Do You Need a Virtual CFO?


Do You Need a Virtual CFO?

Every company must find an efficient way of handling accounting and bookkeeping functions. For many businesses, an outsourced accounting solution makes good business sense and provides much needed support with financial management.

Some businesses and high net worth individuals will want to take their financial operations to another level and consider outsourcing the chief financial officer (CFO) role to an outside expert. A Virtual CFO or Personal CFO can provide peace of mind and greater confidence when it comes to handling day-to-day money management and financial decisions.

Enlisting the services of a Certified Public Accountant (CPA) as a Virtual or Personal CFO can be highly beneficial for several reasons:

  • Expertise in bookkeeping and cash flow. If managing money isn’t a business owner’s strong suit, a Virtual CFO can ensure that the books are balanced and taxes are paid on time. In a Virtual or outsourced CFO arrangement, the company can rest assured that its financial needs are handled competently without the need to hire someone in-house. A Virtual CFO also provides comprehensive financial reporting, including professional preparation of financial statements, analysis of the company’s financial condition and advice on cash flow and financing.
  • Comprehensive business intelligence. Business owners and high net worth individuals often need objective help thinking strategically about the future, including their industry and plans for growth and expansion. In addition to keeping financial reporting in order, a Virtual or Personal CFO provides expert business advisory and consulting services and M&A advisory services. This objective counsel can give business owners greater confidence when making financial decisions.
  • A trusted relationship and partnership. Perhaps one of the greatest benefits to having a Personal CFO is knowing that a certified accounting professional is looking out for the best interests of the client and evaluating the individual’s financial situation from a holistic perspective. In addition to evaluating tax management and tax savings strategies, a CPA acting as a Personal CFO can offer concierge-style services and serve as a hub for other professional providers such as financial advisors, attorneys and brokers.

Clients turn to S.J. Gorowitz Accounting & Tax Services for our experience, business acumen and firm grasp of the financial needs of expanding and emerging companies. Please call 770.740.0797 to talk with us about providing Virtual or Personal CFO services for your company.

Updated: Mar 19, 2024

About the author
Greg Silberman of Ritterband tax & Accounting Solutions LLC is a member of XPX Atlanta

you need a CPA with extensive knowledge of accounting, tax planning and preparation, investments, private equity and M&A