A team of business, financial, and tax professionals, known as an outsourced CFO or “virtual CFO” team, provides chief financial services to a company on a part-time CFO basis or temporary arrangement.
The team’s services may include strategic planning, budgeting and forecasting, and financial reporting. They may also assist with managing your existing bookkeeping staff or provide you with a bookkeeping staff. Outsourced CFO teams are typically hired by small and medium-sized businesses whose needs do not require a full-time CFO or may want to support their existing finance team.
The CFO team works remotely and communicates with the company regularly. This can be beneficial for companies, as it allows them to have access to a group of highly experienced financial professionals and tax services at a fraction of the cost of hiring an employee.
