Revenue that keeps growing is the ultimate goal for every company. Therefore, it’s vital to understand how your company manages finances. The best way to ensure the finances are sound is by hiring a Chief Financial Officer (CFO).
A CFO’s job is managing a company’s finances. A virtual CFO offers the same services but mostly targets small business; this is because virtual CFO pricing is bearable for small business owners.
The upside of hiring a virtual CFO is that they perform the functions of a CFO while integrating scaling technological solutions.
If you’re an SME business owner or even your company is experiencing financial woes, you might be considering hiring a CFO. Therefore, why opt for a virtual CFO? What is the standard virtual CFO pricing and what are the benefits?
Read on to verse yourself with this tech solution.
What Is the Cost of Hiring a Virtual CFO?
Hiring a fulltime CFO is costly as you pay them an average of $140,000. That amount is expensive compared to hiring a virtual CFO who costs half that amount.
Also, a virtual CFO pricing comes in packages, depending on what part of the finance department of your company needs tackling. This variety of packages guarantee affordability to SMEs and new companies.
Benefits of Hiring a Virtual CFO
Compared to hiring a fulltime CFO, hiring a virtual CFO comes with a lot of advantages. Read on to learn more.
All thanks to the power of outsourcing, a virtual CFO works remotely. This remote working culture reduces the cost incurred, hosting a fulltime CFO.
Also, just like hiring any other fulltime employee, a CFO needs benefits, meaning an increase in costs. On the other hand, a virtual CFO is affordable, and with no bonuses.
Diverse level of Skillset and Expertise
Virtual CFOs benefit from working with various companies. This experience leads to a rich, diverse level of expertise, meaning they know how to handle every type of business and can provide apt solutions.
Chances are a virtual CFO will provide quick solutions for your unique financial situation compared to a fulltime CFO. Virtual CFOs can also sometimes offer business pro forma analysis for those businesses that are struggling. It can really go a long way in helping out with the health of your business.
Integrates Seamlessly with Your Team
Given that virtual CFOs have experience from working with multiple companies fitting ideally with your team will be easy. Chances are, a virtual CFO is familiar with your financial situation and business model. Meaning their integration with your team will be seamless.
Therefore, it’s far much more comfortable for a virtual CFO to integrate into it compared to a fulltime CFO. A fulltime CFO might have to take time familiarizing themselves with your team and model.
Grows With Your Business
Through the utilization of scalable tech solutions, a virtual CFO grows with your business. This growth is through the flexibility of handling a client’s primary financial problem.
By providing feedback and assessing your financial situation while providing the right solution, a virtual CFO grows with you as that’s the basis of their evaluation.
The affordability of virtual CFOs sets them apart from full-time CFOs. Affordability and teamwork make them flexible enough to provide solutions for any budget-range.
Most Virtual CFO pricings include options that approach payment via packages. For instance, if in need of bookkeeping, only you can pay for a package that offers bookkeeping solutions only.
For any business to prosper, having a CFO is necessary. Fortunately, you don’t have to incur high expenses hiring a fulltime CFO as Virtual CFO companies such as Hovland Forensics offer such services at an affordable rate.