house CFO

  1. Virtual CFO Groups

In most cases, any organization you hire for virtual CFO purposes will assign you a single contact. However, that single contact has access to the knowledge of several others in their company.

As such, you’re not only benefitting from the experience and insight of your contact. You’re accessing the knowledge of entire virtual CFO groups to better your business and financial dealings.

  1. Standard Formats and Methods

When you hire an in-house CFO, you’re hiring a personality as well. This person has his methods, preferences, and systems for filing, formatting, and reporting information.

While there’s nothing wrong with this, a virtual CFO organization is likely to have a standardized system for all its employees. This system is usually more efficient; it’s drawn from the most efficient practices in their industry.

Also, this system comes from the multi-leveled experience of an entire group rather than a single person’s preferences.

  1. Virtual CFOs Know Personalities

Virtual CFOs work with a variety of people at any given time. They’ve seen all the personality types out there and know how to handle them. This is an experience you won’t get when you’ve worked with one business at a time for years on end.

Learn To Become a Virtual CFO

If you’re looking to hire a reliable financial consultant, you can’t do better than a virtual CFO. However, if you’re reading this and would like to know how to become a virtual CFO, then excellent! Several resources exist to train you in becoming a virtual CFO. Discover more today!