Are Virtual CFO Services a Good Fit for Your Small Business?

Eric Weynand, Founder
Should You Have a Virtual CFO?

Lean growth is always a hot topic for startups and small businesses. To stay agile and flexible, companies may outsource key business services as needed. For business accounting, this is often a virtual CFO – a financial expert who provides strategic insights to help you grow. 

What Is a Virtual CFO?

Sometimes called a remote or fractional CFO, a virtual CFO works on a contract basis. They handle all things financial, freeing you up to focus on your business.

Beyond basic accounting, virtual CFO services include strategic thinking, planning, and advisory. Virtual CFO services can be customized based on your company’s needs:

  • Ongoing support for accounts payable, accounts receivable, and payroll
  • Monthly budgeting and reporting
  • Dive into your financial data to reveal opportunities and spot risks
  • Strategic planning for short and long-term growth

As the CFOs’ scope of responsibility has expanded, so has their importance in shaping a company’s path. A virtual CFO is both a sounding board and a coach, helping you reach your goals and guiding you along the way.

How a Virtual CFO Can Benefit Your Business

SMBs and startups love virtual CFO services for their flexibility. You get expert financial insights without the cost of a full-time executive. But there are lots of ways a virtual CFO can benefit a growing business:

  • Optimize Cash FlowCash flow is critical to healthy growth. A virtual CFO works to improve your immediate cash flow situation and head off any potential shortfalls.
  • Manage Expenses – When you’re busy running your company, it’s easy to let your budget processes slide. A virtual CFO will review your company’s expenses to identify areas of concern and reduce wasteful spending.
  • Improve Overall Financial Health – Financial health is more than just money in, money out. An experienced CFO will manage your assets, credit, and debt, so your company is always on solid ground.
  • Provide Useful Business Insights – Financial data can be broken down in countless ways. The real value comes from someone who knows how to interpret it. A virtual CFO will use your company’s numbers to unlock meaningful insights you can use.
  • Plan Your Next Move Forecasting for growth is a balancing act that touches all areas of your business. A seasoned financial executive will help you plot a course to sustainable growth.
  • Reduce Your Business Risk – A virtual CFO helps you understand when and where problems can arise and develop plans to prevent and manage them. 

Grow Your Business with PlotPath

Wherever your company wants to go, we’ll help you get there. Our bookkeeping, financial reporting, and CFO services are designed to make your business run better. PlotPath is not a match-making service or a platform for freelance accountants. Our trained & seasoned CFOs, controllers, and bookkeepers work directly with your in-house team to provide:

  • Access to a full financial talent stack (Bookkeeper, Controller, and/or CFO) to provide ongoing financial insight & support for your business
  • Regular engagement to ensure we’re meeting any financial challenge your company faces
  • Exclusive access to our interactive dashboard for a real-time visual view of your company’s financial situation

If you’re ready to grow, but you can’t see the best path forward, you might be a good fit for virtual CFO services. Contact us to learn how PlotPath can help streamline your company’s finances and grow your business.