What is a CFO?
The chief financial officer is the officer of a company that has primary responsibility for managing the company's finances, including financial planning, management of financial risks, record-keeping, and financial reporting and in some sectors, the CFO is also responsible for analysis of data. Small businesses cannot typically afford chief financial officers.
What is a virtual CFO?
The Virtual CFO is a relatively new concept. It's a way for small businesses to get CFO support that they wouldn't have been able to afford previously.
Small businesses that hire a Virtual CFO get access to an experienced financial professional at a fraction of the cost of a full-time CFO. The services will differ from firm to firm, but usually a Virtual CFO will:
Handle all the duties of a traditional CFO, but work remotely and on a part-time basis.
Monitor the financial health and well-being of the business, usually with cloud technology.
Offer financial insight and guidance on all company decisions and issues.
Provide back-office functions such as managing accounts ledgers, depending on the client and their needs.
Advantages for small businesses
Having access to a Virtual CFO can be a big benefit for a small business. Most of them can't afford an experienced, knowledgeable CFO on a full-time basis and may never consider hiring one.
That's a problem, because many small businesses fail within the first three years. Reasons include failure to set themselves apart from the competition, and an inability to find a profitable business model. With an accounting professional acting as their Virtual CFO, they could keep their financial goals and realities clearly in sight.
What’s the difference between an accountant and a CFO?
An accountant will:
Maintain profit and loss records
Ensure your business remains compliant with financial regulations and tax
Check the accuracy of important financial documents
Help you plan your business, identify and assess costs, and structure accordingly.
A CFO will:
Monitor the financial health and well-being of your business
Offer financial insight and guidance on all company decisions and issues
Provide back-office functions such as managing accounts ledgers, depending on your needs
Create budgets and forecasts.
Pinpoint problem spending by highlighting trends in the market
Ask us how our CFO services can benefit your business on 021 225 6425 or email.
Navigation
About & FAQ
Case Studies
Testimonials
Blog
Dreams + Goals = Business Success
Call Nick today on
021 225 6425 or email
nick@abnr.co.nz
Accountancy & Business by Nick Roberts
201 Endsleigh Road, Havelock North
Accountancy & Business by Nick Roberts is a trading name of Nick Roberts Limited.