Virtual CFO FAQ | Hovland Forensic & Financial
This Virtual CFO FAQ is meant to answer the top questions we receive.
What does ‘virtual’ in ‘virtual CFO’ mean?
Technology is improving the ability to function outside of a formal office setting. For us, the ‘virtual’ part means we can access the accounting records remotely and communicate with our client’s by web video, snap chat, email, or even telephone. All reports, from forecast to financial statements are made available to our clients via a portal and allow them to access at any time.
What does a virtual CFO do? Why you need a virtual CFO?
The virtual CFO (chief financial officer) is a remote-based CFO—a real person—who provides high-level CFO services to give your company, no matter the size, all of the expertise, direction, and concentration that a CFO can provide. We just do it remotely as a consultation service.
Virtual CFO benefits.
An online CFO shouldn’t be seen as a cost but as an investment, hiring someone with the experience of a big-business C-level executive without the cost of hiring someone full time for your small business.
This is more than just an accountant or a controller. This is high-level strategy, the type of work that you would expect from an experienced financial executive. We provide analysis for helping your team with cash flow modeling and break-even analysis. Because of this strategic nature of the service we schedule up to six virtual meetings per month, dealing with cash flow, financial review, pipeline and practice development, banking relationships, and long-term goals. Your goals are our goals: we want to maximize shareholder value, accelerate growth, and achieve profit goals
How does Virtual CFO services work?
The virtual CFO’s role is to help your existing employees better meet your financial goals, and get on track with a new and improved financial strategy. We train your internal staff to be an integral part of this financial strategy and lead you toward accelerated profits and sustainability. And while we love working with you, we want to prepare your company for when you hire your own CFO. We’re here to get you on the right footing.
Our virtual CFO consultants will help you maximize your profits, through looking at your cash flow, compensation strategy, vendor contracts, and expenses. We also help with systems optimization to make sure that you’re getting the accurate numbers when you need them the most. And we help with financial forecasting, both in the short and long term. Our virtual CFOs will take a deep dive into your business, industry trends, and goals to find the proper strategy for you.
How do you help develop our accounting staff?
Our founder was a partner in a public accounting firm and had been in the profession for 20+ years. Over that time span he been able to identify the common areas of improvement most new and even seasoned accountants need. He utilizes this experience to work with our client’s staff to see where they are at, and how to move them up in their accounting knowledge and career. We strongly believe in training our clients the right way.
Is your pricing really fixed?
Yes. In our initial onboard meeting we utilize a real time worksheet through a virtual meeting. The client can pick and choose the services and when the meetings completed everyone understands the fixed cost. No one likes surprises, so we eliminate that from the start.
Why do you not list out all your clients?
Our client’s confidentiality is extremely important to us. We are a part of the client’s C-team, and so we treat them as if they are employers and not customers. We only list out our client’s if they specifically ask.
Why Choose Hovland Forensic and Financial?
Our founder was a partner in a midsize public accounting firm for 20+ years. During that time, he oversaw the financials of large and small business. In addition to being a CPA, he is also a Certified Forensic Accountant.
What makes Hovland Forensic and Financial different then our competitors? We have the ability and knowledge to secure your internal controls and guard against fraud in your organization. Traditional CFO services, with additional expertise in forensic accounting.
What is a forensic accountant?
In a nutshell, a forensic accountant is a highly trained accountant who can identify and uncover financial fraud. To become one takes years of financial and internal control training, plus additional certification requirements.
Didn’t find your answer in the above Virtual CFO FAQ? Please feel free to contact us for a free consultation and we will be happy to answer any additional questions you may have!