Are Virtual CFOs Beneficial For Startups And Growing Businesses?

Businesses of any kind cannot be a one man army; each and every field needs a trained, efficient, and experienced domain expert professional to handle them. More importantly, a business needs a qualified and experienced domain expert to run the finance and Accounts function. Most companies have a designated CFO for managing the company's finances.

In addition, you can also hire trusted virtual CFO services in Australia. The job performed by a virtual CFO is similar to that of an actual CFO, the only difference being that he/she is not a permanent employee of that particular organisation.

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A virtual CFO plays the role of a strategic professional, who tends to or manages the following tasks among many others:

  • Leads the finance and accounts function
  • Strategizes & manages funds
  • Sets the financial budget and makes sure the operation of the company is within the parameters of the approved budgeted numbers.
  • Monitors cash-flows
  • Negotiates on tenders and contracts
  • Plans and monitors systems & controls , and make sure the same are efficiently implemented
  • Keeps records of the financial status of the company

It is common sense that the finance and accounts function is efficiently monitored. A virtual CFO works on a part time basis with an organization even though the role and responsibilities are the same as that of a real one.  

Virtual CFO, similar to a full-time CFO, is different in that a Virtual CFO acts as your company's CFO, except for the fact that he is not your full-time employee. He may or may not be on-site, but is always available.