Who is a CFO
Chief Financial Officer is a highly skilled professional. A CFO does more than prepare your taxes and financial statements. They take their financial expertise and channel it into a strategic leadership role to create financial success for the business. A CFO is a trusted confidant, a networking resource, a strategic partner and someone who shares their expertise to help expand your business when the timing is right, or assist you through the business challenges.
Most accounting and finance work do not require a CFO. But, for the work that REALLY matters, you cannot get a CFO’s insight and experience from a controller or bookkeeper.
Further, most accountants have a back-ward looking approach as they work on historical transactions and data to report on financial numbers and current business state. However, the Chief Financial Officer is a forward-thinker; who needs to build business strategies, forecast business performance, and make decisions based on future market and economic trends.
When Does your Business Need a CFO
The decision to hire a CFO depends on the size and nature of your business as well as its goals and ultimate needs. So, if you require financial intelligence to guide you through your business decisions or are struggling with financial reporting issues, processes or the strategic directions that are holding your company back, having a CFO by your side can make a notable difference. Moreover, the CFO role proves to be inevitable when dealing with sophisticated financial transactions, raising capital, or dealing with investors and banks.
For many businesses, hiring a full time CFO is a big investment but one that can yield a high ROI through improved profit margins and cash flow, sustainable growth, and more efficient operations.
However, If you are not ready for that level of investment, CFO services come in a variety of styles that can perfectly fit your budget and your business needs such as consultants – they act on a short term basis for a certain project – or virtual CFOs.
What does a Virtual CFO do and Why should you Hire One?
A virtual CFO is a remote executive who provides high-level services for companies that are not yet ready for or in need of a full-time CFO.
Additionally, virtual CFOs offer high-level financial strategy without the cost of a comparably experienced in-house CFO.
On average, hiring a full time CFO can cost > $220,000 per year (salary + benefits). On the other hand, virtual CFO services cost can range $1,000-$2,000 per day. With outsourced CFO services, given the fact that you are using their services on a daily or project basis, you can easily save 50% – 60%.
Benefits of having a virtual CFO
- Improve Financial Stability & Growth
- Resolve Cash Flow Challenges
- Improve Reporting & KPI Management
- Optimize Systems for Scalable Growth
- Reduce waste and improve agility
- Provide Long- & Short-Term Forecasting, Budgeting, and Financial Strategy
Crunch TimeZ provides you a road map that includes customized, cost-effective, and viable intelligent solutions in conjunction with cloud-based platforms
During our on-boarding process with our clients, we determine short-term and long-terms goals and report on those deliverables on a weekly / monthly basis
We do not charge our clients per hour. Work with us for a trial period to ensure we are the right fit and pay based on delivered outcomes