VIRTUAL CFO

Ten Questions for Potential New Hires

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Young businesswoman speaking with client

Plus four considerations before you start screening.

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

Before our firm became a distributed company with a remote workforce, our hiring was naturally limited to a small geographical location – Fort Wayne, Indiana.

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When we really started to grow, we knew we needed to bring in more senior-level accountants to be able to handle the clients we were bringing in at such a rapid pace.

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Virtual Accounting Firms Have Hidden Costs

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Happy business professionals giving high five hand slap

Save by combining a retreat with CPE.

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

With a brick-and-mortar company, there are a number of standard costs that you would expect to have, such as rent or mortgage, utilities, building repairs, furniture, technology, etc. The total amount of these kinds of costs typically falls in the range of 3-4 percent of the company’s annualized revenue. That amount can be pretty significant for a lot of companies.

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Some business owners may think they can save the company all of that money by going remote, but I personally believe that’s a terrible idea. While it’s true that a distributed company doesn’t have the costs that come with having a physical space, the very nature of a remote work environment results in a completely different and unique set of needs that should be considered in the company’s annual budget.
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Make Your Leadership Team Meetings More Effective

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four people on each side of a videoconference

Three steps to use.

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

Doing the DiSC Assessment with our team, we learned that some people love meetings and some people despise them. The “D” (Dominance) personality on the DiSC scale tends to be direct, very results-oriented and less collaborative in meetings. The “I” (Influence) personality enjoys meetings because they provide an opportunity for social engagement and collaboration.

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The “S” (Steadiness) personality may not feel comfortable speaking up in meetings unless they are called upon. The “C” (Conscientiousness) personality may need to rally more energy within themselves for meetings because they tend to value working independently over collaboration. Knowing the personalities of your leadership team members will help you run more effective meetings.
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Create an Accountability Chart for Your Firm

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It beats an org chart and here’s why.

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

“Getting the right people on the bus, the wrong people off the bus, and the right people in the right seats – these are all crucial steps in the early stages of buildup…” – Jim Collins, “Good to Great”

When Adam and I first started the company, we didn’t have much organizational structure. We didn’t need it. But as the company grew, it became necessary to develop an organizational structure. There’s a great quote by Michael E. Gerber in his book “The E-Myth Revisited” that says, “Without the Organization Chart, confusion, discord and conflict become the order of the day.”

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We got to a point where we realized that Adam and I didn’t have clarity around our individual roles, and we were overlapping one another. We needed to have clearly defined roles for one another as well as the people who were working for us. Lack of clarity can cause a loss in production.
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Gocke: Operations Overhaul Doubles Firm Rev | It’s Not Just the Numbers

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Structured operations freed partners to focus on clients and doubled revenue in six years.

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It’s Not Just the Numbers
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Running a modern accounting firm requires more than technical expertise. Partners must balance client relationships, business development, and administrative responsibilities, often leaving firms stretched thin.

In a recent episode of It’s Not Just the Numbers, Doug Gocke, chief operations officer at a mid-sized California firm, describes how restructuring responsibilities and focusing on operations helped his firm double revenue in six years without significantly increasing staff or client count.

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Gocke, who refers to his role as “chief of all trades,” said growth came from building teams before taking on new clients, creating clear accountability, and relentlessly reviewing procedures.

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