Hiring a Chief Financial Officer (CFO) will have a huge impact on your business.
What is a CFO? A CFO is a senior executive that is responsible for all financial actions in the company. This includes financial planning, investments, savings, tracking cash flow, and monitoring financial strengths and weaknesses.
With a virtual CFO, you hire an individual or an entity that acts as a CFO of the Company on an ongoing basis. The Virtual CFO model is common in start-ups where there is either no need for a full-time CFO or where start-ups can’t afford a full-time CFO.
So if you hire a virtual CFO, here are 5 ways they can benefit your business!
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1. Flexibility
You have complete control over deciding the job of a virtual CFO. You decide the number of hours, nature of work, required experience, type of engagement (hourly, fixed retainer), etc.
On top of this, you do not need to provide office space or any added benefits for your CFO.
2. Cost-Effective
One of the main benefits of a part-time chief financial officer for hire is cost-saving.
Let’s suppose you require a CFO to manage your ongoing compliances. You estimate this task will take 30 hours per week. In this case, it does not make sense to pay for a full-time employee. The best thing to do is to hire a virtual CFO and pay for the services you need.
3. Forecasting
Virtual CFOs are experts in business and finance. They are fully qualified to take on leadership roles at companies. Due to this, they can effectively plan and execute financial decisions. This will forecast the financial numbers and budgets of your company.
4. Increased Revenue
The benefits of a virtual CFO include a major increase in revenues. They will help you identify untapped sources of growth. Along with this, virtual CFOs will guide the business to ensure adequate financial savings.
5. On-Demand
This is one of the primary benefits of virtual CFOs. You can hire a virtual CFO in an on-demand or part-time manner. This ensures that you are getting the maximum value for your money. This is particularly great for small businesses which do not require a full-time CFO.
Assemblage Can Help!
Grow your business with our Virtual CFO Service! Experience your improved profit margins and cash flow as well as faster and more sustainable growth.
Contact us or call 202-856-7661 to hire a virtual CFO today.