Sample draft. This article is illustrative content awaiting review and approval by the firm. It is not published guidance and should not be relied on as advice.
The role in plain terms
A Chief Financial Officer is responsible for how a business plans, reports and controls its finances. A Virtual CFO provides the same kind of oversight on a part-time, outsourced basis.
It is different from bookkeeping. Bookkeeping records what has happened; a CFO interprets it and helps decide what to do next.
Typical responsibilities
The scope varies by business, but commonly includes:
- Reviewing monthly management (MIS) reports with the owners
- Budgeting and cash flow forecasting
- Strengthening internal controls and month-end processes
- Coordinating with auditors and tax advisers
- Preparing financial information for lenders or investors
When it makes sense
The arrangement tends to suit businesses that have moved beyond the founder managing the finances personally, but are not yet at the scale where a full-time senior finance hire is practical.
Common triggers include preparing for a funding round, a period of fast growth, or a sense that decisions are being taken without reliable numbers.
Getting started
A useful first step is an honest review of the current state of the books and reporting. From there, the scope and working rhythm can be agreed to suit the business.
Information on this site is for general awareness only and does not constitute professional advice or solicitation.