Why choose a Virtual CFO?
Read on to learn more about the types of services a virtual CFO can provide, the benefits of having one, and why you should consider one.
What is a Virtual CFO?
A CFO (Chief Financial Officer) is basically the money strategist for your business, not a bookkeeper. They are different from those whose primary job is to address taxation and goes beyond those pieces of the accounting puzzle and works to ensure financial efficiencies that will help your practice reach its goals. They offer insights, uncovering places where fiscal hygiene may be an issue and establishing best practices for a healthy outcome.
Successful dental practice owners have goals. For instance, paying off equipment loans early, seeing greater workforce efficiency, or having better control over lab fees and supply charges. Or, perhaps your accounts receivables are too slow. You may not know just what exactly is keeping you from driving greater profit, but a CFO will know.
Benefits of Having a Virtual CFO
Increased cash flow: A Virtual CFO can help with cash improvement programs designed for your small business.
Better controls: Small companies have one person performing all of the finance assignments, this situation can lead to fraud and theft. Hiring a Virtual CFO to perform these services gives you peace of mind and greatly reduces the risk of losses due to theft and fraud.
Help with taxes: Taxes are often a difficult subject for small business owners. With the IRS making new updates and chances to tax codes it makes sense to have a specialist oversee this area of your business. Save your company the headache by allowing a Virtual CFO to handle taxes for you.
More accurate financial statements: CFO can prepare your financials for you. You can now have peace of mind knowing that your financial statements are accurately prepared by a trained, knowledgeable financial professional.
Why Consider a Virtual CFO?
As a dentist, your focus is on your patients, and this attention to them as well as focusing on the procedures you need to provide in your practice is ultimately what allows your practice to grow. Although a successful practice requires business acumen. That’s where a virtual CFO can make all the difference. A virtual CFO dedicates a portion of his or her time to your business.
If you hire a full-time on-staff CFO, it will help you crush your bottom line. But what about an outsourced CFO? Exactly the kind of solution that has worked well for a series of dental practices throughout the US. Virtual CFOs work from their offices yet support practices in any location. They’re often called fractional CFOs because they cost only a fraction of a salaried professional.
You don’t necessarily have to invest in a full-time CFO right away. At first, someone who comes in one or two days a week might suffice. If you believe there is a need for a CFO in your organization after the trial period, go ahead and hire one. This will allow you to breathe a sigh of relief knowing that everything is under control.
We hope this article has been insightful in helping you determine if a virtual CFO makes sense for your practice. To find out more ways on how you can transform your practice into a thriving business, be sure and download our FREE 43-Page Report on increasing practice profits.