You know your business needs a Chief Financial Officer, but when the average salary of a CFO in Chicagoland is over $100,000, many businesses are faced with tough decisions.
One option many small businesses are increasingly turning to is “Virtual CFO” services.
Under a virtual CFO model, rather than hiring a full-time employee to handle a company’s financial functions, a firm contracts with an accounting firm to provide services including:
- Budgeting, cash-flow management and profitability analysis
- Selection and implementation of financial accounting software, development and implementation of procedures and controls
- Providing training and management for the in-house accounting staff
- Strategic planning, forecasting and analysis to help keep the company on the right trajectory from a financial standpoint.
When a company hires a virtual CFO, not only are they saving money on what would have been spent on salary and benefits, they are also saving expenses associated with office space, computer equipment, training and supplies.
Besides cost savings, another benefit of virtual CFO services is the checks and balances that come with separating functions. It can be tough to provide effective internal controls with an in-house CFO in a small business; by outsourcing the CFO functions, there is an automatic separation.
“Virtual CFO services are the right choice for many companies,” says Scott Klein, Senior Partner. “Your virtual CFO stays on top of tax laws and financial management at a fraction of the cost of hiring a full-time CFO, freeing up valuable resources you can put back into your business.”