The role of a virtual CFO is a growing position favoured by many companies. This is an interesting and exciting role that you can progress into with some special skills, helping firms unlock greater efficiency and productivity.
If you want to learn how to become a virtual CFO, this guide is for you.
A virtual CFO offers financial expertise and guidance to businesses. They are very similar to a regular Chief Financial Officer, but here’s the twist–it’s all done virtually. They may work on a contractual or part-time basis. They usually are highly skilled at integrating seamlessly with existing teams to handle a broad range of capabilities.
The best virtual CFO services include:
According to McKinsey, virtual CFOs can deliver high-level strategic value to businesses, driving the growth of the profession. They can assist with financial clarity to help businesses grow, develop financial strategies, and create sensible budgets. When the end of financial year (EOFY) rolls around, they tie up all the loose ends and devise a seamless transition into the new year.
For small businesses, this is an invaluable opportunity to benefit from someone experienced in accounting and finance. So, if you’re passionate about helping businesses grow, the role of a virtual CFO could be for you.
For the most part, a virtual CFO is much like an in-house CFO. However, they have some key differences.
A virtual CFO typically offers:
Due to the remote and part-time nature of the role, virtual CFOs operate slightly differently to their in-house counterparts. That said, the overarching role is similar.
Here are some of the reasons to consider becoming a virtual CFO.
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.
As a virtual CFO, you can provide your clients with the help and support they need to grow.
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.
If you want to become a virtual CFO, there are two things you need to do. The first is to embrace cloud technology, and the second is to change the way you work.
The cloud provides a wealth of advantages for a virtual CFO. This includes seamless data integration, which allows you to access clients’ financial information remotely and in real-time.
Cloud accounting software can also streamline processes like bank account reconciliation, speeding up the process so that you can focus your time and energy where you need to.
The QuickBooks suite has everything you need to begin your virtual CFO journey.
Becoming a virtual CFO requires some shifts in your working style, beyond adopting cloud-based accounting technology.
To wholeheartedly embrace the shift from accountant to virtual CFO, consider the following switches:
If you want to become a virtual CFO, it’s easy to get started with QuickBooks. With QuickBooks Online Accountant (QBOA), we empower accountants to continue their professional career and even pivot to being a virtual CFO with helpful resources and streamlined software.
If you want to become a CFO have a look at our guide to becoming a CFO.
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