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1 August 2023 9 min read


HOW TO BECOME A VIRTUAL CFO

CFO

RICHARD KING

Read More

 1. What is a Virtual CFO?
 2. What’s the difference between CFO and virtual CFO?
    1. 1. 🏠 Where they work
    2. 2. 🤝🏽 How they're hired
    3. 3. 💻 Who they work with
    4. 4. 🧠 Their focus
 3. What does a virtual CFO do?
 4. The rise of the virtual CFO
 5. How to become a virtual CFO
    1. 1. Identify your virtual CFO services
    2. 2. Set your price
    3. 3. Build your tech infrastructure
    4. 4. Reach out to past and existing clients
    5. 5. Network, network, network
    6. 6. Showcase your expertise
    7. FAQs: Transitioning to a CFO virtual role
    8. Download our Journey to CFO eBook!

Wouldn’t it be great if you could work with clients around the world, unburdened
by location, traditional office hours, or geographical limitations?

Well, for today's CFOs, this isn’t merely a pipe dream, but a tangible reality
as many have and are in the process of transitioning into the role of a virtual
Chief Financial Officer. No longer bound to a specific location or organization,
virtual CFOs are providing crucial financial leadership on a remote, freelance
basis.

But how do you become a virtual CFO? What does the process involve, and what
steps should you take to make the change?

Keep reading as we reveal why the virtual CFO path is becoming so popular for
modern finance leaders, and the steps to help you make this career pivot
confidently and effectively.

TABLE OF CONTENTS:

 * What is a virtual CFO?
 * What’s the difference between CFO and virtual CFO?
 * What does a virtual CFO do?
 * The rise of the virtual CFO
 * How to become a virtual CFO
   



WHAT IS A VIRTUAL CFO?

Imagine having the opportunity to use your financial expertise to guide
businesses globally, from the comfort of your home or any remote location (sunny
beach in the Caribbean, anyone?).

As a Virtual CFO or 'vCFO', you can do just that.

This role offers a unique blend of flexibility and challenge. It allows you to
provide your strategic financial expertise on a part-time, remote basis. You
become an instrumental part of your client's success story, helping them
navigate financial decisions and strategies, and ensuring their fiscal health,
all while embracing the benefits of modern technology and the digital workspace.

It's about taking your existing CFO skills and deploying them in a way that fits
the new normal of work, offering both you and your clients the best of both
worlds.

--------------------------------------------------------------------------------

Top 10 must-have Chief Financial Officer skills
The modern CFO wears multiple hats and must master a variety of skills. But what
skills does the CFO of the future need to stay on top? Here are the top 10 skill
sets for CFOs of tomorrow.
Finance AllianceSabrinthia Donnelly




--------------------------------------------------------------------------------


WHAT’S THE DIFFERENCE BETWEEN CFO AND VIRTUAL CFO?

Ah, the question everyone wants to know the answer to! Some of the main
differences between traditional CFOs and virtual CFOs include:


1. 🏠 WHERE THEY WORK

A traditional CFO typically works in the office, as part of a 9-to-5 (or let's
be honest, often longer) workday. Meanwhile, the virtual CFO is all about that
flexible life, providing strategic guidance from any location, and often working
outside the traditional office hours. So, as a vCFO, you can say goodbye to the
dreaded commute! 🚗


2. 🤝🏽 HOW THEY'RE HIRED

Usually, a CFO is a full-time employee, complete with a long-term contract,
benefits, and the whole shebang. On the other hand, businesses hire CFOs
virtually on a part-time, flexible basis. They get to tap into top-tier
financial expertise without the full-time commitment and cost. And you, as a
virtual CFO, get the flexibility to work with multiple clients or juggle other
commitments.


3. 💻 WHO THEY WORK WITH

CFOs are often found in larger corporations that have the resources to afford
their expertise. Virtual CFOs, though, are a boon for small to mid-size
businesses that might not be ready for a full-time CFO but still need strategic
financial leadership.


4. 🧠 THEIR FOCUS

While both roles handle high-level financial strategy, the virtual CFO often
wears more hats. You might handle some tasks usually assigned to controllers or
accountants in larger organizations, like overseeing the nitty-gritty of
financial operations. It's a broader role, so expect to flex a wider range of
financial muscles!

