Nowadays, more and more Canadian companies are hiring a Virtual CFO when they need a senior accounting executive to analyze financials and oversee financial planning. This works especially well for growing startups and small- to medium-sized businesses.

Here are the top 10 benefits of hiring a Virtual CFO:

  1. Flexibility
    When you hire a Virtual CFO (VCFO), you set the terms for time and cost that work best for your business. This might mean having the VCFO work full-time hours for a set number of weeks and then part-time or on a fractional basis. You can scale up or down as your requirements change. You pay for the time and deliverables unique to your business, without sacrificing the kind of experience and expertise you require.

  2. Diverse Experience
    Most Virtual CFOs have worked with a variety of companies, gaining experience and insights into the challenges and opportunities of different industries. They can offer a unique perspective and breadth of knowledge that is grounded in practice.

  3. Accounting Expertise
    You can be selective and hire a Virtual CFO who is a Designated Accountant. When you work with someone who has earned a CPA designation, you know that they have met the rigorous requirements as set by their profession — plus their knowledge is current because they’re always learning through Professional Development courses.

    Bonus: They likely have other outsourcing options available through their company, like outsourcing to a Virtual Bookkeeper.

  4. Ability to Handle Complexity
    Not only does a Virtual CFO who is a CPA bring current knowledge and proven expertise to an organization, a Designated Accountant is able to analyze organizations using more complex accounting treatments.

  5. Trusted Reporting
    An experienced Virtual CFO knows how to streamline reporting and create customized client reports (all in keeping with accounting best practices!) that will give you the information you require to inform your business decisions.

  6. Solid Reputation
    Hiring a Virtual CFO means you’re hiring someone who has a proven track record with multiple clients (often across industries!). Watch for someone who has loyal clients and testimonials that attest to their credibility.

  7. Ability to Handle the Good, the Bad, and the Ugly
    After working with many different organizations of varying size and financial stability, an experienced Virtual CFO has dealt with a variety of financial issues (or one of their colleagues has!). They’re ready to tackle financial challenges and emergencies, with the wisdom to offer sound options for moving forward.

  8. Get Up to Speed Quickly
    The life of a Virtual CFO is jumping into a situation and figuring things out quickly. They have the experience to enter the conversation mid-process and quickly assess what needs to be done from a financial perspective, whether that’s gathering information, refining financial reporting, or implementing improved accounting processes.

  9. Part of Your Team
    Virtual CFOs have the leadership skills and emotional intelligence to work with different personalities. They bring financial expertise and help your existing team members learn how to achieve success together. 

  10. Liaison with External Stakeholders and Professional Services
    A Virtual CFO is a liaison with external stakeholders, lenders, and professional bodies.  They provide additional reassurance to reporting and analysis, and the due diligence and professional oversight of a Designated Accountant gives confidence to the external party.

Could the customized services of a Virtual CFO help your business grow? Contact Finatics Accounting Solutions for a free consultation.