{"id":10300,"date":"2017-12-21T15:22:00","date_gmt":"2017-12-21T20:22:00","guid":{"rendered":"https:\/\/www.sage.com\/en-us\/blog\/?p=10300"},"modified":"2023-03-30T05:46:42","modified_gmt":"2023-03-30T09:46:42","slug":"5-signs-its-time-to-hire-a-virtual-cfo","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-us\/blog\/5-signs-its-time-to-hire-a-virtual-cfo\/","title":{"rendered":"5 signs it\u2019s time to hire a virtual CFO"},"content":{"rendered":"<header class=\"entry-header has-dark-background-color entry-header--has-illustration entry-header--has-illustration--generic\">\n\t<div class=\"container\">\n\t\t<div class=\"entry-header__row row align-center\">\n\t\t\t<div class=\"col col-lg-7 col-xlg-6 entry-header__content\">\n\t\t\t\t\t\t\t<div class=\"component component-single-header\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"entry-header__misc text--subtitle text--uppercase text--small\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/category\/money-matters\/\" class=\"entry-header__link\">Money Matters<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<div class=\"entry-title-wrapper\">\n\t\t\t\t\t<h1 class=\"entry-title\">\n\t\t\t\t\t\t5 signs it\u2019s time to hire a virtual CFO\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t<p class=\"entry-header__description\">\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t<div class=\"single-post-details container\">\n\t\t<div class=\"col\">\n\t\t\t<span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2017-12-21T15:22:00-05:00\">December 21, 2017<\/time><\/span><span class=\"reading-time\"> min read<\/span>\n\t\t<button\n\t\t\ttype=\"button\"\n\t\t\tclass=\"social-share-button button button--icon button--secondary js-social-share-button\"\n\t\t\tdata-share-title=\"5 signs it\u2019s time to hire a virtual CFO\"\n\t\t\tdata-share-url=\"https:\/\/www.sage.com\/en-us\/blog\/5-signs-its-time-to-hire-a-virtual-cfo\/\"\n\t\t\tdata-share-text=\"Please read this interesting article\"\n\t\t>\n\t\t\t<span class=\"social-share-button__share-label\">Share<\/span>\n\t\t\t<span class=\"social-share-button__copy-label\" hidden>Copy Link<\/span>\n\t\t\t<span class=\"social-share-button__copy-tooltip\" aria-hidden=\"true\" hidden>Copied<\/span>\n\t\t<\/button>\n\n\t\t\t\t<\/div>\n\t<\/div>\n<\/header>\n\n\n<div class=\"wp-block-post-author has-dark-background-color alignfull\">\n\t<div class=\"container\">\n\t\t<div class=\"col\">\n\t\t\t\t\t\t\t<div class=\"co-authors\">\n\t\t\t\t\t\n\t\t<div class=\"entry-author-wrapper\">\n\t\t\t<a class=\"entry-author\" href=\"https:\/\/www.sage.com\/en-us\/blog\/author\/rob-ripp\/\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"40\" height=\"40\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/02\/1648739854020-350x350.jpg\" class=\"entry-author__image\" alt=\"\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/02\/1648739854020-350x350.jpg 350w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/02\/1648739854020-768x768.jpg 768w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/02\/1648739854020.jpg 800w\" sizes=\"auto, (max-width: 40px) 100vw, 40px\" \/>\t\t\t\t<span class=\"entry-author__name\">Rob Ripp<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<p class=\"\">Your company is growing and you\u2019ve never been busier.&nbsp; Sales are up, new customers are coming on board and you\u2019re hiring like crazy.&nbsp; Your problem is cash\u2026 it just doesn\u2019t seem to be at the levels you expect given your success.&nbsp; And you are spending way too much time on things that really aren\u2019t growing your company.&nbsp; Like accounting.<\/p>\n\n\n\n<p class=\"\">I work with a lot of entrepreneurs.&nbsp; They are mostly salespeople and inventors \u2013 not accountants.&nbsp; They understand the importance of cash and have built successful businesses with an intuitive feel for how to generate cash.&nbsp; At some point, however, a business grows beyond intuition.&nbsp; It needs financial processes and systems to thrive.&nbsp; Here are 5 signs your business may have reached that point.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Not getting the financial information you need.<\/strong><\/h2>\n\n\n\n<p class=\"\">Many startups use&nbsp;<a href=\"https:\/\/www.sage.com\/en-us\/sage-business-cloud\/intacct\/switch-to-sage\/quickbooks-alternative\/\r\" target=\"_blank\" rel=\"noopener\">QuickBooks<\/a>.&nbsp; It\u2019s a wonderful tool for companies just starting out.&nbsp; It\u2019s usually set up by a tax accountant to help him or her prepare tax returns.&nbsp; The problem is getting good data into QuickBooks and getting meaningful data out of it.&nbsp; It should not be as difficult as it is now to get financial information you need to run your business.&nbsp; As you grow you\u2019ll have more transactions and complexity in your accounting.&nbsp; How do you parse through what is important to you and what isn\u2019t?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Never seem to have enough cash<\/strong><\/h2>\n\n\n\n<p class=\"\">This is the #1 issue with our new clients.&nbsp; They have a good feel for when their cash balances will grow and sink but they are not tracking cash regularly enough.&nbsp; They\u2019d love to have more predictability and stability in their cash flow so they can make more confident decisions.