Virtual CFO Services

When a new business starts, the business owner or CEO usually wears all kinds of hats. During the growth phase of a business, business owners often interpret financial statements on their own to the best of their knowledge. However, CEOs are also busy running their core business, so limited time is invested in understanding key financial metrics and gaining insights from financial data. 

A virtual Chief Financial Officer, or CFO, helps business owners make sound business decisions based on their expert knowledge of financial planning, financial reporting, and financial strategy.

CFO - Chief financial officer services

A good CFO is distinguished by his experience in the field. OBS has a team of CFOs who will have senior operations experience as well as financial experience. They also have sharp skills in forward-looking strategies, modeling, leadership, and more. Here are a few qualities of our great virtual CFO.

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Qualities of our Virtual CFO to provide top-notch service

A good CFO is distinguished by his experience in the field. OBS has a team of CFOs who will have senior operations experience as well as financial experience. They also have sharp skills in forward-looking strategies, modeling, leadership, and more. Here are a few qualities of our great virtual CFO.

One of the CFO’s primary tools is forecasting. Forecasting uses historical figures, industry trends, competitor analysis, and strategic modeling to design a plan to help a business achieve its financial goals. It is expressly forward-looking, aiming to proactively and strategically move the company forward in its objectives rather than simply predicting and/or documenting that progress.

More than any of these qualities, an OBS CFO can act as a strategic partner. This means not only providing data and financial reports but also being able to advise on actions that will “find the needle” in the company’s progress toward its goals. Our CFOs have a holistic view of the business, and a strategy that spans from sales to customer service, R&D to supplier relations. They are a vital asset to every branch of the business, helping to optimize performance and make strategic adjustments for optimal growth and profitability. For example, a CFO would help with an in-depth analysis of the product line. For these underperforming products, they’ll be able to determine if tweaking supplier agreements, pricing, or sales and marketing can help improve performance, or whether the product should be completely removed or not.

Unlike many financial professionals, our CFOs have real-world operational experience. This could be in a core role or a mentored CFO role. This is an important difference between an inexperienced and an experienced CFO, as it allows the CFO to provide practical strategic advice in addition to budgeting and cost reduction.

Many CFOs start working after being promoted from controller to chief financial officer at a previous company. In many cases, however, this promotion does not include a change in expertise, coaching, or mentoring. At OBS, the CFO has been making this transition for a long time and has developed senior financial experience over time.

Another quality that OBS CFOs possess is a high-quality network of relationships. In the financial world, relationships can have a significant impact on business success. This is true in situations like lending, investing, improving supplier relationships and contracts, and more.

In recent months, we’ve also seen how these relationships affect a company’s ability to secure COVID-19 stimulus funding faster and more successfully than industry experts. Business and finance are less connected.  A good network is a sign of an experienced CFO, while a weak or nonexistent network is usually a sign of an inexperienced CFO.

An OBS CFO has not only strong financial skills but also excellent leadership skills. Many financial professionals are known for being soft. However, our CFO will be able to lead the finance team as well as provide guidance to the operations team. Our CFO will make data-driven strategic recommendations and be able to execute those strategies.

Data Analytics

We have the skills and financial expertise needed to assist our clients with the highest quality data analysis services. We leverage the latest tools and technology while providing error-free analysis of your financial data and glean insights from it.

Methodology Recommendations

Our financial experts can recommend the best equity and debt methods to help them reduce costs, leverage business capital, and increase profit margins. We use the latest tools and technology and provide the best quality services.

Performance Measurement

Our team includes some of the most experienced and knowledgeable CFOs who can help you with accurate performance measurement services. Our services can help clients improve the efficiency of their organizations in no time.

Internal Policy

Our financial experts can recommend the best equity and debt methods to help them reduce costs, leverage business capital, and increase profit margins. We use the latest tools and technology and provide the best quality services.

Break Even Calculation

Analysis of final Cost (Fixed Variable) other than Payout will pick a point where the business neither earns nor loses money. The virtual CFO with OBS will help provide an equal upfront investment assessment, allowing the organization to control its spending.

Management Information Systems Reports

In MIS reports, the virtual CFO is responsible for providing actionable and accurate information about the financial strength of the organization.

Financial Advice

Depending on the situation, the virtual CFO can provide financial advice. Good budget planning prepares the business for growth. This allows high-level organizations to focus on key areas without worrying about budget issues.

Why Hire A Virtual CFO For Your Business

Every business can benefit from a CFO. This statement applies to startups, small businesses, large enterprises, and nonprofit organizations. The problem is that it is sometimes difficult to find the right CFO in a small company.  If your growing business needs the financial guidance and expertise of a leadership position in your business, a Virtual CFO might be what you’re looking for. Some of the reasons to hire a virtual CFO are as follows-

Cost-effective

A virtual CFO is less expensive than hiring a full-time CFO to work at your business. An experienced in-house CFO will demand a high salary and rightly so. But a virtual CFO will only charge you for the time and products needed for your business. Depending on your needs, this could be as little as a few hours a week. You also won’t have to add a virtual CFO to your payroll, give them perks, or worry about other costs associated with hiring a full-time employee.

