What is a Virtual CFO?
A virtual Chief Financial Officer (CFO) serves as a part-time financial executive for small businesses, providing a cost-efficient solution that delivers the crucial expertise of a CFO without the need for a full-time position. Thanks to advancements in cloud-based accounting and bookkeeping technologies, virtual CFOs have recently become accessible even to the smallest of enterprises.
What Common Challenges Can a CFO Help With?
A virtual CFO is frequently brought on board to address specific financial challenges that a business may face, such as:
- Cash flow issues.
- Low gross margins.
- High operational expenses.
- Outdated or inadequate financial systems.
- Necessity for cost reductions.
- Navigating the complexities of an audit.
Why Hire a Virtual CFO?
Outlined below are various scenarios where a small business owner might find it beneficial to engage the services of a virtual CFO:
- You are overwhelmed and cannot manage bookkeeping and accounting tasks.
- Forecasting future financial performance has become increasingly complex and stressful.
- You are entering a new market or exploring vertical integration opportunities.
- You are pivoting your business model, and the results are uncertain.
- You are incorporating new equity partners into your business structure.
- You are in the process of raising outside equity capital.
- You have recently closed an investment round and need to manage the newly acquired cash wisely.
- Your growth is constrained by capital tied up in inventory or accounts receivable.
- You are seeking to acquire new debt or refinance existing debt.
- You are contemplating merging with or acquiring another business.
Our Solution.
Liguori Accounting offers sophisticated virtual CFO services tailored to meet the unique needs of small businesses. Clients are paired with a dedicated CFO who gains an in-depth understanding of the business and its strategic objectives. Business owners can schedule meetings with their CFO either quarterly or monthly, depending on the service tier selected. Typically, during each meeting, the CFO will review current financial activities, budget status, strategic goals, tax opportunities, and financial forecasts. These meetings follow a structured agenda, yet the agenda and financial reports can be customized to align with the specific needs of the business.
Interested in Learning More?
Discover how Liguori Accounting can help your business flourish! Complete the form below to initiate a conversation with our team. Please note that Liguori Accounting offers tax services exclusively to business owners subscribed to one of our service tiers. Our firm may not be the ideal choice for businesses seeking standalone tax preparation and filing services, as we specialize in comprehensive, full-service outsourced accounting solutions.