So, while a virtual CFO shares the strategic acumen and leadership of a
traditional CFO, the roles differ in flexibility, the scope of work, and their
potential clients.

As a virtual CFO, you'd be at the forefront of a dynamic and evolving way of
delivering financial expertise, offering the benefits of a CFO with the added
advantage of adaptability to modern work environments.

--------------------------------------------------------------------------------

CFO cybersecurity: What’s the CFO’s role in cybersecurity?
From crunching numbers to combating cyber threats, the role of the CFO has
leaped into uncharted territory, making CFO cybersecurity one of the hottest
topics in boardrooms across the globe.
Finance AllianceRichard King




--------------------------------------------------------------------------------


WHAT DOES A VIRTUAL CFO DO?

If you're considering the leap to becoming a virtual CFO, it's important to
understand the key responsibilities that come with this exciting role.

Although your tasks might slightly vary based on the specific needs of your
clients, here's what you can typically expect:

1. Crafting financial strategies: As a Virtual CFO, you'll be guiding the
financial strategy of businesses, steering them towards profitability and
growth. Your expert advice will influence major business decisions, financial
plans, and future strategies.

2. Running the numbers: From budgeting to forecasting, you're the one pulling
the financial strings. You'll be expected to provide comprehensive financial
planning and forecasting, identifying potential financial risks and
opportunities. This includes periodic financial analysis to assess business
performance and inform strategic planning.

3. Juggling cash flow: Money in, money out. You’ll make businesses don't trip
over their financial shoelaces, keeping a close watch on liquidity.

4. Storytelling through reports: Budget reports, financial statements, you name
it. You'll be spinning tales of triumph and warning, armed with numbers and
insights that drive decision-making.

5. Keeping it legal: You'll need to ensure businesses stay compliant with
financial regulations and implement effective tax planning strategies.

6. Tech maestro: As a virtual CFO, you'll work your magic on financial systems
and processes, leveraging modern tech to bring efficiency to financial
operations.

7. Conversing with stakeholders: Remember, you're the financial interpreter,
translating complex financial data into language stakeholders can understand.

Being a virtual CFO is so much more than being a financial consultant. You're a
strategic partner, an insightful analyst, a careful planner, and a communicator,
all rolled into one.

--------------------------------------------------------------------------------

How to become a fractional CFO | Finance Alliance
Many CFOs have left full-time positions to regain control of their careers and
their time. But how did they do it? That’s what you’ll find out in this blog
post as we uncover how to become a fractional CFO.
Finance AllianceSabrinthia Donnelly




--------------------------------------------------------------------------------


THE RISE OF THE VIRTUAL CFO

Why are virtual CFOs becoming the talk of the town?

There are a few good reasons and, of course, some pretty cool trends to thank
for that:

 * Leveling up with tech: The rise in cutting-edge software gives businesses
   real-time insights into cash flow, making strategic decision-making a breeze.
 * Playing the smart money game: Who said you need a massive bank balance to
   afford top-notch financial expertise? With virtual CFOs, even small and
   midsize businesses can now get the financial acumen they need without
   breaking the bank.
 * Flexible financial leadership: Today, businesses can bring a virtual CFO on
   board on a part-time, flexible basis. It's financial leadership
   made-to-order, quite literally!
 * Remote control: Working remotely has many benefits and according to research,
   those who work from home are 47% more productive than those who work in an
   office. Not only that but working remotely has never been easier. Thanks to
   video conferencing platforms like Zoom, businesses can stay connected with
   their CFOs virtually just as effectively as if they were in the same office.
   And let's be honest, who wouldn't prefer a Zoom call over a long commute?
 * Lean & mean operations: In the wake of the pandemic, businesses are looking
   to streamline, focusing more on their core functions. And when you can get a
   seasoned CFO without the added costs of benefits, like paid holidays or
   medical leaves, it's a no-brainer!
 * Moving beyond the basics: The accounting landscape is shifting, and services
   like tax preparation and compliance are fast becoming commodities. Businesses
   want more bang for their buck, which is exactly what a virtual CFO provides -
   strategic insight, financial analysis, and more.

