What Are 3 Core Outsourced Virtual CFO Services?
Virtual CFO services are clearly valuable, but is it the right solution for you? A virtual CFO isn’t a fit for all businesses. Some don’t need high-level strategic advice. In other cases, a company’s finances are too disorganized. If you’re in the latter situation, engage an outsourced accountant to organize your accounts and provide a clear understanding of your financials. Once you’re confident about your accounting practices, you may be ready to hire your own CFO. A virtual CFO can help your business in several key areas:
1. Financial Strategy
As you grow, your business becomes more complex. Gone are the days of working solo in your basement at midnight. As you add more equipment, employees, suppliers, vendors, and contracts, your operations and finances get harder to manage. Besides, if you deal more in big ideas, financial know-how may not be your strong suit. If a data expert alone can’t keep up, it might be time to hire a virtual CFO.
At Ignite Spot, we’re all about informed decision-making. We’ll walk you through a reliable financial strategy with robust accounting practices—from organizing your bookkeeping process and ledger transactions to advising on mergers.
Each step that you and your Ignite Spot CFO take together gives you more insights into your business’s money-making engine. Maybe you need better visibility into corporate spending, like GlobalEd. Or you need to know where to cut costs to survive a global health event, like Kaka’ako Kasuals. The good news is that our virtual CFO services prioritize giving you visibility so you can make sound business decisions.
2. Financial Systems Strategy and Design
Growing quickly is a good thing—until it’s not. Rapid growth can put your finances into a tailspin if you’re not prepared. A virtual CFO can help you navigate periods of accelerated growth and implement systems for the next phase of your business. To do this, your Ignite Spot CFO doubles up on handling potential risks while simultaneously monitoring resources and cash flow to manage revenue.
3. Budgeting and Forecasting
Business leaders are watching one another more than you would think. They see how economic destabilization can crush one business while another thrives on volatility.
But all companies go through unfavorable periods.
The key is to understand why and take the necessary steps to right the financial ship. If you’re struggling to maintain or grow profitability—due to internal or external forces—a virtual CFO may be the right person to add to your team. A virtual CFO shows you how to find and exploit new opportunities while budgeting responsibly during economic instability.