The virtual CFO is a financial service for small businesses to get CFO support that they wouldn’t have been able to afford previously. Small businesses that hire a Virtual CFO get access to an experienced financial professional at a fraction of the cost of a full time CFO.
What does a virtual CFO do?
- Handles all the duties of a traditional CFO, but work remotely on a part time basis.
- Monitors the financial health and well-being of your business.
- Offers financial insight and guidance on all company decisions and issues.
- Oversees the finance and accounting functions.
- Creates a secure dashboard for better management.
- Suggests strategic changes to the business to take advantage of opportunities.
- Helps manage and creates budgets and cash flow forecasts for the company.
You Would Benefit From Working with a Virtual CFO if you:
- Are an ambitious business owner
- Own a business with revenue between $1 million and $10 million
- Recognize that you require an expert with the financial skill set to meet the demands of a growing company
- Do not have the budget to employ a full time CFO
What is the difference between an Accountant and a CFO?
An accountant manages the books and records of a company, reporting on past events. Whereas a CFO provides forward looking financial management and is concerned with the company’s future financial success.
Step one – Dive in head first and get a deep understanding of your business and its financial position.
As your virtual CFO, Gary Canonico will begin by getting a comprehensive overview of the vision you have for your business. He will pin point where you are and develop a plan to get you where you want to be. This understanding is achieved by reviewing your accounting system and financial reports. He will prepare a breakeven analysis, cash flow projections, and financial projections. With this information, he will develop profit improvement plan and recommend cost reductions. He will provide further insight by analyzing the amount spent by vendors and the percent of sales by customer. Accounts receivable ageing and development of debt service schedule and daily flash reports are also part of the services performed. This deep dive allows for any and all analysis required to fully get a handle on the business.
Step Two – Monthly CFO Services
On a monthly basis, Mr. Canonico will compare actual monthly results to what was planned and analyze variances. He will monitor cash flow forecast and ensure bank reconciliations are up to date and complete. A master list of bills amounts and due dates will be maintained. It’s important for your virtual CFO to work with employees to optimize your systems, mentor and facilitate necessary training.
A review of payroll, accounts receivable, accounts payable will be provided to take the mystery out of the numbers and make it simple to understand. These services will provide you with strategic and financial guidance to make sure that you are on the right track to achieve your defined goals.
Your virtual CFO is an independent sounding board, someone with whom you can discuss the issues you face. As your virtual CFO, Gary Canonico is available for advice by email or phone whenever you need him. Consider him to be the Chief Financial Officer of your company that can look at your company with fresh eyes, complete objectivity, and provide an honest assessment with no other considerations except the advancement of your business.
Call 732-240-1787 or Contact Us to Set Up an Appointment for a Discovery Call
