How a Virtual CFO Can Deliver Real Results
Every day, more and more small business owners and entrepreneurs are enjoying the benefits that come with hiring a virtual chief financial officer (vCFO). And they’re finding that those benefits can be significant, from monitoring their financial health and well-being to offering expert financial insight and guidance. But many business owners have also discovered that if they are to take full advantage of those benefits, they need an experienced, dedicated and skilled professional.
With nearly two decades of experience as a controller and chief financial officer, Priti Lad clearly ticks all the boxes. As an owner of Priti Lad Professional Corporation, a full-service financial consulting firm, she is ideally positioned to provid outsourced finance functions – such as controller and virtual CFO – that caters to corporate businesses. Priti has extensive experience in both government and the private sector, with a well-earned reputation as a strategic thinker. She has a history of successfully streamlining business operations and increasing efficiency. Her leadership, communication and interpersonal skills enable her to consistently establish fruitful relationships with staff and management at small businesses.
An effective vCFO should offer all the expertise and knowledge of a regular CFO
Equally important, Priti appreciates that the vCFO concept comes with both challenges and opportunities.
In short, a virtual CFO handles all of the duties of a traditional CFO but works remotely and/or on a part-time basis. Generally using cloud technology, they are able to monitor the financial health and well-being of the business in real-time. And, depending on the client’s needs, they can also carry out back-office functions, such as managing account ledgers.
Getting the services that business owner need while saving money is obviously important, says Priti, but small business owners want to grow – and that requires more than cutting down costs. “The best virtual CFOs do more than simply pay the bills and balance the books,” she says.
“They offer insightful and meaningful advice as well as advanced financial services and tools, enabling clients to focus on what is most important to them – and that’s usually growing their business.”
“An effective vCFO should offer all the expertise and knowledge of a regular CFO,” says Priti, “and like a regular CFO, be prepared to deliver that expertise and knowledge when the business needs it.
Ideally, a vCFO should deliver expert level advice, financial planning, strategizing and reporting.” And because a vCFO can manage several accounts at the same time, entrepreneurs and small businesses save money because they pay only for the functions they need.
Priti focuses on increasing efficiency by streamlining business operations. And that, she says, almost always begins by building a positive relationship with the client. “It doesn’t matter if they’re an individual, a small organization or a large enterprise, my primary approach is always the same – work with them and respect the distinct and diverse needs of each individual. It’s not enough to just produce positive results; those results must be produced in an efficient and timely manner.”
Today, more and more companies are choosing to travel a path of hiring vCFO. They recognize that outsourcing finance function delivers benefits such as saving time and money, access to best technology, accuracy of data, flexibility, expert advice for better decision making and focus on the real goal. For a growing number of small business, that path leads directly to the Priti Lad Professional Corporation.