&nbsp; They also want to have access to capital \u2013 something to cushion the ups and downs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>You want a financial plan to follow<\/strong><\/h2>\n\n\n\n<p class=\"\">It\u2019s a proven fact:&nbsp;<strong>businesses that plan perform better<\/strong>.&nbsp; You understand the importance of creating a financial plan, however, when would you ever find the time to do it?&nbsp; Once it is done, how will you track and measure performance against it?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>You need a financial \u201csounding board\u201d<\/strong><\/h2>\n\n\n\n<p class=\"\">Every now and then it would be great to speak to someone about your business.&nbsp; Sure, you have friends, advisors and mentors that love to help you out.&nbsp; But sometimes you need to get into the details about things that are important to you: how much should I be paying someone? What should new product pricing be? What are the risks to my business that could put us out of business?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>You want to spend more time working on your business, not in your business<\/strong><\/h2>\n\n\n\n<p class=\"\">Many business owners I speak with spend far too much time&nbsp;<a href=\"https:\/\/www.inc.com\/rhett-power\/work-on-your-business-not-in-your-business.html\" target=\"_blank\" rel=\"noopener\"><strong>working in their business<\/strong><\/a>, especially on their books.&nbsp; He or she wants to see things a certain way, and the bookkeeper doesn\u2019t seem capable of getting the books where they need to be.&nbsp; So the owner steps in, spending valuable time getting financial information when she could be building the business.<\/p>\n\n\n\n<p class=\"\">If any or all of these reasons sound like you, it may be time to consider hiring a Virtual CFO.&nbsp; This is a person who will \u201crent\u201d you their financial and accounting expertise, knowledge and systems.&nbsp; It\u2019s a cost effective way to free up your time to focus on growth.<\/p>\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Subscribe to our Sage Advice Newsletter<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p>Get our latest business advice delivered directly to your inbox.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-ab515c6e-7e90-4c2f-a67e-113872516e8b\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Subscribe<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1440\" height=\"810\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1073797282-1440x810.jpg\" class=\"single-cta__image\" alt=\"Working from home with tea in hand\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1073797282-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Your company is growing and you\u2019ve never been busier.&nbsp; Sales are up, new customers are coming on board and you\u2019re hiring like crazy.&nbsp; Your problem is cash\u2026 it just doesn\u2019t seem to be at the levels you expect given your success.&nbsp; And you are spending way too much time on things that really aren\u2019t growing [&hellip;]<\/p>\n","protected":false},"author":1540,"featured_media":9303,"menu_order":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sage_video":false,"post_featured_image_hide":false,"footnotes":""},"categories":[348,43],"tags":[4,420,152],"business_type":[40,312,41],"lilypad":[],"context":[418,429],"industry":[57,55],"persona":[98,96,97],"imagine_tag":[222,435],"coauthors":[900],"class_list":["post-10300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-free-guides-templates","category-money-matters","tag-business-intelligence","tag-cloud-financial-management","tag-starting-a-business","business_type-small-business","business_type-accountants","business_type-growing-business","industry-financial-services","industry-professional-services"],"sage_meta":{"region":"en-us","author_name":"Rob Ripp","featured_image":"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1308888693.jpg","imagine_tags":{"222":"Accountants","435":"Intacct Accountants"}},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice US","distributor_original_site_url":"https:\/\/www.sage.com\/en-us\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts\/10300","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/users\/1540"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/comments?post=10300"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts\/10300\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/media\/9303"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/media?parent=10300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/categories?post=10300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/tags?post=10300"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/business_type?post=10300"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/lilypad?post=10300"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/context?post=10300"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/industry?post=10300"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/persona?post=10300"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/imagine_tag?post=10300"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/coauthors?post=10300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}