Perhaps you have heard the saying, “Failing to plan is planning to fail.” Like many proverbs, this one has some truth behind it. Did you know that 40% of start-up businesses fail within two years, and roughly 50% of small businesses don’t make it past their five-year anniversary? In contrast, businesses that execute a plan typically experience sunshine and grow 30% faster than their competitors. While there are many determining factors impacting the level of a business’ success, diligent financial planning is directly linked.
Many successful owners and managers have excellent entrepreneurial, sales, and/or customer service skills, but they lack a background in finance and accounting. And, let’s face it, running the business is much more fun than “bean counting,” especially with today’s ever-changing accounting rules and tax legislation. Plus, even if business owners have a knack for the financial aspects, growing businesses often reach a point where their financial needs become more complex and require professional financial advice. However, the cost of hiring a full-time CFO or controller can be significant when considering a full-time salary, bonuses, and benefits.
When comparing and contrasting a full-time position with a virtual controller or CFO, consider that the virtual positions perform at a similar competency level of a full-time position but typically at a fraction of the cost. Additionally, virtual CFOs or controllers:
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