Companies are under a lot of pressure to excel today, and having a personal CFO can benefit them in expanding and drawing profits. However, hiring a full-time CFO, especially for a small business, can be quite challenging as they may not have the financial resources or the workload that an experienced in-house CFO may demand. Fortunately, a virtual CFO near you in Atlanta can be a great alternative for you.
Below we discuss what virtual CFOs are and how they can help your business!
What is a Virtual CFO?
A virtual CFO provides the services of a professional and experienced CFO remotely for managing finances, strategic decision-making, KPIs, and goal-setting. However, their services may or may not include financial planning, analysis, and accounting. They can be part-time or full-time experts in your business, depending on your requirements.
What are the Benefits of Hiring a Virtual CFO?
Benefit #1- They are experienced: Virtual CFOs are remotely working for multiple companies at once, which means you will join hands with a financing expert who also has experience with several other industries. This gives you an advantage as they can handle any kind of situation in your business. Moreover, if the CFO gets stuck somewhere, they can ask a team member to help and provide you with the expected results.
Benefit #2- They help you comply with industry regulations: There are several industry regulations and standards that a business should comply with. If you work on your finances yourself, you may not know all these rules. Even an in-house expert might miss some nuances in the industry regulations. However, virtual CFOs are often on top of these things and work accordingly. They will also complete your paperwork and file it on time to avoid delays and fines.
Benefit #3- They help you save money: Most companies that hire virtual CFOs only do it on an hourly basis. This saves you the money you might have been paying an in-house CFO. Moreover, virtual CFOs do not require any bonuses, paid leaves, benefits, and payroll expenses like full-time CFOs.
Benefit #4- They will make financial plans for you: Companies that hire virtual CFOs don’t have an in-house financial expert. The absence of an expert can be detrimental to the company. A virtual CFO will also help you plan your investments and future endeavors aside from their work.
Benefit #5- They provide you with a clear picture: Virtual CFOs will help you get a better understanding of your finances and also paint a clear picture of the future financial health of your company. This information will come in handy when you make an investment or expansion-related decisions.
About SMB Strategy Consultants, LLC
Are you looking for virtual CFO services in Atlanta? Then SMB Strategy Consultants is your one-stop destination. Our mission is to empower you with good data and practical, proactive counsel. We help businesses understand their finances better and drive improvement month over month. Fill out our contact form, call us at 770-284-4313, or visit our website for more information about our services.