A virtual CFO can be a great asset to your company, offering you expert financial advice and managing the accounting and financial aspects of your business. Through their expertise and the services, they offer, they can help you grow your business, but what are the qualities to look for in a virtual CFO? Here are a few to keep in mind
Your virtual CFO is going to be an important part of your business and you will be dealing with them on an ongoing basis, so you will want to work with someone whom you find helpful and friendly. Working with someone who is unpleasant will result in uncomfortable dealings with them and this is not something you want. A good working relationship will mean easier communication. Speaking of which...
You want your CFO to be pleasant to deal with but also easy to understand. When you have questions or need advice, they should be able to convey information to you in a manner that is clear and concise. Having them provide answers to your questions that don’t really make things clear, or worse confuse you more, will prove frustrating and counterproductive.
In addition to being clear, you also want them to be attentive; you should not be waiting extended periods for a response or going long periods of time with little or no contact.
When you are relying on someone to give you advice, you want to be sure that they have the experience necessary to provide proper counsel. Experience will also typically result in them being more efficient in their other duties.
How long have they been working as a CFO? Do they have experience with your industry? Ideally, they will have worked for some time as a virtual CFO (as opposed to providing in-house services) and thus have the experience they need to offer excellent service.
When you are trusting someone to help maintain and improve your bottom line, you need to know they are reliable. You can’t afford inaccurate records and late reports, nor do you want to deal with your books falling behind or your taxes not being filed. An unreliable CFO might also make errors on your payroll and even impact upon important business operations.
Hiring a company that offers virtual CFO services is likely to be more reliable than a freelancer and will provide you with greater support and security.
Your virtual CFO is there to help your business grow. When it does, your accounting and CFO services will need to be able to keep pace with you. Having to switch services will prove disruptive, so be sure that the virtual CFO you choose is one that will scale along with you.
Your CFO will be handling the financial affairs of your business and needs to be certified. Don’t hesitate to ask if their certification is up-to-date and whether they receive ongoing training.
Knowing what to look for in a virtual CFO can put your mind at ease as you will know you can trust them to provide the appropriate solutions for your business needs. If you are looking for a virtual CFO, contact us today to learn more about the services we can provide for your business.
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