Mon May 30, 2022 | | CFO Services

The Different CFO Services and Their Respective Benefits


Many entrepreneurs think that small businesses do not require a CFO. However, CFO services are essential even if your company is considered a single proprietorship. 

Businesses that do not have a CFO do not operate at their full potential. CFO services will help any business grow by assisting in the business’ general and financial planning. 

The various CFO services and their benefits are as follows:

Virtual CFO Services

Virtual CFO services are often used to supplement the work done by a traditional CFO. They will help you run your business with the assistance of a qualified executive working from a remote location. The services of a virtual CFO can include overall accounting for the business, financial reporting, cash flow forecasting, and strategic planning to position the business financially.

One of the benefits of having a virtual CFO is that it is considerably cheaper than a full-time employee. Remember that you have to bear additional costs of having a full-time employee, such as benefits and you also run a greater risk of turnover. That is not the case when you choose a virtual CFO.

Small businesses generally use virtual CFO services to get advice and consultation from an experienced CFO. This service is perfect for businesses or companies that are just starting up. 

Interim CFO Services

If you are looking for a CFO for your business, you can hire an interim CFO, and they will take over the daily operations of your business, freeing up your time to focus on the expansion of your business. 

You can hire the interim CFO for a minimum of six months, but the term can be extended to a year. Your needs and the number of issues to be addressed will determine the definite employment period.

You can also engage in interim CFO services if you are going through the following challenges:

  • Turnaround
  • Debt Financing
  • Restructuring
  • M&A Transactions

An interim CFO can help prevent a cash crisis by continuously studying your financial statements. An interim CFO will help to break down the financial data so that you can make informed decisions.

Outsourced CFO

Outsourced CFO services are sometimes used instead of hiring an in-house CFO. They provide financial and accounting services to companies that are currently operating. 

These CFOs will advise you on the financial status of your firm and provide monthly or quarterly reports on how well your company is performing. Outsourced CFO services allow small and medium-sized businesses to benefit from the expertise of a CFO.


Many companies hire a CFO because they want to expand their business. It could also be because they do not have the financial knowledge to make the best decisions because they may not truly understand what the financial reports mean, if they currently receive financial statements. It is important to have financial experts that can advise you on the best decisions to make when it comes to finances.

As a business owner, you have to be willing to listen to the CFO’s advice. It will help you make better financial decisions, and your business will benefit largely from it.

Now that you see the benefits of CFO services, you should tap into the expertise of CFO Strategies. We will be partners in building your financial empire. Call us now for more information!