A chief financial officer (CFO) is a financial and accounting expert. In large companies, the CFO oversees all accounting and bookkeeping functions, critical company operations, and planning for the financial aspects of any transformative business strategy. Specific accounting functions that a CFO oversees include compliance with regulations, reporting requirements, financial statements, tax planning and preparation, and intelligent business tools that give critical insights for business operations. However, most small businesses cannot afford to pay a CFO. However, they can afford a virtual CFO, obtain the same expertise, and get critical services when needed.
When you have a highly qualified CFO helping your business, you will do better budgeting, cash flow management, and business planning. You will track down hidden costs and eliminate them. Your business will be more efficient and more profitable. You will not spend all of your time dealing with minor but recurring and irritating issues either.
When you need competent financial advice that does not cost too much, a virtual CFO is a great choice. Ideally, you want a virtual CFO before financial problems arise but bringing one on board during a financial and business crisis may save your business from a disaster. Many times you can outsource your bookkeeping and save money in the process because you are getting better bookkeeping and better financial advice than you could afford in-house. This is especially true when you look for a virtual CFO.
In general, you will pay around $57,000 a year for virtual CFO services. For a business with yearly revenue of $950,000 this comes to six percent of revenue. For $1,140,000 it comes to five percent. With annual revenue of $1,425,000 it comes to four percent. If your annual revenue is $1,900,000 you will be paying three percent and a company with annual revenue of $2,850,000 will be paying two percent of revenue for CFO services.
Exigo Business Solutions provides virtual CFO services including business planning, business coaching with the Fix This Next system, and weekly management meetings up to forty-five minutes.
To help decide what kind of outsourcing or virtual CFO your company may need, please contact us at Exigo Business Solutions in the Kansas City area.
