Post may contain affiliate links and/or editorial content.
Every company needs to manage its finances. For smaller and multi-entity firms, this can often be complicated. The financials can still be complex. But the business mightn’t be able to afford an in-house professional, leaving entrepreneurs feeling like they’re in a catch-22 situation.
You don’t have to be that way with your business. Virtual CFO and accounting providers can help you manage your finances, make more strategic decisions, and keep scaling your firm
This begs the question as to which ones can actually help you. Not all of these are made the same, with some standing out more than others. Five of them could be worth focusing on. But how do they match up with each other?
Let’s take a look at the top picks to see how they live up to the hype.
Photo by Jakub Żerdzicki on Unsplash
Virtual CFO and Accounting Providers, Reviewed: Top Picks
1. A Business Manager – A Strategic Approach for Multi-Entity Businesses
A Business Manager focuses on helping multi-entity and service-based businesses with their financials. But it goes beyond just offering bookkeeping services. It has a strong focus on strategy and helping its clients make clear, positive decisions as time goes on.
The wide range of expertise on offer here is what makes it stand out. But this comes at a cost, which can be noticeably higher than that of many competitors.
Pros:
- Wide range of expertise to take advantage of.
- Focuses on strategy on top of bookkeeping services.
- Designed for the complexity that comes with multi-entity and service-based business.
Cons:
- Comes at a higher investment than many of its alternatives.
2. Outsourced CFO (OCFO) – A Worldwide Provider
Outsourced CFO (OCFO) is one of the more worldwide-focused CFO and accounting providers on the market. It offers a broad number of services to pick from, making it a cost-effective option for only paying for what you need.
With the worldwide focus, however, there isn’t as much of a tailored approach as clients could expect elsewhere.
Pros:
- Great option for international businesses with a global focus.
- Broad service offerings to pick from.
- Strong technology and automation underpinning for scalability.
Cons:
- Might not be as tailored of an approach as alternatives.
3. Vertex CFO – Fractional CFO Services
Vertex CFO focuses almost exclusively on high-growth companies that haven’t gotten to the point where they need a full-time CFO. It emphasizes helping entrepreneurs with strategic decision-making and similar areas, while offering a hands-on approach.
But, this mightn’t be the best option for multi-entity firms, especially if they have an international focus.
Pros:
- Designed for high-growth companies that don’t need a full-time CFO yet.
- Emphasizes helping entrepreneurs with strategic decision-making.
- Takes a more hands-on approach than some alternatives.
Cons:
- Mightn’t be a good fit for international and multi-entity firms.
4. TydeCo – Insightful Financial Services
TydeCo doesn’t just take care of a client’s financials. Instead, they work with entrepreneurs to make sure they actually understand what these financials mean. This makes it great for companies looking for financial guidance. The tailored service offers a flexible approach, too.
But the company leans more towards mid-size companies, so it mightn’t be an effective choice for international or multi-entity firms.
Pros:
- Strong emphasis on helping entrepreneurs understand their financials.
- Tailored service allows for a more flexible approach.
- Great option for companies looking for scenario modeling and financial guidance.
Cons:
- Leans more towards mid-size businesses instead of international firms.
5. Fully Accountable – CFO Services for Digital-first Brands
Full Accountable delivers fractional/outsourced CFO services primarily to digital-first brands, making them a great option for e-commerce firms and similar companies. It emphasizes strong cash flow and similar areas, offering strategic advice to clients.
This is also one of the more cost-effective options to go for. But it isn’t exactly the best option for non-digital-first brands like service-based businesses.
Pros:
- Excellent option for digital-first companies like e-commerce brands.
- More of a cost-effective approach than some alternatives.
- Strong focus on cash flow and similar areas.
Cons:
- Not a great option for non-digital brands.
How to Make Sure Your Virtual CFO and Accounting Providers Can Be a Growth Partner
There are countless bookkeeping services out there you can go for, many of which can be quite affordable. But, there’s a big difference between them and virtual CFO and accounting providers. The second of these can, and should, be a growth partner.
They’re not just there to do your bookkeeping for you. They should also help you scale and grow in time, but you’ll have to know what you’re doing to make sure that happens. This means focusing on a few particular factors:
- If They Offer Forward-Thinking Insights – Any bookkeeper can give you financial reports, but not everyone can give you forward-thinking insights. A growth partner offers strategic insights based specifically on your finances.
- If They’re Scalable – Your business will evolve and change over time, and you’ll need your growth partners to keep up with that. Consider whether specific providers can scale up their services to meet your needs.
- If They Communicate Regularly – Nobody wants to be left in the dark about their finances, especially in business. Proper partners communicate with you regularly and are clear with all of the information you need to know.
- If They’re Proactive – You wouldn’t want financial issues to come up, especially when you could’ve avoided them. Your financial partners should be proactive in finding and highlighting potential issues, as well as ways to avoid them.
By focusing on these, you can make sure the virtual CFO and accounting provider can help fuel your growth as time goes on. There’s no reason they shouldn’t be an effective asset for your business as time goes on.
Summing it Up
Virtual CFO and accounting providers could be all your business needs to scale up and grow in time. They’ll manage your books, provide strategic financial insights, and more. But you’ll need to pick the best one for your needs.
This doesn’t have to be too hard. By picking one that should be a growth partner for your needs, there’s no reason they shouldn’t help you move forward.
