Virtual CFO services are more than a person behind a computer, crunching numbers and running reports. They are an extension of your business; an additional team member without the in-house costs.
When you work with a virtual CFO you can expect the financial aspects of your business to be handled with care and detail, but you can also expect a strong relationship with a financial expert you trust.
In this article, we’ll briefly touch on the tasks our (Krieger Analytics) virtual CFO services cover, but we’ll also dive into what you can expect from us as an extension of your team.
What Tasks are Done By Virtual CFO Services?
No two accounting and finance departments look the same, so tasks vary by need. However, there are a few non-negotiables for every business.
Bookkeeping
This includes everything from monthly reconciliation to compiling essential reports, like the:
- Income statements
- Balance sheet
- Statement of cash flows
Compiling Reports and Cash Flow Statements
Your cash flow statement allows you to pinpoint exactly where your business needs to make adjustments. This, combined with measuring the KPIs gives you all of the information you need to make the right decisions for your business.
We’ll ensure you are collecting the right information for your business.
Forecasting
With our virtual CFO services, you’ll have access to two forecasts, the 12-month rolling forecast and the 90-day cash flow forecast. These help us prepare for what’s coming so we can help your business avoid costly mistakes.
Strategizing
Your business needs goals. With the help of virtual CFO services, you can create short, medium, and long-term goals to help your business get where it needs to be. When we review your numbers, we’ll ensure you are still on track to meeting those goals, and if you’re not, we’ll put together a plan to get you there.
Ensuring Follow-Through
Not to be overlooked is follow-through. All of the strategizing and planning aren’t worth it if you aren’t sticking to it. As leaders of your finance department, we’ll ensure you are keeping in step with the tasks that need to be completed to see success for your business.
How Do Virtual CFO Services Fit in with Your Team?
As we mentioned, the goal for our virtual CFO services is to work as an extension of your team. This means:
- Being dedicated to strengthening the finances of your business
- Communicating effectively
- Keeping our eyes on the future
- Ensuring your investment in our services is worth your time and money
Dedication to Your Finances
You need a financial partner that’s dedicated to your business. Your virtual CFO will take the time to understand your pain points and weakness so they can build strategies to improve your business from a financial perspective.
These financial strategies won’t be cookie-cutter. They’ll directly apply to your unique business and fit into your overall plan. When you use our virtual CFO services, we’ll take the time to learn your business inside and out so that we can help you strengthen your finances.
Communication is Key
You need to be able to communicate with your virtual CFO quickly and effectively. Without proper communication, important tasks and information can fall through the cracks.
To that point, you also need to be able to understand what your virtual CFO is trying to communicate. We’ll talk in a language that you understand so you can always have a strong understanding of where your business stands financially.
Eyes on the Future
As we mentioned previously, our virtual CFO services come with forecasting and goal-setting. This is because we believe it is our job to ensure your business always has its eyes set on the future.
You virtual CFO should be focused on growth and building a financial system that will help you get your business where you want it to be.
Get Your Money’s Worth
One of the luxuries of virtual CFO services is that you can pick and choose what tasks you’d like to pay for. Meaning, if you’re not interested in bookkeeping services, you don’t have to pay for them.
On the other hand, if you choose to reap the full benefits of virtual CFO services, you can rest easy knowing you are saving money in comparison to hiring an in-house CFO.
You can also be sure that the services you are getting are coming from a place of experience, as our team is comprised of experts who are skilled at managing small business finances.
Searching for Virtual CFO Services?
Virtual CFO services require more than checking tasks off a list. Along with bookkeeping, compiling reports and cash flow statements, strategizing, and ensuring follow-through, your virtual CFO also needs to:
- Be dedicated to strengthening the finances of your business
- Communicate effectively
- Keep their eyes on the future
- Ensure your investment in our services is worth your time and money
Our team at Krieger Analytics is willing and able to provide your business with the virtual CFO services it needs to be successful.
Reach out to us today to learn more about how our virtual CFO services work as an extension of your team!