Virtual CFO Vs. Traditional – What Are The Differences?

You want your business to grow and thrive as a business owner, right? Well, as your business grows and expands, you’re going to need some help figuring out your finances and forecasting your business’s future in the long term.

You didn’t start your business to spend hours or days each month working on accounting and financial tasks. So you might have already hired a bookkeeper and an accountant to keep you organized, but what about a Chief Financial Officer (CFO)?

Chief Financial Officer? – My Business Is Too Small

CFOs are experts at helping guide a business in the right direction with sound, financial advice and aren’t just reserved for Wall Street or larger companies.

In the past, CFOs may have seemed exclusive to million-dollar companies, but with the advancement of technology and the ability to work from anywhere, your small business can have a CFO too!

How? With a Virtual CFO! With Virtual CFO (“VCFO”) vs. Traditional CFO, you can still reap the benefits of having a dedicated financial advisor right at your fingertips without having them in-house.

There are several other benefits to having a Virtual CFO so let’s talk about some of the differences between a Virtual CFO vs. a Traditional CFO.

Cost

A traditional CFO in the U.S. has a median salary of $393,377. As a small business owner, that number is staggering.

As a small business, that number could hinder you from being able to afford to hire a person of that caliber to assist you, right? Well, that’s different now.

A Virtual CFO is a professional who most likely is part of a firm (like ours!) and is employed to be JUST a CFO for small businesses like yours.

You may not need a 40-hour in-house CFO, so a Virtual CFO is a perfect fit. They work hourly, which means you only pay them for the hours they dedicate to your business. As a result, they don’t need insurance to be put on payroll and don’t need to work full time to give you the financial advice you need as if they were sitting in the office next to you.

Convenience

Let us ask you this, do you have a dedicated office space that has room for several employees?

If your answer is no, you can already understand the massive benefit of having employees who work off-site.

You may already have a virtual bookkeeper or accountant, so hiring a Virtual CFO completes the financial puzzle.

As we said above, a VFCO can do the same things a traditional CFO does without being onsite.

This makes it convenient for small businesses like yours because it’s all done online, and if it’s done as we do at our firm, it’s all paperless (going paperless is beneficial for you and the planet!).

Move Your Business Forward With A Virtual CFO

If you are ready to take the next step in your business by hiring a Virtual CFO, we are here to help.

For over a decade, our team at Redmond Accounting has helped countless small businesses thrive with our completely virtual bookkeeping, accounting, payroll, and CFO services.

We are leaders in the virtual financial industry and know the importance of having these services available to small business owners.

If you’re interested in learning more about what we do and how to help you thrive, schedule a consultation today!