What is VCFO?
The virtual CFO – or outsourced CFO – is a contracted service provider who can provide the critical financial management skills for SME businesses at a cost that enables significant benefits to be delivered to the business. Thanks to the internet and the subsequent development of cloud-based business management applications and communications technologies, SME businesses now have the opportunity to access the critical skills and experience necessary to the achievement of their business objectives.
Typically, your virtual CFO has a number of strengths and focuses on:
- Analysis through financial reports and interpretation of these
- Oversight of the business’ finance function
- Offers insights into business operations which allow well-informed decisions to be made
- Behaves with a broader view of the client’s ethical and social responsibilities
- Heavy focus on budgeting and forecasting
- Provides performance management support
- Reviews risk exposures
Why does virtual CFO association exist?
We believe the virtual CFO industry will eventually be a very large industry. It is currently populated with mainly very small operators. The pace at which the industry grows could be very slow considering there are few or no large participants.
As a leading voice for our exciting, emerging industry, the Association’s objectives are to:
- Accelerate the pace at which the industry grows
- Provide an increased range of opportunities for virtual CFOs to expand their businesses
- Improve the profitability of virtual CFO businesses by educating SME businesses on the level of value in the offering
- Assist members to improve their offering by providing support in a range of areas
- Provide members with a dedicated representative body that is focused on the specific needs of our membership base.