6 Tasks a Virtual CFO Will Take Off Your To-Do List
Having a chief financial officer, or CFO, for your organisation can make a big difference in your finances. Unfortunately, as a startup, you may not have the funds to make a CFO part of your ful-time staff--and often, that means you're filling the role yourself.
If your to-do list is starting to look more than a little overwhelming or you're struggling to handle the role of financial administrator of your startup, consider hiring a virtual CFO:
1. Raising Capital
Do you struggle to figure out how to raise capital for advances in your startup, whether it's a new product launch or a growth concern?
Working with a virtual CFO will help take some of the strain off of you and help you make better decisions about how to raise capital. This ensures that your investors are happy with the way your business is moving forward so that they'll be willing to invest more in the future.
2. Cash Flow Management
Do you often find yourself staring down at your books, wondering where the money went this month or struggling to see what expenses have been sapping your finances?
A virtual CFO will help look over the books, discover where your cash is going, and control the way money moves through your business so that you can more effectively control your startup's finances.
3. Working with Tax Advisors
When your eyes start to glaze over the moment your tax advisors start talking, you know you've got a problem. Fortunately, your virtual CFO will interact with your tax advisors to ensure that you're making the right choices for your business, keeping up with your tax requirements and investing your money wisely so that you're able to reap the advantages at tax time.
4. Delivering Reports to Board Members
Your board members want regular financial reports that will allow them to see how you're managing your money and how your business is growing. Finding the time to write those reports yourself, however, can be a challenge. Your virtual CFO will take that task off your list, ensuring that your board members stay happy without you having to worry about it.
5. Managing Your Budget
Sometimes, it's hard to manage your business's budget. You have big dreams and pet projects, both of which require money in order to turn them into reality. Your virtual CFO will help you discover which projects are realistic and which ones need to wait a little bit longer before you make the jump. They will also help to balance your budget in other ways, whether it's finding small places to cut some of your spending in order to meet your financial goals or approving expenses that will benefit your business in the future.
6. Choosing KPIs
Which key performance indicators really matter to your startup?
From a purely financial standpoint, you may struggle to see whether or not your business is growing the way you'd hoped. Your virtual CFO will help you take a closer look at the KPIs that matter most to your company, including the ones that are most likely to help advance your financial and business growth goals.You have more than enough tasks on your to-do list.
Hiring a virtual CFO is an excellent way to ensure that your business is getting the attention it needs without forcing you to sacrifice time better spent on other tasks. If you're ready to get started, contact us today to learn more about how we can help make your business dreams reality.