--------------------------------------------------------------------------------

Journey to CFO eBook | Finance Alliance
Download the Journey to CFO eBook and take the first step on your road to the
C-Suite.
Finance AllianceSabrinthia Donnelly




--------------------------------------------------------------------------------


HOW TO BECOME A VIRTUAL CFO

If you're intrigued by the virtual CFO path and want to take the leap, here’s
how you can make it happen:


1. IDENTIFY YOUR VIRTUAL CFO SERVICES

Start by mapping out what virtual CFO services you'll offer. These might include
strategic financial planning, budgeting and forecasting, financial report
preparation, cash flow management, risk management, and regulatory compliance.
Make sure to leverage your unique skills and experiences to offer services that
set you apart.


2. SET YOUR PRICE

When it comes to pricing, balance is key. You need to strike a fair price that
reflects the value you provide, while also being attractive to your potential
clients. Remember, you're not just selling your time, but your expertise,
insights, and the value they'll bring to a business.

💡
Research typical virtual CFO rates, but also consider the value you personally
bring based on your track record. You may be able to command premium pricing.


3. BUILD YOUR TECH INFRASTRUCTURE

In today's digital world, having a strong tech infrastructure is a must. You'll
need reliable software for video conferencing, project management, financial
reporting, and data analysis. Plus, since you'll be handling sensitive financial
information, robust cybersecurity measures are a must.

💡
Update your digital presence: Create a LinkedIn profile highlighting your
experience and capabilities. Build a professional website too. This will help
you attract clients.


4. REACH OUT TO PAST AND EXISTING CLIENTS

Don't underestimate the power of your existing network. Offer your services to
past clients who already know the value you provide, and consider upselling to
existing ones by offering your new virtual CFO services. After all, who better
to kickstart your solo career than those who already trust and value your work?


5. NETWORK, NETWORK, NETWORK

Expand your client base by tapping into networking opportunities. This could be
anything from attending industry events, joining online forums or groups, to
leveraging LinkedIn to connect with potential clients. Remember, every
conversation could be a door to a new opportunity.


6. SHOWCASE YOUR EXPERTISE

Finally, let the world know you're a virtual CFO ready to take on new clients.
Consider starting a blog, posting on social media, or giving webinars to
showcase your expertise and attract potential clients. Not only will you be
marketing your services, but you'll also be building your personal brand as a
thought leader in the field.

--------------------------------------------------------------------------------

So, there you have it - your essential guide on how to become a virtual CFO.
Embracing this career path isn't just about adopting new technologies or
altering your work style, it's also about reinventing your professional persona
and embracing the flexibility and dynamism of the modern business landscape.
It's about leveraging the CFO skills you already possess while adapting to the
digital era.

--------------------------------------------------------------------------------


FAQS: TRANSITIONING TO A CFO VIRTUAL ROLE

What is a CFO virtual role?

A Virtual CFO, or vCFO, offers the same high-level strategic financial expertise
as a traditional CFO, but operates remotely, often on a part-time, flexible
basis. They work with multiple clients, providing strategic financial leadership
tailored to each organization's unique needs and circumstances.

What skills are essential for a virtual CFO?

In addition to the strategic financial acumen required of a traditional CFO,
virtual CFOs need excellent remote communication skills, technological
proficiency, and a high degree of adaptability. They should be comfortable with
digital tools for collaboration, financial analysis, and cybersecurity.

How can a CFO transition to a virtual role?

Transitioning to a vCFO role involves identifying the services you'll offer,
setting a fair price for your services, building a strong tech infrastructure,
reaching out to past and existing clients, networking to attract new clients,
and showcasing your expertise through content creation or webinars.

--------------------------------------------------------------------------------


DOWNLOAD OUR JOURNEY TO CFO EBOOK!

Whether you're an aspiring finance professional or a seasoned veteran aiming for
the top, this eBook is more than just a guide - it's your golden ticket to the
C-suite.

You’ll not only learn about the critical skills to master for the role, but
you’ll also hear from accomplished CFOs who share their wisdom, experiences, and
personal anecdotes to help you achieve the same level of success.




LIKE WHAT YOU SEE? THEN CHECK OUT TONNES MORE.

From exclusive content by industry experts and an ever-increasing bank of
templates, to 100s of hours’ worth of presentations and mentors, our membership
plans are packed with awesome sales enablement resources.

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Written by:

RICHARD KING

Richard is the Founder & CEO of Finance Alliance and has years of experience
growing and managing finance teams, as well as leading world-class events, such
as our CFO and FP&A Summits.

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How to become a virtual CFO


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