Now that you’ve started down the path of entrepreneurship, there are a series of essential roles to fill, like CEO and marketing team positions. However, many people make the mistake of leaving the financial department last in the staffing queue.
Within the financial department, the most ignored position is that of Chief Financial Officer, also known as the CFO. The lack of a CFO is the reason many enterprises don’t make it.
What are the Duties of a vCFO?
The CFO is responsible for managing the financial aspects of your business. Yet, a full-time, in-person CFO can be costly. This is where hiring a virtual CFO (vCFO) could make a lot of sense for small businesses and startups.
A vCFO is a consultant or business that offers the services of a CFO but does their job remotely and usually on a part-time basis. The vCFO will focus on creating high-level financial strategies and putting them into action, such as:
- Managing and monitoring the bookkeeping
- Creating short and long-term financial goals and providing valuable feedback
- Providing competitor analysis
- Cutting out any financial waste, with growing your business efficiently in mind
- Managing your business spending
- Generating key financial metric reports
Our vCFOs at Gonzalez & Arrambide can provide financial services on a weekly, monthly, or quarterly basis. Our vCFOs are also ready to provide advice for any specific project you have in mind. However, if you already retain the services of a full-time CFO, investing in a vCFO may not be an optimal decision for your business. Keep in mind, however, that it is more fiscally advantageous to hire a vCFO over a CFO.
At the same time, if you have a new startup, hiring a vCFO is always the better decision to save on overhead costs.
Find the Weslaco Financial Services You Need at Gonzalez & Arrambide
As your business grows, a vCFO can grow with you. Get all of the skill set you need with a traditional CFO working with you at a more affordable rate. Whether you only need the Gonzalez & Arrambide vCFO services one day a week, or part-time as you become more successful, we are here to support your business at every step.