How a virtual CFO can drive growth for your business (And why you should hire one)

Growing businesses often reach an inflection point where they need professional financial advice but cannot justify the cost of hiring a full-time Controller or CFO. If you find your business in this position, hiring an outsourced CFO service may be a great solution. Fourlane has a team of experienced accounting professionals who have years of experience serving as controllers for both private and non-profit organizations. You’ll benefit from the expertise of our entire team, with a dedicated point person to dive deep into the numbers regularly.

Why should you hire a virtual CFO?

Hiring an in-house CFO can cost you thousands, just in recruiting fees alone. What Does the Virtual CFO (sometimes called a Fractional CFO) do? It is simple, you hire a Virtual CFO, and we handle everything. But we’re not just a conduit for you to the accountant; we work together to solve all your accounting needs and business challenges.

1. Improved Security

CFOs deal with some of the most sensitive information involving a company’s finances. When a CFO’s duties are handled in-house, there’s a high probability that all kinds of confidential information, such as passwords and data, will be either shared with others in the office or made more readily available to someone with questionable motives. Outsourcing CFO services keeps sensitive information off-site to be shared with the office only when necessary, reducing the potential for fraud.

2. Better Equipped for Big Transactions

Besides the regular duties required of a CFO, there are times when they’ll be asked to assist with unique challenges such as mergers and acquisitions. When your CFO has to divert their attention to these weightier matters, they won’t be able to concentrate as thoroughly on the day-to-day responsibilities that your company needs to thrive. Outsourcing ensures that even uncommonly large projects get the attention they deserve without any of the more mundane jobs going by the wayside.

3. An Outsider’s Perspective

CFOs need to have the independence to voice unpopular opinions when necessary. The kinds of dynamics that exist among people in an office environment can make it difficult to analyze problems impartially, leaving them to go unaddressed. However, a virtual or fractional CFO that exists outside the company won’t feel uneasy about reporting on challenges that need to be met and recommending solutions as they see fit.

Some signs your business may be ready for an outsourced CFO:

• Company leaders spend >4 hours each week crunching numbers or preparing financial reports
• Your team often references reports you don’t have that would help you make better decisions
• There is no clarity on your tax liability.
• More than 5,000 invoices are processed each year.
• You have more than 500 SKUs in your inventory.
• Growth is occurring at a rate faster than 15%.
• OR it seems like your growth has stagnated, and you’re not sure why or how to fix it.
• There is consideration of taking on outside investment or changing the equity distribution of the company.
• As a result, you’re having trouble sleeping.

What services does a virtual CFO offer?

If you are looking for a virtual CFO/fractional CFO for your growing business or need an outsourced accountant, Fourlane is a great option. With Fourlane’s dedicated team consultants with financial expertise, you’ll have access to all the best in accounting and technology solutions. Beyond that, Fourlane has a wide range of other solutions to help your business save money and increase profitability. Specific services provided by an outsourced Fourlane CFO can include:

• Liaison with other professionals and trusted advisors such as bankers, attorneys, vendors, insurance agents, etc.
• Assistance in obtaining financing from banks, including assistance with negotiations.
• Cost/revenue benefit analysis & profitability analysis.
• Training and managing your accounting staff, including the development of company accounting procedure manuals.
• Software selection and implementation.
• Most noteworthy, improve your financial forecasting and modeling.
• In-depth financial analysis and reporting with improved quality and timeliness of financial information.
• Custom-designed collection policies and procedures.
• Budget preparation, reporting, & monitoring.
• Analysis of equipment purchases, expansions, etc.
• A professional who establishes strong financial controls in your business to reduce employee theft and increase profits.
• Manage the incredibly cumbersome duties of treasury/cash management.

Why hire Fourlane?

We are passionate about our craft can add tremendous value to your business by helping you make intelligent decisions regarding your financials. Fourlane operates from a proven methodology, which utilizes specialized training, future-focused planning, and expert advice. We’ll be working hand-in-hand with you, your team, and any advisors you may have to help keep your business on track. Whether you need help with accounting software or accounting expertise, Fourlane can help you make the best decisions possible. And you’ll be keeping more money in your pocket. Learn more about our virtual CFO services and contact us for further information.