What is a Virtual CFO?

A virtual CFO, or virtual chief financial officer, provides services like strategic planning, financial modeling, budgeting, forecasting, establishing and monitoring key performance indicators (KPIs) and other business benchmarking and metrics, cash flow oversight, and other support needed to build your business and reach your goals.

How Does a Virtual CFO Help Your Business?

CFOs partner with you to lead your organization by overseeing financial activities and looking to the financial future of your business, helping you establish and execute your business strategy for growth and profitability.

If you are looking for more than simple bookkeeping and would like the peace of mind that a virtual CFO, or outsourced CFO, can provide through proactive planning, financial reporting and strategic planning, our vCFO services would be a great fit.  

virtual controller

More Information About Virtual CFO Services

How do our virtual CFO services work?

With our virtual CFO (vCFO) services, you have a dedicated and experienced virtual CFO, as well as a team of accountants, as needed providing support to build your business and reach your goals. We work with you throughout the year with regular meetings and guidance to ensure you are aware of where you stand now and also have the information necessary to look ahead. 

Meetings are held via GoToMeeting, Zoom or phone calls depending on the nature of the meeting and preferences.

How much does a virtual CFO cost?

The average monthly investment for our virtual, outsourced CFO services is $8,500/month ($102,000 annually.) For more information please visit our pricing page. For a personalized proposal, please book a discovery call.

For comparison, a traditional, full-time CFO can range in cost from $312,000 to $525,000 annually. By partnering with a virtual CFO, you gain the ability to focus on your growth goals working alongside a trusted advisor for continual direction and feedback without the cost of a full-time CFO.

What do I get when I work with a virtual CFO?

Virtual CFO services include four meetings per month with your designated vCFO. This service level is very hands-on, we are helping drive results and walking alongside you and your leadership team. We can help with a variety of challenges in your business, like cash flow, business strategy, business models, budgeting, and more.

 

Deliverables: 

  • Leading Financial Analysis and Strategy
  • Creating Budgets and Forecasts, Including Departmental Budgeting as needed
  • Financial Reports (Monthly, Quarterly, YTD, Budget to Actual, KPI reports)
  • Building Financial Model for Viability and Scaling Analysis
  • Leading Banking Relationships
  • Recommending Cash Flow Goals and Providing Analysis
  • Analyzing and Driving Operational Improvements and Efficiencies
  • Preliminary Analysis for Mergers and Acquisitions (as needed)
  • Preliminary Valuation and Succession Planning
  • Tax Planning and Tax Return (if elected)

Take a look at our case studies to see how we have helped others achieve their business goals.

What is the monthly meeting structure like with vCFO services?

Meeting #1: Pipeline 

  • This meeting occurs during the first week of the month and allows you and your vCFO to review sales and workload capacity, leads in the pipeline, leads needed, and pipeline metrics.

Meeting #2: Forecast/Strategy 

  • This meeting allows you and your virtual CFO to look at a financial forecast presentation and dicuss options and strategy to accomplish goals and hit your numbers.

Meeting #3: Financial Update

  • This meeting allows you and your virtual CFO to review last month’s financials and YTD, including metrics and budget to actuals.

Meeting #4: Operations Systems 

  • This meeting allows you and your vCFO to look at an overview of operational systems and policies, identify any issues/bottlenecks, what upgrades/changes need to happen, and updates on nonfinancial goals.
Do you have vCFOs with experience in my industry?

We specialize in service-based businesses but have a few industry specializations. We offer expertise in dental, IT & MSP, legal and construction.

I have a bookkeeper I love. Do I have to switch all services over to you?

We are happy to work with your current bookkeeper or accountant to advise from a growth and profitability viewpoint and do not aim to replace anyone on your current team. If you would prefer our firm handle all aspects of accounting, we do offer full-service packages, like bookkeeping and tax preparation to compliment our business acceleration packages.

What are the next steps if I’m interested in learning more?

Book a free, 60-minute discovery call, where we can discuss your goals, where your business currently stands, the level of support you need and offer customized tiered solutions with pricing. Should we both decide that it would be a good fit working together, we will send a proposal for signature and begin the onboarding process.

How long is the onboarding process for vCFO services?

Typically, onboarding lasts about 8 weeks. 

Add On Services Available

Accounts Receivable

We assist in preparing and sending customer invoices at your direction and review. We record payments received against invoices and prepare open invoice listings for collection purposes.

During onboarding we work with you to establish a protocol for how invoicing should be processed, including frequency and timing of invoicing as well as control and review processes.

