[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.23″ custom_padding_tablet=”” custom_padding_phone=”0px||||false|false” global_colors_info=”{}”][et_pb_row column_structure=”1_3,2_3″ _builder_version=”4.23″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” width=”100%” custom_padding=”||0px||false|false” global_colors_info=”{}”][et_pb_column type=”1_3″ module_class=”table-contents” _builder_version=”4.23″ background_color=”#f3f2f6″ custom_padding=”25px||25px||true|false” sticky_position=”top” sticky_limit_bottom=”section” sticky_position_tablet=”top” sticky_position_phone=”none” sticky_position_last_edited=”on|desktop” pac_dcm_carousel_specific_module_num=”0″ border_radii=”on|24px|24px|24px|24px” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.23″ text_font=”||||||||” locked=”off” global_colors_info=”{}” background__hover_enabled=”on|desktop”][\/et_pb_text][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.16″ custom_padding=”|||” pac_dcm_carousel_specific_module_num=”0″ global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Copy paste body text here” _builder_version=”4.22.1″ header_2_font_size=”32px” header_2_font_size_tablet=”30px” header_2_font_size_phone=”26px” header_2_font_size_last_edited=”on|tablet” global_colors_info=”{}”]<\/p>\n
Financial advisors, accountants, and bookkeeping industry professionals are increasingly acting as virtual Chief Financial Officers (CFOs). This is not surprising\u2014as game-changing software has opened opportunities for bookkeepers to expand upon traditional offerings<\/a>, many are perfectly poised to act as virtual CFOs for their clients.<\/p>\n So, what exactly are<\/em> virtual CFO services? How do businesses benefit from them? And how might you best deliver them? Let\u2019s dig in!<\/p>\n Firstly, let\u2019s look at what a CFO does. A CFO or chief financial officer is a role usually reserved for larger organisations<\/a> or companies that require incise financial oversight and management. CFOs are primarily responsible for the financial actions, health, and trajectory of an organisation.<\/p>\n While many smaller businesses tend to the manage financial health of their company themselves, or within smaller roles, more complex businesses (often focused on fierce growth<\/a>) hire a CFO.<\/p>\n A CFO\u2019s responsibilities can include:<\/p>\n A virtual<\/em><\/a> CFO, on the other hand, essentially provides a reduced CFO service remotely. As such, virtual CFOs are often engaged by smaller entities that require basic \u2018chief financial officer\u2019 facilities but not to the extent of needing to hire or engage a traditional CFO figure.<\/p>\n While traditional CFOs demand high salaries (and their talents are best spent on large and complex companies, often with a sizeable team beneath them) smaller businesses can also reap enormous benefits from some level of support. This is the perfect niche<\/a> for a virtual CFO service.<\/p>\n The beauty of a virtual CFO is that a business can hire a remotely-based business advisor<\/a> on a part-time basis to perform the basic functions of the role but without the high expense!<\/p>\n So, what kind of work can you offer your client as a virtual CFO? As a virtual CFO, you\u2019ll only be working remotely<\/a> on a part-time or contract basis, which, of course, leaves you open to other work and the ability to juggle multiple clients.<\/p>\n In your part-time capacity, you\u2019ll need to discuss the specific needs of each client, as they can vary wildly. Depending on the client you can offer a mixed bag of the following services:<\/p>\n There are also a range of similar services you could offer as well, depending on your client and your abilities and areas of knowledge.<\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2023\/09\/Providing_virtual_CFO_services_to_your_clients.png” alt=”Bookkeeping Marketing Strategy” title_text=”Providing Virtual CFO Services To Your Clients” align=”center” admin_label=”Image” _builder_version=”4.22.1″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][et_pb_text admin_label=”Copy paste body text here” _builder_version=”4.22.1″ header_2_font_size=”32px” header_2_font_size_tablet=”30px” header_2_font_size_phone=”26px” header_2_font_size_last_edited=”on|tablet” global_colors_info=”{}”]<\/p>\n To become a virtual CFO, you\u2019re going to need knowledge, education<\/a>, and financial expertise.<\/p>\n Furthermore, a strong track record of experience and a solid client base<\/a> is also helpful. However, for someone already in the bookkeeping or accounting industry, this is an entirely achievable goal. The foundations have already been laid. You can start by upselling your existing customers<\/a> to get things rolling.