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Small businesses generally cannot afford to pay the high salaries that are commanded by an experienced Chief Financial Officer, but that doesn’t mean that they wouldn’t benefit from their experience and knowledge. Virtual CFOs can fill this gap, providing the executive-level guidance and information that small businesses need without the expense and commitment of a full-time hire. Doing so can go a long way towards preventing the failures that befall eight out of ten small businesses within the first two years of their startup. A virtual CFO provides businesses with a CPA who helps them to distinguish themselves from the competition, helps them to identify a business model that will work for them and lead to profits, and to establish realistic financial goals on which they can focus.
Using A Virtual CFO Is Affordable
Every industry is different and has different needs, and that’s why virtual CFOs tailor their services and approach to the scope of work and volume of activity that a particular business needs. This can change based upon what senior management and financial stakeholders are looking for, as well as by the type of business, the company’s history and the business’ individual characteristics. In Louisiana, Jeff Mathews is a CPA who provides part-time Chief Financial Officer and Financial Consultant services to clients in the areas surrounding Lake Charles and Baton Rouge, and rather than walking into a situation and telling clients how he works and what he will do, he consults with them about their specific CFO needs and then works with them to deliver it. Using a virtual CFO allows a business to pay a fixed monthly fee for everything that a full time staff CFO would provide.
Working with a virtual CFO provides small businesses with several advantages.
- A virtual CFO provides a set fee for doing the work that is needed, so there are no fears of being billed hourly rates that quickly grow out of control.
- A virtual CFO acts as part of your organization, working hand-on in your offices to help identify problems and help you find solutions.
- A virtual CFO that originates from a CPA firm can provide extended financial services and resources as you need them, giving you access to professional staff accountants and more as your business cycle demands.
- The most important value offered by an outsourced CFO is the years of experience and knowledge that they bring to the table. A virtual CFO has spent decades helping small businesses of all types and from all industries to expand and grow their profits, guiding them to improved decisions and best practices. You get the benefit of their wisdom without having to pay the price.
For information on how Jeff Mathews, CPA can help your organization, contact him for a free consultation on his outsourced CFO services. You can reach him at 337-528-2272 or email him directly.