The Rise of the Virtual CFO

Jody Grunden says clients want more than "regurgitating financial information."

They want forecasting and the ability to make informed decisions.

At the New York Accounting Show, Grunden explains how his firm is now picking up two to four clients a month, each worth $60,000 a year in fees.

Ready To Be a Virtual CFO?

Three people speaking by videoconferenceSolid technology is just one key.

By Jody Grunden

You may have heard about virtual CFO services. It’s a concept that’s been around for a while now that allows CPAs and accounting firms to offer CFO services to smaller businesses that may not yet be able to afford a full-time CFO.

MORE: The Only Three Metrics You Need to Measure Staffers
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What is a Virtual CFO?

Virtual CFO (or VCFO for short) stands for virtual chief financial officer. A VCFO provides outsourced accounting services at a high level for businesses.
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The Only Three Metrics You Need to Measure Staffers

A totally virtual firm takes a new tack.

By Jody Grunden
Summit CPA Group

If you want to grow your accounting firm, it’s important to evaluate the effectiveness of your process on a regular basis. You want to be aware of what’s working well and what’s not. You also want to continually be improving upon your services over time.

MORE GRUNDEN: Misconceptions and Truths about Remote Work  |  How Summit CPA Group Is Pioneering Virtual CFO Services

There are three things you can specifically monitor when it comes to the effectiveness of your team. Here's how we do it at Summit CPA Group. Maybe these ideas will work for you too.
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Misconceptions and Truths about Remote Work

"Our team communicates face to face with one another as well as with our clients all day."

By Jody Grunden
Summit CPA Group

My partner and I run a fully distributed CPA firm. Yes, you read it correctly.

Summit CPA Group is a CPA firm with over 40 full-time professionals, mostly CPAs, with the mission statement, “Changing the way people think about accounting.”

MORE GRUNDEN: How Summit CPA Group Is Pioneering Virtual CFO Services

As I mentioned, the firm is 100 percent distributed, meaning that our team works entirely from home. Moreover, our team works 100 percent virtually with our clients. The two primary services that we offer are 401K audits and virtual CFO services.

I recently asked a few members of our team, “What do people say when you tell them that you work for a remote or distributed accounting firm?” Their responses were very interesting. READ MORE →

How Summit CPA Group Is Pioneering Virtual CFO Services

Grunden and Hale, as pictured on their firm's website, summitcpa.net

 

Summit CPA Group goes from local to global by breaking the traditional CPA business model.

By Ian Welham
The Accounting Success Podcast

In Fort Wayne, Ind., Jody Grunden and Adam Hale of Summit CPA Group are carving out a niche in virtual CFO Services. Since 2002 the firm has grown from one accountant to 16 and reached $3 million in annual revenue (projecting $4 million in 2017) – adding two to four new clients a month.

MORE GRUNDEN: Misconceptions and Truths about Remote Work 

All this is achieved with staff members who never come into the office, working with clients they’ve never met in person.

The firm operates on a flat fee model, with all fees paid in advance. Various members of the staff meet with every client (virtually) 2-3 times every week. And they never have to write a Help Wanted ad, because their work-from-home model attracts so many job applicants.

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