Making The Most Of Your Money Making The Most Of Your Money 5 Tips For Starting Work With A Virtual CFO 17 September 2021 by Glen Robinson Virtual CFO services can make a huge difference in how you run a business. If you're preparing to work with a virtual CFO, though, it's important to handle a few basic things. Follow this checklist to improve your odds of success. Internet Connection Issues Most sessions with a virtual CFO will take place over the internet. It's wise to make sure you have enough bandwidth on your connection to support high-quality video streaming. Likewise, you'll need to be able to send and receive large documents. If you're connecting wirelessly, make sure your router is up to the job. Scheduling A virtual CFO splits their time among several companies. This is how the services provider makes money while you can save on costs. Set aside appointment times based on what you're sure you can keep. Don't schedule CFO time in the middle of the workday if other concerns might pull you away. Also, try to schedule appointments for when you'll have a chance to be rested. If you can meet with the CFO before you open your business, for example, that will ensure you can come to the conversation rested and attentive. Use Accounting Software Some small businesses keep their books by hand or in spreadsheets. If you need the help of a virtual CFO, then it's time to adopt proper accounting software. Ask the virtual CFO services provider what software package is preferable. This will make it easier for you to send files to them. Know Your Business Needs While you're probably hiring a CFO to fill some of the gaps in your business knowledge, you still need to be aware of the basics. You should know how the business is organized in terms of being a sole proprietorship, LLC, or S-Corp, for example. It's also a good idea to know what accounting method you use. You may need to hire an accountant briefly to sort these issues out. Clients should also think about what their 5-year goals are for their businesses. The needs of a startup, for example, are going to differ quite a bit from a company that's trying to maintain its market position. A virtual CFO needs to know where you want your business to be in 5 years so they can guide you. Understand the Market Conditions The virtual CFO you hire needs to be a quick study. They'll get there faster if you can name your top three competitors and tell them what the current market is like. Share About Me When it comes down to it, most of us could manage our money a little bit better. I found myself in this boat a few years ago, when I realized that I was almost broke because of my poor spending habits. I was tired of being constantly out of money, and it felt like I was drowning in debt. I knew that I wanted something to change, so I started focusing on making the most out of my money. I spent a lot of time completely overhauling my budget, and it really made a great difference in my personal life. I realized that I had a lot more money, and that I wasn't as stressed about finances all of the time. Check out my blog! Archive 2016 2018 2019 2020 2021 SEARCH Latest Posts 5 Tips For Starting Work With A Virtual CFO 17 September 2021 Thinking Ahead To Your Family's Financial Future? Start With These Helpful Tips 24 June 2021 3 Benefits Of Outsourcing Your Practice's Medical Billing Needs 24 March 2021 Credit Card Processing Tips For Companies Today 5 October 2020 Sell Your Gold and Silver Jewelry to Cover Some Medical Debts 22 July 2020 2021 Making The Most Of Your Money