4 Things to Look for in a Virtual CFO

Having a dedicated Chief Financial Officer (CFO) can be a great way to better manage every financial aspect of your growing business. However, for businesses that are looking to minimize costs, onboarding a full-time, in-office CFO may not be sensible. This is why so many growing businesses are hiring virtual CFOs. By working with a virtual CFO, you can free up funding for your business will still receiving the valuable guidance that an experienced CFO has to offer.

As you begin interviewing virtual CFOs, however, there are a few things you'll want to look for.

Flexible Hours and Scheduling

The beauty of working with a virtual CFO is that these professionals tend to be very flexible in their scheduling. Whether you need a CFO to put in 40 hours a week for your company or simply need somebody to turn to for professional guidance a few hours a week, you'll want to make sure the person you choose can accommodate your scheduling needs. You'll also want to consider whether your virtual CFO is located in the same time zone as you and, if not, that they will still be available when needed.

Comprehensive Service Offerings

Specific services offered by a CFO can vary greatly. Most should offer basic services like cash management and strategic planning, as well as annual budgeting and financial reporting. However, you may also want to consider seeking out a virtual CFO who can offer things like fundraising service, IT management, board meeting participation, and the like.

Specific Industry Experience

Companies in any industry can benefit from having a CFO. However, not all CFOs have the same areas of expertise. This is where it can be helpful to hire a virtual CFO who has worked with other companies within your industry. This will give you added confidence that they are familiar with the ins and outs of your unique industry and its financial factors.

Excellent Communication Skills

It's never a bad idea to "test" a prospective virtual CFO's communication skills. Before you even schedule an interview, send out an email, or leave a voicemail to see how long it takes him or her to respond. When you're working virtually with a CFO, being able to expect prompt responses and clear communication is a must.

These are just a few of the most important things to look for when hiring a virtual CFO for your company. By doing your due diligence here, you can end up with an outsourced CFO service that takes your business to new levels of growth.

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