Experience

All virtual CFOs have financial experience. However, a traditional in-house CFO will likely spend most of their career working with just one or two companies. This means that their overall experience is somewhat limited. But a virtual CFO is much more adaptable. They will have experience working with several companies in different fields. So there’s a better chance that an outsourced CFO knows how to meet your business needs because they’ve seen it all before. This will bring a lot of value to your business.

Flexibility

So many virtual CFOs are part of a larger outsourcing service. Usually, these virtual CFOs will be a better contact within the organization. That said, this person will likely work behind the scenes with others to meet your business needs. This means further enhanced expertise as you will likely have two, three, or even more CFOs working with your company. The Internal CFO will not have these resources at his disposal. In addition, if a full-time employee falls ill, leaves work, or goes on vacation, you have no one left to replace them. With the virtual CFO, service continues no matter what happens. Any conversion will go smoothly and without interrupting your process.

Accurate Financial Reporting

Even if you have an accountant or controller, you may not have a standard format and reporting for all of your financial documents. This can become a problem when it comes to preparing certain financial statements, making forecasts, and preparing for tax season. Any experienced virtual CFO service will use GAAP. They will also guide your accounting department to standardize everything at every level. Taking this approach will ultimately keep your records organized and improve the accuracy of your financial statements.

Adaptability

Outsourced CFOs and virtual CFO services have worked with dozens of companies. This means they have seen and dealt with a wide range of personality types. The virtual CFO will be an expert at adapting to your team’s needs. Therefore, there will be no problems or obstacles in managing or delegating tasks. In addition, a virtual CFO can meet almost any challenge facing him. They have been in this position before and they will not be intimidated by an obstacle. It’s unlikely that your business type, industry, and growth stage is something they’ve never seen before. Even if you introduce them to something new, virtual CFOs have exceptional problem-solving abilities.

Credibility

The time-honored virtual CFO has a proven track record. This means they have raised money and solved problems for other companies in the past. You won’t have to worry about hiring someone who feels the need to prove themselves and is willing to experiment with your business. An experienced Virtual CFO will use proven methods and approaches to improve your business. They will also have a rich network of other people who can help your business grow. If you want to grow, sell, or take another big step forward for your business, the CFO can guide you and match you with the right people to meet your needs.

Shorter Learning Curve

Whenever you hire a new employee, you can’t expect them to know from day one. Depending on their role in the company, their training can take weeks or even months. By the time the person can function at full capacity, 6, 12, or even 18 months may have passed. It’s not very effective. While a virtual CFO won’t be at full capacity on day one, the learning curve will drop dramatically. They have a lot of experience integrating into new businesses, so they know how to get up to speed and maximize efficiency as quickly as possible. A virtual CFO can assess the current state of your business and proceed accordingly in no time.

CFO - Chief financial officer services

Why Outsource Virtual CFO Services To OBS

  • Qualified Team 
  • Tailored Plans
  • Security guaranteed
  • Saving Extra charges
  • Easy enrollment Process 
  • No Setup cost
  • Adaptive work hours

Outsource Virtual CFO Services for US Firms

OBS provides online outsource virtual CFO services to USA firms. If you require Virtual CFO services in New York, Texas, California, San Francisco, Washington DC, Las Vegas, Chicago, Houston, Illinois, Florida, Ohio, Oregon, Nevada, San Jose, Dallas, New Mexico, Massachusetts, Boston, Portland, Pennsylvania, New Jersey, New Hampshire, Phoenix, Arizona, San Antonio, San Diego or other parts of the US or any other state in the US, you can outsource the legal service for your business with us.

FAQ's

1.  What is an outsourced CFO?

An outsourced CFO is a financial manager outside your organization who provides high-level financial, business, accounting, and operational advice for your business. Outsourced CFOs can be employed full-time, part-time, or temporarily for the duration of a project.

2.  Can a startup afford a Virtual CFO?

Yes, you may hire a virtual CFO for your business, and it will help your company grow more efficiently and effectively in the market. The virtual CFO ensures that your startup is competent and ready for future challenges. CFO helps you:

  • Manage outstanding and bad debts
  • Litigation-free contracts
  • Attracted unit profits VC
  • Vendor and supplier management
  • Directors’ compensation and reporting
  • Tax compliance
  • Deciding to hire or buy
  • Well-structured project staff agreements
  • Ensure top talent acquisition through stock options and other tactics

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