5 Reasons your business needs a Virtual CFO — Executive Allies

In my college financial accounting course, I remember my professor stated that “out of all the business courses you will take, the accounting courses are the ones that will be used no matter what industry you choose.” As I was an accounting major, I was pretty sure I would use my accounting classes at some point, but I didn’t know just how frequently I would see this statement come true!

So many businesses start up with exponential growth in the first couple of years, only to find that the founder is performing all the operational duties, putting out fires as they come up, and running themselves ragged with no end in sight! The strategic planning and focus on the future that once was paramount has gotten caught up in the mundane of the daily work and tasks required to keep the business running.

This is where a Virtual CFO/controller can provide some much-needed relief and peace of mind!

Listed below are 5 signs that make it clear you need to hire a virtual CFO/controller:

1. You are constantly playing catch-up on invoicing and paying your bills.

A Virtual CFO will become an extension of your accounting team and will develop processes to ensure customer payments and invoicing do not fall through the crack. We will provide guidance to your business through a financial lens and will cut through the weeds to provide and translate meaningful financial data that is relevant to grow and sustaining your business.

2. The business environment and your business needs are constantly evolving.

If this past year has been proof of anything, it’s that change comes, whether you are prepared for it or not. Are you able to use that change to your advantage or does your business get forced into change? With our expertise at Executive Allies, we will help you stay on top of industry changes, inform you of changes in accounting requirements, and track KPIs to ensure you are ready for when change inevitably comes.

3. You need accurate and timely financial data.

The information you use to make your day-to-day decisions needs to be timely and accurate. At Executive Allies, we will establish a regular cadence for the delivery and discussion of your financial information to be sure you understand the details and impact to your business. We can also attend board, bank, or investor meetings as a part of your team to be sure you are fully supported throughout these key events!

4. Your cash flow is about to substantially increase or decrease.

In business, cash is king! Are you confident you will be able to meet your payroll or other large obligations in the coming weeks? If not, it may be time to hire a Virtual CFO. Cash flow projections looking forward 13 weeks will provide you with the right data to enable you to better manage your cash and put you in a position of strength when it comes to contract negotiation.

5. The stress from your business keeps you up at night - you wish things would run more smoothly and in a streamlined manner.

Maybe you have known for a while that you need more advanced accounting help but can’t afford the $100k + salary (plus benefits and the HR headache employees can bring). Hiring a Virtual CFO provides you with the experience you need but at a fraction of the cost and with no long-term commitment. We will work to continually earn your business and truly become your Executive Ally.

If you answered “yes” to any of the items above, contact us today.