They say not all men are created equal. Well, the same is true when it comes to Virtual CFOs. even if hiring a virtual chief financial officer is still a new thing for some business owners, many VCFOs today have now distinguished themselves among the many others not only in terms of work experience, but more so in the quality of their service.
So if your goal is to end up with the best one for your company, then we’re telling now. It’s not that easy. But the good news is, it’s totally possible.
Want us to help you know if that virtual CFO is really the one? We’ll be more than glad to. Your friends here at Enterprise Global have actually come up with all the important qualities your virtual CFO should possess. And to be all honest, these traits should really be non-negotiable.
Your virtual CFO should at least BE ALL THESE:
Your VCFO must be working with a leadership mindset even if he doesn’t technically have the highest position in your company. He must be able to confidently inspire you and your other employees to work with professionalism, integrity, objectivity, and of course, good character. He must understand that as you hired him to be a partner in achieving your company’s goals, he should also be able to motivate others towards the same initiatives.
Apart from having the same solid education, knowledge, skills, and first-hand experience as a normal CFO, your virtual CFO must be able to prove to you that he is an expert when it comes to taking advantage of digital technology while fulfilling financial tasks. Simply put, the virtual CFO you should be working with must definitely be an expert in cloud accounting and computing, at the very least. But better if he is already updated with all the digital solutions in the accounting and finance world.
As your virtual CFO will also take on management roles, he (or she) must know how to communicate well with everyone in your company – higher and lower ranks. While presenting financial opportunities to the CEO, the board, and other managers, he must also be able to present all the employees with enough information they can use to be more productive and eager at work.
While already having a clear understanding of the ins and outs of your business, he should also be confident and competent when it comes to making financial decisions. It must be evident that he is here to help you in making decisions that would of course benefit your company at the present and the future. He doesn’t just go and make decisions just because that is his personal opinion; but because it is what’s good for your company.
Like what we have mentioned in our article on hiring a virtual CFO, you’ll most likely be working with a virtual CFO that’s actually a part of a team of experts. So because you’re not really hiring a single operator, your virtual CFO should have a ‘buddy mindset’. By making sure of this, you are actually assured that you’re getting consistently quality service. He, she, or they are more reliable because a team, not a person, is there to back you up with whatever you need (in accounting, financial management, or strategic planning, that is).
In relation to being a decision maker, the virtual CFO should also know how to effectively handle risks, not only opportunities. With his wide experience, he should be able to quickly identify risks way before hand. And then, from these risks, he must know how to effectively navigate them – if they’re worth taking, if they need to be turned into opportunities, or if they have to be avoided. Moreover, if there are risks to be taken, he should clearly do it while having the company’s best interest at heart.
The most effective virtual CFO is one that could use his/her influence to make the company stronger, more stable, and more flexible even up to the time when he/she is no longer around. And so, to make sure that the one you’ll hire will be able to do that, do find those 6 traits. If your current VCFO has all these and more, lucky for you. But if not, there’s no need to panic. Besides, that’s why we’re here. Enterprise Global will most definitely provide you with exactly the kind of VCFO services you need. Speak with us now!