Accounts Payable

We will code and maintain your accounts payable to ensure bills are paid timely and accurately and integration into your accounting software is done regularly.

During onboarding we work with you to establish a protocol for how bill pays should be processed, including frequency and timing of bill payments as well as control and review processes.

Note: Requires cash flow management services

Budgeting

We will work with you to set goals and establish a budget for your income and expenses. This budget will be set at least annually and sometimes adjusted mid-year. We will utilize this budget to run budget to actual reports and to assist you in analyzing performance, controlling costs, and making pertinent management decisions.

Payroll Oversight

We use 3rd party payroll services, such as ADP, to process payroll. Under this service we assist in more of a management capacity, not actually processing the payroll. Your team handles inputting payroll information into the third party processor internally. We are responsible for oversight of the internal team to ensure processes are completed timely and accurately.

Note: We are not an outsourced HR option, so we are not maintaining employee information or making changes to employee files or compensation without express written requests/consent to do so.

Payroll Processing

We use 3rd party payroll services, such as ADP, to process payroll. Under this service we will take control of entering information and initiating payroll through the 3rd party processor.

Note: We are not an outsourced HR option, so we are not maintaining employee information or making changes to employee files or compensation without express written requests/consent to do so.

Cash Flow Management

This includes both a short-term and long-term cash position views.

For the short-term view, we create a 4-8 week cashflow forecast and meet with a member of your internal team for 30 minutes a week to discuss the inflows and outflows and related timing of these items.

Long-term cash flow management includes estimates of the end of quarter and end of year balances as well as establishing tax and operations reserves.

In preparation for our meeting, we will perform weekly bank reconciliations as well as review the outstanding payables and receivables of the company. During our meeting we will also determine any action steps needed such as collections activities, pushing out timing of payments, line of credit or savings transfers, etc.

The result of this meeting will provide you with peace of mind regarding where you stand and help to smooth out cash flow to keep the business running without interruptions due to cash flow constraints.

Note: Included in vCFO services, optional in others.

Credit Card Expense Tracking

We will assist you in coding and tracking your credit card expenses in your accounting software.

If the extent of such tracking is significant, we will require use of a program like Divvy or Expensify to assist in creating an efficient and effective process. These softwares allow for user selection of account activity, uploading of receipts and required documents, as well as management approvals prior to processing for payment.

We will manage this process and ensure that all is flowing appropriately through the steps to payment and ultimately to the accounting system for accurate reporting.

Business & Personal Tax Returns (Including Tax Planning)

As our support to you centers around forecasting and goal setting to build your business, we will also look to help you set goals around planning for and cash flowing your taxes, including establishing a tax reserve.

We do this regardless of whether you select our tax or tax planning services, we will just do this in conjunction with your outside provider. Should you choose our tax services, we will assign you a Tax Specialist who will prepare your business and personal returns (as elected) and provide updates to the team regarding current tax strategy and estimated tax positions throughout the year.

Sales Tax Returns

We provide preparation and filing services for sales tax returns as required on a monthly, quarterly, or annual basis.

We will work with you to establish the online portal access for the state/city/county necessary to file the returns unless another third party vendor is selected to facilite this service. If a third party vendor is used and you wish us to facilitate the management of this third party vendor, that is also an option under this service.

Property Tax Returns

We provide preparation and filing services for property tax returns as appropriate for your business. Typically, these filings are required on an annual basis and report on the property held by the business to the state.

1099s

We provide 1099 preparation and filing service annually, as required. We work with your team to identify vendors requiring 1099 preparation and work with the team to collect the appropriate form W-9s for the vendors throughout the year and at year-end, as needed. We then analyze payments to ensure accurate 1099 submission and prepare and file the 1099 forms using a third party service.

Extra Meetings

You have the option to add extra meetings, as needed, each month for an additional fee.

Let's Talk! Book Your Free, 60-Minute Discovery Call.

Scheduling a call is easy - Book a time that is most convenient for you, using the calendar below.

During this call, we will: 

  • Discuss your company's current financial situation, goals, vision and any other challenges you would like help overcoming.
  • Give you information about what it's like working with a virtual CFO and the types of services you can expect. 
  • Provide pricing options based on your needs

We look forward to speaking with you!

Virtual CPA Bill.com Certified, PJS & Co. CPAs Bill.com Certified
QuickBooks Certified ProAdvisor, Virtual CPA QuickBooks Certified ProAdvisor
Virtual CPA Bill.com Expert, PJS & Co. CPAs Bill.com Expert
cash flow certification