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CPA On Fire Virtual CFO Services (1)

How to Choose a CFO That Can Keep Up With You and Your Business

You didn’t build your business by doing things the way everyone else did, so shouldn’t your financial management be just as innovative as you are?

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You’re in The Market for a CFO? Here Are Some Things You Need to Know Before Making Any Decision.

Let’s assess your options for building your company’s financial team. You’ve gotten this far, which is great, but now let’s look at your possible next steps to go next level:

Option #1: Hire a CFO and Build Your In-House Team

You could hire an in-house accounting team, starting with a chief financial officer—typically a certified public accountant—and a controller, plus a bookkeeper or two.

But do you generate enough activity to keep such a team busy full-time? If your annual revenue is under $10 million, probably not.

Nowadays, many accounting tasks can be automated, reducing the number of human hours required. Your accounting team might end up filling their workdays with trivial tasks just to stay busy. Meanwhile, you’re incurring all the expenses associated with full-time employees, including salaries, insurance benefits, sick pay, vacation pay, and payroll taxes.

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CPA salaries start around $70,000 per year and can go as high as $461,000. Of course, that’s not considering the cost of the other team members.

If you need to fire a team member, you’ll likely be forking out severance pay—and hoping to avoid the added expense of a wrongful termination lawsuit.

If you want your in-house accounting team to stay abreast of new developments in the field, you’ll be paying for continuing education.

And then, if you lose a team member, all that investment is lost.

This is why an in-house accounting staff is impractical for most young businesses.

Option #2: The Big CPA Firm

There’s a reason why large multinational corporations use the big, blue chip accounting firms. They help those big companies avoid taxes and navigate the complex world of high-level corporate finance.

And of course, they’re expensive. That’s why small and mid-sized companies don’t use them.

But there’s another reason why the big CPA firms aren’t suited for a dynamic, growing enterprise.

They tend to be process-driven, compliance-oriented, and risk-averse—the exact opposite of what an entrepreneurial business needs.

With a big accounting firm, you can expect reliable, professionally produced reports. What you shouldn’t expect is customized service and advice appropriate for a young business that’s looking to grow.

That’s the niche that CEO on Fire was designed for.

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The Superior Solution: Hire the “Unconventional Virtual CFO”

With your vCFO from CPA On Fire, you’ll receive the expertise and hands-on guidance of an in-house CFO—without the extra baggage. You’ll be able to draw on the combined skills of our entire CPA On Fire team, which is always up to date on the latest economic developments and tax law.

Your vCFO will help you create financial goals for the near term (90 days) and the long term (three to ten years)—and then help you execute them. You’ll receive real-time feedback through regular meetings and communications with your vCFO. You can focus on your business growth and profits, knowing your financial management is being handled by seasoned pros who have your back.

John Lee Dumas Entrepreneurs on Fire Review
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“I HAVE TRUSTED CPA ON FIRE FOR THE LAST 8 YEARS TO IGNITE MY FINANCIAL GROWTH.”

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Cori Lefkowith Redefining Strength Review
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“I FEEL LIKE WE CAN SCALE EXPONENTIALLY NOW WITH THE FINANCIAL KNOWLEDGE AND SUPPORT WE’VE GOTTEN FROM CPA ON FIRE.”

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REDEFINING STRENGTH

Kelly Roach UNSTOPPABLE ENTREPRENEUR review
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“CPA ON FIRE IS A TRUSTED RESOURCE FOR ALL OF MY OPERATING COMPANIES.”

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UNSTOPPABLE ENTREPRENEUR

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ACCESS A FREE COPY OF FINANCIAL SUPERPOWERS BY RON PARISI

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