What Is A Virtual CFO?
And How Can They Improve Cash Flow?
A Virtual CFO is an advanced accounting professional that will empower you to leverage your numbers, to grow your business faster.
There's nothing more exciting than watching your business flourish. Right? However, when your annual revenue crosses the seven-figure mark, cash flow management or paying taxes can be stressful. This phase of building a 7-figure consulting firm takes all the initial excitement away.
Do not allow the financial intricacies of your growing a consulting firm make you lose time-critical market opportunities. This is where a virtual CFO can help and, in this episode, I am going to show you how.
Hello Everyone! I am Octavia Conner, the Million-Dollar CFO, and CEO of Say Yes To Profits, for those unfamiliar with me.
This episode is brought to you by the "More Money, More Profit Checklist.
This checklist is filled with proven strategies that will enable you to add more commas to your bank balance. Click below and grab your copy today!
What is a Virtual CFO (Chief Financial Officer)?
A Virtual CFO (also termed as an Outsourced CFO, Part-Time CFO, or VCFO Accountant) is an advanced accounting professional working remotely to assist you with your business's various financial needs. They provide support in growing your business at an exponential rate.
Hiring a virtual CFO will allow you to have in-depth financial insight, oversight, and foresight that will enable you to experience financial peace of mind.
Your journey to growing your business at an accelerated rate while increasing cash flow and profitability starts with hiring a Virtual CFO.
It is more beneficial to engage a Virtual CFO's services, such as Say Yes To Profits, than burdening yourself with an in-house professional accountant that will increase operating costs by 40% or greater. An in-house accountant consumes resources and valuable time, as the CEO should spend on revenue-generating tasks.
As your business grows, you should invest your time making impactful decisions that will drive your firm ahead of its competition.
How Does Virtual CFO Services Work?
The best virtual CFO services provide in-depth financial intelligence often not noticed by the untrained eye. They are experienced in creating financial scenarios, using industry benchmarks, and improving revenue models that will enable you to scale effectively.
They strategize with you on key business data that will deliver increase cash flow, profits, and reduce tax liabilities.
They can oversee various aspects of your company's finances, such as:
- Strategic planning to increase revenue
- Managing and boosting cash flow
- Understanding how to price for profit
- Improving profit margins while reducing tax liabilities
- Cash Flow & Working Capital Management
- Improving business performance
- Financial analysis, budgeting, and forecasting
- Accounting Health Check Services
Can You Say - More Money, More Profits!
A Virtual CFO will empower you to become fiscally responsible by leveraging your numbers to make strategic business-growth decisions.
Furthermore, they provide customized financial reports and accountability meetings to help you monitor your business's financial performance to exceed your business goals and objectives.
Additional virtual CFO services could include:
- Oversee and develop the accounting team
- Capital Budgeting & Resources Planning
- Accounting Policy & Procedures Preparation
- Risk management & Internal Controls Consulting
- Fundraising - By creating a financial story and light pitching for your business
- Managing financial-related software, technologies, and IT systems
- Participating in the board meetings to coach CEOs in significant financial decisions
- Providing advice and analytical support for mergers and acquisition
- Suggest different methods to procure capital at low cost while regulating and reducing unproductive expenses
- Identifying and developing key metrics to monitor various financial aspects of the business
Why Do You Need Virtual CFO Services for Your Consulting Firm?
If you want to gain the ultimate financial confidence and peace of mind, there is no better option than engaging a Virtual CFO's services.
If you want to STOP making decisions based on a whim or emotions and begin making strategic business decisions based on financial intelligence, you will benefit greatly from a virtual CFO.
Let's Break Down the Benefits of Using A Virtual Chief Financial Officer:
While you are busy promoting your business, launching products, providing services, and beating the competition, Virtual CFOs help you cut through the jargon and get straight to the numbers.
For example, they help you answer questions such as:
- Will this price result in a profit?
- Should I hire that new team member?
- Should I increase this team's member pay?
- Should I open or close that 2nd location?
- Is this service line profitable? How much tax liabilities will have in 12-months?
- And many more...
Through virtual CFO services, you can understand key performance numbers, pricing, and revenue modeling.
Virtual CFOs enable you to set and achieve realistic revenue, profit goals, ratios, and more for your business.
Reduce Tax Liabilities
As a virtual chief financial officer, we manage unexpected cash flow fluctuations. We uncover money leaks and tax deductions while strategically focusing on restructuring your business, reducing your overall tax liabilities, and eliminating all financial worries.
Better Operational Control
Do you sometimes experience severe cash flow problems or feel you've reached a growth ceiling? When you begin expanding and growing your small business, it is easy to overlook the gaps that will affect further achievement.
A Virtual CFO always has their eyes on the numbers now and in the future. They proactively projected growth and potential business pitfalls. We can provide you with reliable information about your business areas that affect your operating inflow and outflows. We enable you to reduce the cash deficit risk giving you peace of mind and the best opportunity to expand and grow.
How much does a Virtual CFO cost?
The cost to hire a full-time chief financial officer can range between $120,000 and $250,000 yearly plus benefits and taxes. With our virtual CFO services, we can provide you with the same and, in most cases, better services, support, and strategic insight, while cutting that price by 75%. On average, our customized virtual CFO services tailored-made for high six- and seven-figure consulting firms cost $2,000 per month.
At Say Yes To Profits, our virtual CFO services enable you to bridge the gap between where you are and where you desire to be by providing the right financial guidance.
We are a virtual CFO firm for consultants and entrepreneurs who want to scale their business faster and smarter. We grow your business faster than any other virtual CFO firm by recognizing the gaps in your business, finances, and market.
With our high-level insight, accountability, and support, we help you consistently capitalize on proven financial strategies that will eliminate all growth barriers.
That Is Why Our Clients Love US!
Over 90% of our clients have grown between 30% and 350% within 12 months. We also help them eliminate over 60% of tax liabilities by strategically combining financial management with financial consulting.
If you would like a glimpse into how we help consultants build million-dollar firms by provide virtual CFO services, schedule a session with me by visiting OctaviaCFOChat.com
This is Octavia – your Million-Dollar Virtual CFO. Until Next Time – Say Yes To Profits
About Octavia Conner
As the CEO of Say Yes To Profits an outsourced accounting firm, Octavia Conner is an accountant and business manager who handles the finances of 6- & 7-figure businesses and celebrities. Her mission is to prevent the struggle of entrepreneurship and enable clients to have more money then they know what to do with it while paying zero in taxes. To date, over 90% of her clients have scaled their business between 30% and 350% within 12-months and saved over 55% in taxes. Octavia is a wife and mother of four who enjoys spending her spare time with family, reading and watching action movies. For more information, visit sayyestoprofits.com