Most entrepreneurs do not have enough hours in the day to get everything done. They have to prioritize what they are going to get accomplished and when.
Often, it's the financial side of a business that falls to the bottom of the list and then falls by the wayside. An entrepreneur may have someone maintaining their books, preparing their taxes and generating reports, but there is frequently no one on the team with the time or necessary skills to review financials and understand the story the books are telling and implications for future actions. They also don't have unlimited resources to solve financial problems and can't afford or it doesn't make economic sense to make a full-time financial hire. They become frustrated, feeling like they are stuck and working more or harder to stay where they are.
In the intersection of these problems is where a Virtual CFO (Chief Financial Officer) can really come into play and help.
When properly implemented, a Virtual CFO engagement can be an investment that provides a return, instead of another expense for a business. There should goals and results for each Virtual CFO engagement. In most cases, but not always, they involve metrics around improving profitability or cash flow. Other entrepreneurs have other goals, such as freeing up more of their time. Again, a Virtual CFO can recommend and implement strategies to achieve these goals. Even companies that are very successful can still work towards improving their financial position or achieving other goals.
A Virtual CFO can add to the bottom line of a business by:
My goal today was to educate entrepreneurs on the pros and cons of engaging a virtual CFO. If you have questions about how a Virtual CFO could potentially help you or someone you know, feel free to reach out to me.
Adam Shay, CPA (N.C. License Number 35961), MBA, is managing partner of Adam Shay CPA, PLLC. He focuses on minimizing taxes and improving the financial results of entrepreneurs, and is actively involved in supporting the Wilmington entrepreneurial and startup community. For more information, visit http://www.wilmingtontaxesandaccounting.com/ or email him at [email protected]. He can also be reached by phone at (910) 256-3456.
Bespoke Unveils Renovations, New Bar Concept
Katie Schmidt
-
Apr 18, 2025
|
|
FedUp Foods Marks Opening Of Wilmington Facility
Emma Dill
-
Apr 17, 2025
|
|
Developer Of Port City Marina Undergoes Rebranding, Plans Industrial Park
Cece Nunn
-
Apr 18, 2025
|
|
Patterson To Take Helm Of Business Advocacy Group BASE
Staff Reports
-
Apr 17, 2025
|
The resort is responding to demand. Tourism is the main industry in Wrightsville Beach, and revenues from the town’s room occupancy tax have...
Super Lawyers is a rating service of lawyers across the nation. Peer nominations and evaluations along with third-party research are used to...
Most organizations would be thrilled to log year-over-year double-digit growth in demand. But for The Lord’s Food Pantry in Shallotte, that...
The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.