PART TIME CFO / VIRTUAL CFO
Part time CFO is also known as Virtual CFO, and Densat has a pool of highly qualified, talented resources who have many years of experience with large corporations but now wish to pursue their own dreams or have retired and are now willing to work on part time basis. When compared to the salary of a full-time chief financial officer (CFO), the cost of hiring a virtual CFO for a company is much lower. This allows the firm to have access to the services of an experienced financial expert. The following are some of the typical duties that are performed by a virtual chief financial officer:
- A CFO may select and manage a bookkeeper/controller to create accurate data and evaluate the outcomes, offering insight to assist sail the ship in the direction of your stated objectives. As a consequence, you know precisely where, when, and how to direct your team’s efforts and communicate with your stakeholders.
- A CFO may serve as an indispensable sounding board, mentor, or adviser. Look for a seasoned veteran you can depend on, rather than just someone to fill a position. In the end, you will have a team member who is familiar with your company and can hold you responsible as you strive to achieve clearly defined objectives.
- A CFO is able to pitch finance as a competitive advantage. If you’re financially upset, it’s likely that your rivals are as well, but they’re probably not desperately looking for a solution by reading this page. A seasoned CFO can assist you in reducing waste, using cash effectively, and identifying chances for increased production or growth. With their assistance, you may get a competitive advantage over other firms in your field.
Our Virtual CFO Service may be ideal for you if you’re a developing service-based firm in need of expert financial assistance but can’t afford a full-time CFO or controller; or you’re an established business wanting to replace an existing CFO but don’t need an on-site CFO every day.
The virtual CFO’s other services include:
Fundraising: Expect virtual CFOs to construct the financial narrative and undertake light pitching, but do not expect them to invest six months on flights pitching VCs or banks around the nation.
Mergers and acquisitions: Do not expect the service provider to undertake a months-long due diligence exercise on the spur of the moment.
Strategic decision support: a crucial step for all companies. This approach enables organizational learning, improves organizational performance and results, and reduces the likelihood of strategic failure and competition.
Involve yourself at board meetings: Virtual CFOs may prepare and coach the CEO, and their presence can be requested during meetings.
Manage IT systems connected to money: Do not expect the virtual CFO to oversee the IT department, corporate network, Internet access, security, or CRM/ERP systems.
Advantages of Densat’s Part-Time CFO/Virtual CFO
- Clients get highly qualified and experienced CFOs for a fraction of the cost. The ability to employ and retire with ease.
- They are not full-time resources, so there are no long-term obligations.
- Assists with urgent requirements, such as finance processes, investor and client meetings, audits, and company restructuring.
- It helps in directing and leading teams.
Some of the most important areas that might benefit from the assistance of a virtual CFO are financial strategies, accounting, team management, automation, sophisticated pricing, strategic direction, choices on whether to purchase or rent, and decision support.