Virtual Chief Financial Officer (CFO)
What is a Virtual CFO?
Virtual Chief Financial Officer is a Business Support service that allows small to mid-size businesses (SME's) to have the benefit of a Chief Financial Officer (CFO) , at a fraction of the cost of employing such a professional full-time. For many businesses, the decision to hire a CFO is a difficult one. However an effective CFO plays a number of important roles within an entrepreneurial company, roles that are essential in providing a strong financial foundation for a growing business. Versant makes these roles available to you through our VCFO program.
What can our Virtual CFO offer your business?
- Oversees the entire financial accounting function within your company.
- Ensures the institution and functioning of internal administrative procedures and controls.
- Offers advice in setting strategic direction and on projects of major financial impact.
- Interacts with related parties such as banks, tax office and external auditors.
- Serves as key advisor to company owners, executives and the management team.
Leadership responsibilities are primarily the job of the Owner/Chief Executive Officer (CEO). Control and advising is the job of the Chief Financial Officer (CFO). Often, business owners try to perform both the roles of CEO and CFO. However, this can be extremely hard to do over time. When the executive takes his eyes off of the horizon and starts to focus on the internal control and other back-office issues the business loses direction. However, without attention to systems and processes, the company will begin to wobble out of control. This is where the skills of a CFO come in. The Virtual CFO is a new adaptation to an old concept. By taking advantage of today's technology, the professional financial officer (VCFO) can provide the essential services of a CFO without having to be on site at all times. This is good news for the small and medium size businesses. For a fraction of the cost of a full-time employee, these companies can have the CFO function filled by an experienced professional.
For those in need of more. We offer Virtual CFO extended!
In addition to the standard Virtual CFO services outlined, the program can be extended to include three additional disciplines, which, at some point in time, may become relevant to the operations of your business. These are:
- General Tax support and advice, (on retainer or on demand)
- General IT support - for routine operations, (on retainer or on demand)
- General Legal support - for routine operations, (on retainer or on demand)
Versant's Virtual CFO programs may be retained independent of other Versant services. The program may also be retained as an 'add-on' (complement) to 'Versant's Digital' accounting service.