With the finance sector embracing more new and varied technologies than ever, virtual CFO services are becoming the preferred way for businesses of all sizes to reap the benefits of a financial controller without the cost of hiring one full-time. CFO services provide access to high-level financial expertise at a much lower cost than hiring a full-time CFO. However, due to the growing number of virtual CFOs, it can take time to find a trusted provider. This article will go over some tips and strategies you can use to ensure that you find a reliable provider of virtual CFO services in the shortest amount of time possible.
Research the Provider’s Background & Experience
When searching for a provider of virtual CFO services, it’s important to conduct some due diligence and dedicate the time to researching their background and experience. Take a critical eye to their background and expertise and think about whether or not it aligns with your business and industry as well as your business goals.
Once you’ve found a provider of CFO services that aligns with your needs and goals, you can shift your focus to past reviews and client testimonials. This can give you an idea of the level of customer satisfaction and service on offer, which you can then factor into your decision of whether or not to hire them.
Most providers of virtual CFO services are happy to answer any questions potential customers may have, so you should feel free to contact the provider directly to ask any questions about their qualifications and experience that may not have been covered in their online information.
Consider the Provider’s Approach to Financial Management
You should expect a good virtual CFO to have a comprehensive understanding of financial management, including budgeting, forecasting and financial analysis. They should also be familiar with the latest financial technologies and tools and be able to use these tools to effectively optimise a financial workflow for your specific use case.
It’s important to ask potential providers about their approach to financial management and how they would handle the unique needs of your business. You can dig a bit deeper at this stage and ask for specific examples of the types of services they’ve provided to other similar businesses in the past. This will give you an idea of whether they’re capable of meeting your specific requirements.
Look for a Provider with a Flexible Approach
The right virtual CFO will be able to adapt their services to meet the specific goals and needs of your business. They should be able to work with your existing financial systems and processes and integrate their own technologies, workflows and expertise with minimal disruption.
The flexibility a particular provider offers should also ideally extend into their engagement terms. You should look for a provider whose services you can engage as you need them. This not only saves you time, money and stress, but it also simply gives you the freedom to allocate resources to another aspect of your business when financial controlling is not a priority.
Consider the Provider’s Prices & Services
The pricing and fee structure for the virtual CFO services you’re considering should be clearly outlined, and it’s important that you understand how you will be charged before hiring a virtual CFO. Some virtual CFOs may offer fixed-fee packages, while others may charge hourly or project-based rates. Ask potential providers about their services and fees to get a better understanding of how much their services will cost and how you’ll be billed. It’s also a good idea to compare a few different providers to make sure you’re getting the best value for money.