Virtual CFO (or vCFO for short) stands for virtual chief financial officer. A Virtual CFO offers strategic and financial management to an organization, similar to what a full-time CFO does for large organizations. A virtual CFO may be a single person or an entity.
A Virtual CFO is a financial expert who provides services on a part-time or project basis. A Virtual CFO provides strategic finance advice, business and profitability reviews, cash flow reviews, financial forecasts, management accounts, system/process reviews, humans resource and IT oversight, and risk management.
We at PremierOne, have Virtual CFOs with extensive
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 lower monthly cost 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.
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.