Virtual CFO / Outsource CFO
The idea of ‘Virtual CFO’ is quite new in the financial management of businesses. Outsourcing Virtual CFO helps businesses manage internal finances as well as offer strategic guidance. It’s kind of support from part-time CFO that small and medium companies can get remotely. Virtual CFO has made it easier for businesses to manage transparency in their finances that substantially save the cost of business for hiring a full-time in-house CFO.
In Australia, the average salary of full-time in-house CFO is estimated to be $250,000 annually. Businesses can get a similar experience via virtual or outsource CFO that an in-house CFO gives to them.
KGBM aims to provide its clients with part-time qualified and experienced CFO at affordable prices.
How can Virtual/Outsourced CFO help drive my business?
Many businesses specifically small and medium businesses cannot reach CFO. Whereas accessing virtual CFO can be beneficial for your business growth. The decision of hiring CFO is critical as it helps you survive in the market.
Majority of the businesses fail in their initial three years. This failure is attributable to multifarious reasons such as failing to make business distinctive from competitors, and failing to adopt a sustainable and profitable business model. At KGBM, you can benefit from Virtual CFO to help set clear and attainable financial goals. A virtual CFO will guarantee your business is on the path to profitability.
Responsibilities of Your Part-Time Virtual CFO:
- To remotely perform the duties similar to traditional CFO on part-time.
- To assess and monitor the financial wellbeing of your business via a combination of practice knowledge and cloud-based computing technology.
- To execute back-office functions like management of accounts ledgers, meeting other business needs.
- To investigate problem spending.
- To manage budgeting and forecasting.
- To either validate or discourage business decisions on the basis of meticulous financial considerations.