Running a business means making smart financial decisions every day. But not every business can afford to hire a full-time Chief Financial Officer (CFO). That’s where a Virtual CFO comes in—offering the skills and guidance of an experienced finance expert without the high cost of an in-house executive.
A Virtual CFO works remotely, using technology to help you understand your numbers, improve cash flow, control costs, and plan for growth. But what really happens when you hire one? The first 90 days are the most important stage, where you set up systems, agree on goals, and start making changes that can have a big impact on your business.
What a Virtual CFO Actually Does
A Virtual CFO is not just a bookkeeper or accountant. They don’t just record numbers—they help you use those numbers to make better business decisions.
Their work can include creating budgets, managing cash flow, tracking profit margins, reducing costs, preparing financial reports, and helping you make strategic plans. They also act as an advisor, offering guidance on how to grow your business, manage risks, and prepare for future challenges.
Because they work remotely, they use online accounting tools and video meetings to stay connected. This means you can get expert advice without needing them to sit in your office every day.
Stage One: Getting Started and Understanding Your Business (Weeks 1–4)
The first month is all about getting to know your business inside and out.
Your Virtual CFO will start by reviewing your financial history—things like past reports, cash flow records, and tax returns. They’ll also want to understand how your business operates, who your customers are, and what your short- and long-term goals look like.
During this stage, you’ll also agree on how you’ll communicate. This might mean setting up weekly or fortnightly check-ins and deciding which software to use for sharing information.
If you’re not already using cloud-based accounting software, your Virtual CFO might help you set it up. This allows you both to see real-time financial data, making it easier to make decisions quickly.
Stage Two: Reviewing the Numbers and Making a Plan (Weeks 5–8)
Once your Virtual CFO understands your current situation, they’ll start digging deeper into the numbers. This stage is about finding out what’s working, what’s not, and what needs to change.
They might discover that certain products or services aren’t making enough profit, or that costs in some areas are higher than they should be. Based on what they find, they’ll put together a financial plan that matches your business goals.
This plan often includes a detailed budget, a cash flow forecast, and clear targets for the months ahead. They’ll also look at possible risks—like seasonal drops in sales or rising supplier costs—and work out how to prepare for them.
Stage Three: Putting the Plan into Action (Weeks 9–12)
By the third month, it’s time to start making real changes.
Your Virtual CFO might help you renegotiate contracts, introduce new processes for managing expenses, or change the way financial reports are set up so they’re easier to understand. They might also create a list of key performance indicators (KPIs) so you can track your progress.
This stage is where you start seeing early results. You may notice better cash flow, faster payment collection from customers, or lower expenses in certain areas. While some improvements happen quickly, others—like boosting revenue or entering new markets—will take longer.
Building a Strong Working Relationship
The best results come when you and your Virtual CFO work as a team. That means being open about your challenges and keeping communication honest and regular.
Your Virtual CFO should feel like a trusted advisor—someone who listens to your ideas, asks the right questions, and helps you see the bigger picture. If problems come up or new opportunities appear, let them know straight away so they can help you respond in the best way.
Why the First 90 Days Matter
The first 90 days are about more than just looking at numbers—they’re about creating a strong foundation for the future.
Once your Virtual CFO understands your business and you’ve put key systems in place, you can focus on bigger goals like scaling your business, improving profitability, or preparing for major opportunities such as partnerships or investments.
Over time, a Virtual CFO can become an important part of your leadership team, helping you make confident, informed decisions every step of the way.
Conclusion
Hiring a Virtual CFO is one of the smartest moves you can make if you want expert financial guidance without the cost of a full-time executive. The first 90 days are the start of a valuable partnership—one where you set clear goals, build trust, and begin making changes that can shape the future of your business.
From the early discovery phase to putting plans into action, a good Virtual CFO will help you understand your numbers, plan ahead, and manage risks before they become problems.
If you’re ready to see how a Virtual CFO can transform your business, Elite Plus Accounting offers professional services that guide you through those crucial first 90 days and beyond. They combine expert knowledge with a practical approach, making sure every decision is backed by clear financial insight.
