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What to Expect from a Part-Time Virtual Chief Financial Officer (VCFO)

What to Expect from a Part-Time Virtual Chief Financial Officer (VCFO)

As your business thrives and grows, you may find yourself dealing with a broad range of financial issues and topics that you hadn’t fully prepared for. The key to answering these questions means assessing your needs and determining if it makes sense to work with a Virtual Chief Financial Officer (vCFO) to help you chart and properly track your company’s financial resources and goals.

For most business owners, the skills of a CFO lend themselves to developing strategies that aid in the performance and profitability of a business. Unfortunately, when working within budgetary parameters, hiring a full-time CFO may not be financially viable.

But you do have options.

A part-time virtual CFO can be the perfect solution to your problems.

With the ability to handle the duties assigned to a traditional CFO, a vCFO can work remotely and on a part-time basis. A vCFO can act in a dedicated role to monitor the financial well-being of your business and can add incredible value to your company.

What Can a vCFO Do?

A vCFO offers an affordable way to acquire the benefits of a talented finance expert, without the higher expense of a full-time, in-house executive. Working on an hourly basis, and in a remote capacity, a vCFO can perform a wide variety of duties including but not limited to:

  • Overseeing the financial initiatives of a business
  • Participating in strategic planning activities
  • Preparing and managing operating budgets
  • Forecasting, managing and reporting on cash flows
  • Creating internal controls and assigning duties
  • Monitoring and advising on financials
  • Managing compliance requirements

The vCFO also serves to identify and oversee the finance and accounting support needed from the roles of controllers, accounting staff, tax accountants and auditors. While the cost of services can vary, a part-time vCFO is still a highly cost-effective solution that also provides a broader financial perspective to your operations.

Benefits of Working with a vCFO

A company not taking advantage of the services of a vCFO is often unaware of the missed opportunities for profit. According to experts, what entrepreneurs may not realize is that money is already being spent on lost profits and misspending.

The dynamics of a business are best explored through the lens of an educated financial professional, and relying on the talent of a vCFO can spell the difference between your company’s survival or failure – especially in today’s tough business climate. If you’re acting as your company’s CEO, you can also expect to serve as a strategic partner for your vCFO to increase profitability and improve cash flow.

As you consider the next step in your company’s financial journey, it’s important to keep in mind that the role of the vCFO is not to act as an agent that will rubber-stamp every and all decisions without first doing their due diligence. Instead, expect them to challenge you on financial decisions and to help you create the kind of transformation that leads to your company’s improvement and success.

Trust the Financial Experts at Gonzalez & Arrambide, Inc.

Since 1996, the financial experts at Gonzalez & Arrambide, Inc., have worked with a range of clients to offer an array of exceptional services to meet your financial needs. Call us today at (956) 447-9009 to explore how we can help you grow your business

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