<\/p>\n If you have an advisory background, offer consulting services, and have the requisite skills to offer CFO services, you can confidently start offering yourself as a virtual CFO right away, or get the ball rolling by upskilling with additional finance-related education. The latter will always be seen favourably by your client base.<\/p>\n You\u2019ll also have to make a shift in your marketing<\/a>, including your branding and website<\/a>, so you convey that you\u2019re more than just a process-focused bookkeeper. Creating thought leadership<\/a> content and having your first client onboard to give your virtual CFO skills a testimonial<\/a> is also advisable.<\/p>\n On top of the hard skills, to best engage clients as a virtual CFO, you\u2019ll also need to be completely cloud-based and highly proficient in a wide range of software tools, especially accounting. You\u2019ll be remote after all, so technological ability and comfortability in the cloud is a must.<\/p>\n Of course, most small businesses don\u2019t need (or can\u2019t afford!) a CFO. However, there are stacks of potential clients who need more than tax or compliance bookkeeping services, whether regularly or leading up to the end of the financial year<\/a>. Indeed, many business owners want to make better business decisions<\/a>, master cloud accounting, raise capital, become more stable, or better understand the minutia of their financial performance.<\/p>\n As a bookkeeper, it\u2019s likely you already offer advisory or business consulting services, so offering tailor-made virtual CFO services is not a gigantic leap, although it sounds rather lofty!<\/p>\n Engaging a virtual CFO, small businesses will receive:<\/p>\n By engaging a virtual professional, businesses can enjoy the tangible advantages of a traditional CFO, but without high costs, and all handled remotely at a service level that suits them, businesses are waking up to virtual CFO services. It\u2019s up to you to capitalise on these needs and offer real value.<\/p>\n [\/et_pb_text][ba_social_share icon_bg=”#03002e” icon_padding=”10px|12px|10px|12px|true|true” layout=”classic” show_text=”off” btn_padding=”0px|0px|0px|0px|false|false” btn_bg_color=”RGBA(255,255,255,0)” _builder_version=”4.23″ _module_preset=”default” custom_margin=”50px||||false|false” custom_padding=”25px||||false|false” custom_css_before=” content: %22SHARE THIS%22;|| font-size: 16px;|| font-weight: 700;|| line-height: 22px;|| letter-spacing: 0em;|| text-align: center;|| color: #ff5447;|| margin-bottom: 10px;|| display: inline-flex;|| position: absolute;|| margin-top: 10px;” border_width_top_main=”1px” border_color_top_main=”#e4e4e4″ border_radii_icon=”on|5px|5px|5px|5px” global_colors_info=”{}” custom_css_before_last_edited=”off|desktop”][ba_social_share_child _builder_version=”4.23″ _module_preset=”default” global_colors_info=”{}”][\/ba_social_share_child][ba_social_share_child network_type=”facebook” _builder_version=”4.23″ _module_preset=”default” global_colors_info=”{}”][\/ba_social_share_child][ba_social_share_child network_type=”linkedin” _builder_version=”4.23″ _module_preset=”default” global_colors_info=”{}”][\/ba_social_share_child][ba_social_share_child network_type=”email” _builder_version=”4.23″ _module_preset=”default” global_colors_info=”{}”][\/ba_social_share_child][\/ba_social_share][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Virtual CFO (Chief Financial Officer) services have emerged as a game-changing solution for businesses seeking financial expertise without the need for a full-time, in-house CFO. In today\u2019s dynamic business landscape, having a skilled financial strategist by your side is crucial, and virtual CFOs fill this role adeptly.<\/p>\n","protected":false},"author":6,"featured_media":272924,"parent":0,"menu_order":0,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"anb_category":[197],"class_list":["post-269577","anb","type-anb","status-publish","format-standard","has-post-thumbnail","hentry","anb_category-business-management"],"yoast_head":"\nWhat is a CFO?<\/h2>\n
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What is a virtual CFO and how do they function?<\/h2>\n
What are the various virtual CFO services you can provide?<\/h2>\n
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How do you become a virtual CFO?<\/h2>\n
What benefits do businesses receive from engaging with a virtual CFO?<\/h2>\n
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