Why become a virtual CFO?
Here are some of the reasons to consider becoming a virtual CFO.
Benefits for your clients
The virtual CFO role is perfect for accountants who are passionate about helping businesses. There are some undeniable perks for businesses that hire a virtual CFO vs. an in-house CFO.
- Better ROI: A virtual CFO often fetches a lower salary than an in-house one on account of the part-time work. As a virtual CFO, you can work freelance, so you don’t lose out on money, but your partners benefit from freeing up valuable cash.
- Tailored solutions: A virtual CFO can custom-tailor their services to suit the needs of their clients, ensuring that the finances align with the company’s expansion strategy.
- Knowledge and top-tier expertise: Many virtual CFOs specialise in a particular industry, or they may work with clients across sectors. Either way, they have a wealth of experience that they can leverage to help their clients.
As a virtual CFO, you can provide your clients with the help and support they need to grow.
Advantages for small businesses
Small businesses face distinct challenges. Having access to a virtual CFO can be a game changer.
Many small and medium enterprises (SMEs) lack the resources to employ full-time, in-house CFOs, and some may not even contemplate the move. However, not having a financial advisor can spell disaster for burgeoning enterprises in their crucial first years, with more than half of new sole traders not surviving beyond three years in part due to challenging economic circumstances.
Virtual CFOs can be integral to their success. If you’re passionate about SMEs and want to help them grow, being a virtual CFO is a great way to do it.