Role of Virtual CFO in Small Businesses

 

 

 

In today’s era, every business are moving towards cloud based technology as it is cheaper as well as efficient in doing their respective works. In this trend of using cloud technology, even accounting firms are not untouched. Top accounting firms are providing you all types of accounting services like bookkeeping, payroll management, taxation, financial management, and many other related services. Apart this, they are also providing you the facility of virtual CFO.  Actually, they are doing the same work as your back office accountant do for you, but remotely.

 

What is virtual CFO?

The concept of virtual CFO is not new to the market. Actually, it is a simpler way to offer someone CFO support for their work. In current scenario, every small business are looking for virtual support as it is available into a fraction of cost. In this article, you will find that how virtual CFO works? Read below –

          They handle all your work of a traditional accounting but work for you remotely.
They check your financial health and business with the help of cloud computing technology.
They offer you all necessary guidance and financial insight about your company same as your back office accountant.
 Provide you all back office services and functions such as managing ledgers, accounting books, and rest is depending on their client and needs.

 

Role of Virtual CFO in small businesses:

Not all small businesses can afford an experienced CFO for full-time basis. The concept of virtual CFO will help them up to an extent. Many businesses are failed within their first three years. Reason behind this, is they set themselves apart from the competition and not a proper ability to find a profitable business model. Virtual CFO will help you in achieving your financial goals at most reasonable pricing.

Virtual CFO is an alternative and affordable hiring of a full-time back office CFO. It has an ability to make a vast difference to your small business, by –

·         Creating budgets

·         Making forecasts

·         Validating your business decisions

·         Make proper financial decisions for your business.          

Major Challenges:

In this pandemic, each sector facing problems in doing their business but despite this accountants are ready to solve your problem at cost. There are multiple accounting firms which are competing with each other.

Small accounting firm have so much services to offer you like tax preparation and its filing, basic bookkeeping, payroll management and many other finance related services. But, in today’s era everyone trying to opt cloud technology and higher virtual CFO for their work. All the firms which are using cloud based accounting technology are working more productively and providing excellent productive results.  That become the reason of many time and labor – intensive tasks can now be automated.

Top accounting firms in US:

There are multiple accounting firms working in US but some are still on top. There is a reason behind this, is that they are giving you best services and nominal prices as well as they are ready to opt all new technology on time. If we are talking about top accounting firms in US, then one name always comes to mind that is CharterCPA Inc. . This accounting firm is well renowned in their respective field for their outstanding services. They have wide variety of services such as accounting and bookkeeping, payroll management, taxation, and many other related services. Apart this they are excellent in providing you Virtual CFO and controlled services.