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Businesses small and large debate on the pros and cons of hiring a virtual Chief Financial Officer (vCFO) VS. hiring an in-house Chief Financial Officer (CFO). It’s a big decision to make, which can determine the path to your business’ financial future. Here, we have all the information you need so you can decide which option is best for you and your company goals.
With an important list of responsibilities, the vCFO is an integral part of the organisation that requires a capable individual or team so the business can run smoothly and efficiently. The last thing you want is to make decisions without understanding their full financial impact on your organisation. Here’s where hiring a vCFO solves all of your problems, and then some.
Hiring a virtual Chief Financial Officer is more affordable than hiring a CFO in-house. This surprises many businesses as unlike other departments, outsourcing a vCFO is financially beneficial for the organisation. When you consider an in-house CFO’s training costs, the adjustment period and the annual salary – costs quickly increase. For a vCFO, you only pay for the services you receive, giving you greater financial freedom.
Hiring an individual in-house as your company’s CFO often means the expertise of the individual is limited to one or sometimes two industries. This can be limiting as it’s likely you’ll encounter situations where knowledge of multiple financial landscapes will be beneficial to your business. Working with a vCFO means you’re working with a team of highly skilled professionals from various backgrounds. Although you’ll work closely with a select few from our team, if required, you’ll gain access to the skills and resources of our entire office, which brings us to our next benefit…
Working with a team of professionals opens up incredible opportunities for your business. If you’ve got a question, we have a member who can not only meet your question with an answer, but provide practical insight into the workings of that specific area. With a whole team of CFOs behind you, you can achieve anything.
Whilst many freelance accountants, bookkeepers and CFOs adopt their own style and preferences, vCFOs adopt industry-level reporting that is up-to-date with current trends and technologies. Working with a vCFO offers a more standardised approach that’s streamlined to bring as much ease as possible.
We understand how time sensitive financial situations can be, that’s why when you need a solution, we help you instantly. Only a call, email or text away, no matter what situation you find yourself in, we have the capabilities to help you. Whilst an in-house CFO might not be always available, with a vCFO you will get continued support.
Working across countless industries with a wide variety of businesses and individuals, vCFOs have acquired quite the network of professionals. Here at Breathe Accounting, we’ve been in the industry for decades, developing a robust network of contacts who provide valuable insight into market and industry trends. When you work with a vCFO from Breathe, you get access to the best the industry can provide.
Working with multiple businesses across varying industries, vCFOs gain and credibility. Generally vCFOs acquire more experience and knowledge working with multiple businesses compared to an in-house CFO who often has only worked within one industry.
Once you have trained and integrated an in-house CFO, there’s the likelihood they will move workplaces in the near future. With vCFOs, even if a team member moves workplaces, there’s another qualified professional right there to pick up the baton. Considering the increasing job mobility of the workforce and 2022 being the highest rate of job mobility in 10 years, there’s a high chance you’ll invest time and effort in integrating your new team member only to see them go in a year’s time. Virtual CFOs however, they’re an investment for a lifetime.
Virtual CFOs know how to pick up the pieces, there’s no need for training or mentoring, they know what your business needs and how to get there. With all employees, there’s an initial period of learning the position in order to become fully productive. For vCFOs, they hit the ground running, already fully equipped to take care of your business.
As your business grows and develops, you’ll begin to make changes to better suit your goals and objectives. Choosing a virtual Chief Financial Officer is the next step for many businesses who are seeking professional help to interpret financial data, build strategic goals, adapt to environmental changes with ease and develop complex goals and solutions. If you’re ready to take your business to the next level, Breathe accounting is here to support you every step of the way. Find out how to get started, speak with our team today.