Virtual CFO (or vCFO for short) stands for virtual chief financial officer. A virtual CFO is an Virtual service provider offering high skill assistance in financial requirements of an organization, just like a chief financial officer does for large organizations. A virtual CFO may be a single person or an entity.
An Virtual or Virtual CFO is a financial expert who provides financial strategy services on a part-time or project basis. A Virtual CFO provides high-level financial strategy, systems analysis and design, and operational optimizations. A Virtual CFO can also help a company resolve challenges such as cash flow issues, raising capital, solving tight margins, Profit improvement analysis, implementing more efficient systems, or preparing for growth.
We at PremierOne, have Virtual CFOs with considerable experience in high-level corporate finance roles. They’ve often worked as CFOs for a variety of public and private companies at many stages of growth and in multiple industries.
Why hire an Virtual CFO over an In-House CFO?
While every company can benefit from the high-level strategy, operational fine-tuning, expertise, and business contacts of a CFO, not every company is in a position to hire a full-time CFO onto their team.
An in-house hire typically means an annual salary plus benefits which, for a c-suite executive can often be cost-prohibitive, especially when you consider annual raises. To hire an affordable CFO, many organizations have to sacrifice experience level to make a practical hire.
When you hire a Virtual CFO, however, your dollar “goes farther” since you’re essentially “sharing” the CFO and only paying for the time and expertise you require.
For a similar monthly cost (or less) and without benefits or annually raises, you can hire a Virtual CFO with extensive experience. You can also partner with a CFO who has specific experience in whatever challenge you may be facing at a given time. In general, Virtual CFOs tend to have a wide range of the project, company size, and industry experience. They have often seen companies like yours before and overcome challenges—this means you have a seasoned pro at your side to help you achieve your growth goals.
Finally, the strongest Virtual CFOs have access to a full range of finance and accounting talent, allowing them to assemble temporary or long-term teams to achieve key objectives for their clients. In fact, one of the most valuable benefits of a Virtual CFO is the ability to deliver scalable teams with a variety of skill sets and industry experience–in some cases at or below the cost of a dedicated, full-time CFO.
PremierOne is proud to extend it’s top-notch Virtual CFO services to the small and medium enterprises in Melbourne in particular and Australia in General.