The small business consulting team that gets results

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There are several similar tittles for a part time cfo, outsourced cfo, virtual CFO, or virtual financial officer. These all typically defined as an outsourced financial service that provides highly skilled assistance in the financial requirements of an organization. Just as a CFO provides financial insights and guidance for large organizations, a virtual or part-time CFO in a smaller business is a trusted business advisor. Although the concept of Virtual CFO (Virtual Chief Financial Officer) is very common in the United States, it is a service that is being offered and used by more businesses than in the past.

A Virtual CFO helps small business founders and startups plan their future, reduce their costs, and provide general business guidance and experience. A Virtual CFO provides strategic and value-added services to a startup and goes beyond services typically provided by a public accounting firm.

A CPA is often used by small business owners to prepare their taxes. In some cases, larger businesses require a CPA to audit their financial records. Generally speaking, CPAs who are practicing public accounting do not provide significant review of the business’ financial performance. There are always exceptions to any rule, but most public accounting firms focus their accounting practice around taxes and audits.

So when a business needs answers to questions like how to improve cash flow, boost business revenue, or manage expenses, they turn to a financial business consultant. One of the challenges for business owners hiring a financial business consultant is hiring a quality consultant—it’s not uncommon for someone to say they’re a business consultant, when in fact they’re just between jobs or exploring if someone will pay them for advice.

When hiring a business consultant, it’s important to interview the person or firm and understand if they’ve worked on projects similar to the business challenges you’re facing. We also recommend picking a person or firm that has been a professional business consultant for many years. The years of experience indicate that they’ve succeeded in providing business advice, and that they likely have a solid approach to solving business programs. It also avoids the issue of someone who is just learning or trying consulting.

Their advice can not only provide little value, but can even do harm. We have also found that experience at large consulting firms can be helpful, in that these firms provide a standard approach. But also look for someone who has worked with businesses that are similar in size to your own business. Small and mid-sized businesses often have challenges which may be unique compared to large companies.

Successful small business owners and founders often find they have many of the skills required to grow their business, but sometimes they lack confidence in financial decision making or simply want to review their financial performance with an expert.

That’s where financial consulting firms can help. They can address specific questions, like product pricing decisions or product profitability.

Financial consulting firms can also help with cost accounting, budgeting, cash flow analysis and much more.