If you’re searching for help with scaling your business successfully, a virtual CFO can be a huge help. But how much do virtual CFO services actually cost and what can you expect to spend?
Outsourced CFO consulting services range from $2,500 - $10,000 or more per month, depending on the scope of the financial advice, the size and revenue of your company, and other factors like experience or knowledge of the consultant.
However, despite their more expensive price tag versus lots of other financial services for small businesses, you should consider paying for a virtual CFO as an investment in the success of your business with a measurable return on your investment.
Not only can fractional CFO services help you get the benefits of high-level financial advice to tackle challenges in your business, working with an outsourced CFO can also make this kind of financial insight more accessible and affordable for small businesses.
How Much Does a CFO Cost?
In most small businesses, the general thinking goes that you need a bookkeeper and accountant but a CFO is out of reach because they’re so expensive. But if your business needs the future-thinking capabilities of a CFO, you might be considering hiring someone to manage your financial department and bring experience and insight for your small business.
Taking the leap and investing in an CFO to help you run your business can seem scary and extremely expensive—because it is. If you’re tempted to hire an in-house CFO because you’re trusting someone with your business’ financial future, you’re likely to pay upwards of $150,000 per year or more for the privilege of having this person as a member of your staff.
Instead, a fractional CFO, virtual CFO, or outsourced CFO is often a better solution for a number of reasons.
First, you can save a lot of money by hiring a CFO consultant. The monthly costs of my virtual CFO services can save as much as 70-90% versus more traditional in-house CFO services. For small businesses, that makes having someone to help them know how to scale successfully and guide financial decisions much more accessible and affordable.
Second, most small businesses don’t actually need a full-time CFO as a member of their staff. While the benefits of having a CFO are clear for small businesses, most small businesses don’t actually need to hire a full-time CFO. In most cases, small businesses only need to meet with a CFO for a few hours a month to get the questions answered they need, make a game plan for success, and know what actions to take.
If you’ve wondered if you should hire an CFO for your company and the costs are holding you back, asking questions about outsourced CFO services can be a great way to see if they’re a fit for your needs.
What Do Virtual CFO Services Cost?
What a virtual CFO can do for your company should be one of the main factors for pricing virtual CFO services for your business. Because there’s a wide range of costs for outsourced CFOs, knowing what you need help with can give you a good gauge of what to expect for costs.
Before you price different virtual CFO services and compare consultants to work with, it’s important to first understand what you want a fractional CFO to do for your company. What challenges do you need to overcome? What financial guidance do you need?
Answering these questions can help you get a better understanding of how much you’ll spend on CFO consulting services and what kind of consulting services you need.
Costs of Getting Financials and Operations in Order with a CFO
Most businesses need a good deal of financial clean up and planning at the beginning of working with a CFO, even if they’ve worked with a bookkeeper or accountant before. If you feel that your financial or operations need some help to be more lean and efficient, working with an outsourced CFO to take care of these problems should be first on your list.
I create an action plan for my clients to help provide them with a clear path forward and relieve some uncertainties or inefficiencies they may have. I examine every area of your business including HR, project management, software, operations, onboarding and more and provide you with a clear idea of what is really working in your business.
For a complete roadmap of financial health, audits, reports, and software, my one week action plan is designed to help you save money and grow your margins. It’s an affordable option for small businesses to get started with a virtual CFO and get their financials and operations in order. In many cases, the efficiencies created working together through the Action Plan pays for my clients’ investment in our work together.
Costs of Virtual CFO Advisory Services
Sometimes, doing it all on our own is too much to handle. You shouldn’t have to worry about running data and finances while also trying to run a business. That’s where I come in. My virtual CFO advisory services take the pressure off of you so you can focus on doing what you love.
The purpose of monthly CFO services is to give you a monthly high-level look at your financials as well as the ongoing support you need to implement changes in your company to achieve your financial and operational goals. I’ve managed annual budgets of $100M+ as a CFO and departments of 370+ people as the head of HR as well as small retail shops and marketing agencies.
It’s all about making processes and decisions that help your business move forward and scale more easily and efficiently, while getting the expert, specialized insight you need to succeed.
Ready for the Next Step Towards Scaling Your Business?
The truth is you shouldn’t have to hurt your wallet with a virtual CFO consulting service. Doing your own research and comparing CFO services you’re interested in may give you a better idea of what is the right fit for you and your company.
I offer free Good Fit calls to see if we’re a good match for virtual CFO consulting services. Finding the right outsourced CFO for your small business isn’t just about cost—it’s about finding the right person who can help you achieve the business goals and success you’re dreaming about.
Schedule your Good Fit call to find out more about what it’s like to work with me and what my virtual CFO services cost.
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