How Do You Know If Your Business Needs A Virtual CFO

For many people, the early stage of business ownership requires a lot of hands-on effort. You’re touching every aspect of your business from billing to marketing without much professional support. There’s nothing wrong with this method, I support it. I believe strongly that starting a business shouldn’t bankrupt your whole family. The responsible thing to do is put your nose to the grindstone and work hard until you can afford to invest in the staff you need. 

One of the areas that most people find they need support is their business finances. You may have the best law practice in all the land, but that doesn’t mean that you know how to or have time to do your bookkeeping. Eventually, business owners end up outsourcing these tasks, but how do you know when you’re ready to make that kind of investment?

At Fix-It Accounting we take this one step further by offering a service called Virtual CFO. There is a big difference between hiring a bookkeeper and hiring a CFO. A CFO has the experience and wisdom to help you make informed decisions about your business. Is it time to expand? Do you have adequate cash flow? These are the types of questions that a CFO can help you answer. But not every company has the ability to hire a full-time CFO. The expense of salary and benefits alone may be too much for your growing company to handle. That’s why we offer Virtual CFO services for our customers.

The Double-Edged Sword of Business Growth

You want your business to grow, but if it's going to get any bigger you need to hire someone to handle your finances. You can't hire a full-time CFO until you’re big enough to afford it. We’ve all experienced this type of conflict at one point or another as business owners. And the reality is that at some point you have to leap for the sake of growth. But instead of leaping from point A to full-time CFO, maybe you take a smaller step and hire an experienced Virtual CFO who can provide you with a higher level of service until you’re ready for the next big step.

You Need To Focus On Other Things

In growth, things generally start getting more complicated. Maybe you’ve added staff, or more products or services, whatever growth looks like to you, it will change the way you work. In my personal experience, growth meant hiring more people which meant dedicating more time and energy to managing those people. However this shakes out in your business, it will leave you less time for some other important tasks. Outsourcing your bookkeeping, accounting, and financial decision making to an experienced Virtual CFO leaves you more time and energy to take on other important tasks.

Change and growth go hand in hand. What you need most when you’re going through the change that is associated with growth is a partner to support and guide you. At Fix-It Accounting we provide many different services that support hard-working business owners. But, when you’re ready to watch your business grow, you need a Virtual CFO. Contact our office today for more information about signing up for this program.