Frequently asked questions: CFO Advisory Services
Frequently asked questions: CFO Advisory Services
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Deciding whether or not your business could benefit from the services of a CFO will certainly impact your company’s bottom line and growth horizon. We want you to have all the facts you need.
What is a CFO?
What is a CFO?
A Virtual CFO, or Virtual Chief Financial Officer, is an outsourced service provider. Growing businesses often reach a point where they need professional financial advice. Still, they can't afford a full-time CFO or controller that ranges from $175,000 to over $480,000 per year, plus vacations, bonuses, and other benefits. A Virtual CFO is a less expensive option that can provide you with an experienced support team, at a fraction of that cost.
What will you do as a CFO for my business?
What will you do as a CFO for my business?
A Virtual CFO does all the things a full-time in-house CFO does but works remotely (We also provide on-site services). Financial reporting, forecasting, cash planning, and financial leadership can all be done remotely in today’s environment.
Common examples of what a Virtual CFO will do for your business:
Ensure that the company’s reporting contains data that is BOTH accurate and useful
Bring focus on the key items that have the greatest impact on profitability
Instill financial discipline and control
Create projections to identify future problems and opportunities
Assist with outside relationships (bankers, vendors, customers, CPAs, etc.)
Provide leadership, training, and supervision to the company’s accounting and human resources staff
Challenge “That’s the way we’ve always done it” processes & procedures
Perform thorough financial analyses to make effective business decisions (For example, considering how much overhead should be included in your pricing)
Assist leadership with critical business decisions
Can't my accountant or CPA be my CFO?
Depending on the engagement, your CPA may be required to be “independent”;
Their business is not set up as “hands-on” as a CFO needs to be. Each of our CFOs works with a small handful of clients. CPAs typically work with hundreds;
They do not have our depth of private company CFO experience, which is a specialized skill; Most CPAs are largely unavailable during “the busy season”.
Being a CFO, whether on a full-time or part-time basis is much more than being able to crunch numbers or to fill out a tax form. A CFO is multi-faceted. A good one has lots of first-hand experience wearing many hats including administration, management accounting, production, purchasing, human resources, facilities, contracting, and negotiations in addition to having strong finance skills. Above all, a good small business CFO must be business savvy.
Do you come to our office or are services virtual?
No, we do not have to come to your office. We tailor our services and offerings based on your company’s needs and wants. We can perform services 100% remotely if you would prefer us not to come on-site. However, if you would prefer we come on-site we can discuss the frequency and reoccurance schedule you are wanting.
Why should I use Williams & Associates, LLC?
Why not? Our team has the experienced “credentials” some companies demand. Due to our ability to work virtual or in-person, we have the luxury of no geographic limitations. Additionally, our team has a profound knowledge of “processes” – they know how to tackle tasks, get them done, and meet deadlines.
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