Why Virtual CFO ?
Before we deliberate on the need for “Virtual CFO”, we must understand the difference between an ‘Accountant’ and ‘CFO’. Accountant & CFO have many similarities as they both deal primarily with company finances. The difference lies in the level of professional education, training, experience & most importantly their ability to see the big picture.
In the context of a small or medium sized business, an individual may be acting as CFO but designated as accountant. We must not be confused by the designation, here we are discussing the roles not individuals. From business point of view it is more important who is acting as a ‘Pro-active Business Advisor’ and who as a ‘Re-active number cruncher’.
CFO as a role implies that the person should have the quality of a strategic leader and ability to leverage ever-advancing technology to help your business unleash it’s true potential.
To illustrate the point, we have borrowed from an unknown source, a graphic presentation of “A modern view of CFO’s office”, which is self-explanatory ~