Your vCFO Services
Having the right financial aid is crucial for any business to grow and succeed. So wouldn’t it be great to have a financial expert on-side, without the high cost of hiring a permanent Chief Financial Officer?
With our virtual CFO service, you can bag yourself a financial expert for a fraction of an internal CFO’s wage. By using a part-time virtual CFO (vCFO) from iFinance Department, you’ll get a truly independent view on how to increase cost efficiency and grow your business.
What's Included in our vCFO Package
Our vCFO package is tailored to your needs. As standard, we’ll analyse all financial aspects of your business and provide clear insights, allowing you and your fellow Directors to make sound business decisions.
Your iFinance Department vCFO package can also include:
- Attend board meetings and act as financial advisor on business matters
- Analyse financial aspects of business plans including new strategies, investments and due diligence on possible acquisitions
- Manage relationships with financial stakeholders such as auditors, banks and other lenders
- Cash flow management
- Currency management
- Preparation of budgets
- Financial forecasting including scenario planning, P&L, Balance Sheet and Cash Flow statement
- Variance analysis of actual results to forecasts
- Financial analysis to improve forecasting
Why iFinance Department?
Get a truly independent financial expert on your side. It may be the best decision you ever make! We’re experts at providing detailed yet clear financial information and commentary, meaning you’re able to make business decisions that allow your business to grow.
If you need regular financial support, but can't justify a full-time CFO, get in touch to see how we can help.
Virtual CFO FAQs
What Is A Virtual CFO?
A Virtual CFO, sometimes known as vCFO for short simply means a Virtual Chief Financial Officer. Many organisations will hire a CFO to work full time in house, whereas a Virtual CFO is outsourced and will work with your business remotely, on a part time basis.
They are able to provide highly skilled assistance in the financial requirements of an organisation, just like a chief financial officer does for large organisations. If you want to find out a bit more, you can check out our blog on what is a virtual cfo and what they do.
How much does a Virtual CFO cost?
If you were looking to hire a CFO as a full time employee that’s going to be a huge cost. A good CFO will set you back at least £100K per year in salary costs, minimum. Combined with that is the potential for the CFO to be offered bonuses and/or equity based on company profits.
Where as a virtual CFO can be much more flexible depending on the needs of your business. One option will be based on an hourly rate. If you’re considering multiple vendors the average cost will be between £125 - £400 per hour for their time. The question is then how many hours you think you will need from your virtual CFO each month. With more regularity of services you can save further, such as booking by the day using a day rate, or agreeing a fixed monthly fee for regular services provided.
Bear in mind that you need to give them enough time to analyse financial data, formulate a plan of actions and consult with you. We recommend a minimum of at least 8 hours or 1 day per month to start with. You need to ensure they have enough time to understand your business and make informed decisions.
What Does A Virtual CFO Do?
A Virtual CFO has the expertise and ability to work with your current staff by offering guidance in accounting, sales, training and evaluations of staff, as well as future strategic planning.
You can see what’s included in our virtual CFO services above, however we offer a pick and mix service so every package is tailored to our clients.
- Manage bookkeeper/controller to produce reliable data and interpret the results, providing insight to help steer the ship toward your stated goals. The result is that you know exactly where, when, and how to focus your team and inform your stakeholders.
- Act as sounding board, coach, or guide for all financial business decisions and ideas.
- Help you cut waste, deploy cash efficiently, and find opportunities for greater production or expansion. With their help, you can be in a position to step ahead of the other organisations in your niche.
- Identify key metrics and map out reporting to monitor.
- Interpret financial results on a regular basis.
- Manage the annual budgeting process, and help develop annual strategies
- Cash management & planning
- Strategic planning
Do I Need A Virtual CFO?
If you’re considering hiring a virtual CFO, answering the following questions could help make up your mind. It’s a big decision, so please feel free to ring us and we will be happy to answer any questions you have.
- Can you sufficiently track and analyze your company’s growth and profits?
- Do you understand how to use financial information to your advantage so that your business can be more profitable?
- Are all financial reports accurately completed on time?
- Can you comfortably project cash flow and profits that may affect future growth?
- Do you feel you can effectively take your companies financial information and build further wealth?
- If your answer to all of these questions is yes, do you also have the to time to do this yourself?
Those are only a few questions, but if you answered no to any of these questions you may want to consider hiring a virtual CFO to help you.
Can I Use You For Other Financial Support?
Yes, we offer a range of different financial services all aimed at helping small businesses grow in the most cost effective way possible. We also offer
Essentially if you wish, we could be your complete outsourced Finance Department.