Fiscal VIP

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Last seen on: LA Times Crossword 9 Oct 19, Wednesday

Random information on the term “CFO”:

Virtual CFO (or vCFO for short) stands for virtual chief financial officer. A virtual CFO is an outsourced service provider offering high skill assistance in financial requirements of an organization, just like a chief financial officer does for large organizations. A virtual CFO may be a single person or an entity.

The mushrooming of the startup ecosystem has generated specialized service providers which fit the requirement of startups. Virtual CFO is one such specialized service provider. Startups normally do not have the resources to hire a full-time CFO. Startups like to keep fixed costs low and having outsourced service provider provides them the flexibility of choosing services as and when required. A Virtual CFO provides strategic, value add services to a startup which cannot be provided by an accountant. In the United States, VCFO services are typically used by small to medium-businesses with annual sales in excess of $1 million.

The primary role of a chief financial officer in any organization is to oversee the financial planning, maintain and report on the financial activities and manage financial risk of the business. A virtual CFO provides the same services but since the common clientele of a Virtual CFO are small businesses and startups, there are certain more services that are expected of them. Services offered by a Virtual CFO often follow the Financial pyramid of needs. In the basic level, a Virtual CFO is expected to be the bookkeeper of the client and has to take responsibility for the accuracy of the account books and interpret the financial information from the accounting data to the client. They make take responsibility for executing or overseeing the reporting process. On the more strategic side, they are the financial and strategic sparring partner from the CEO. Additionally, they are also responsible for suggesting measures to control expenditure and acquire capital at low cost.

CFO on Wikipedia