Virtual Controller vs. Outsourced CFO

Mar 8, 2019
Financial Services

As a finance and insurance business owner, you understand the importance of managing your company's finances effectively. One key decision you may have to make is whether to hire a virtual controller or an outsourced CFO to handle your financial operations. In this article, we will explore the differences between these roles and help you decide which option is best for your business.

The Role of a Virtual Controller

A virtual controller is a financial professional who provides remote accounting and financial management services to businesses. They handle tasks such as bookkeeping, budgeting, financial reporting, and payroll administration. Virtual controllers typically work on a part-time or project basis, offering their expertise without the need for a full-time in-house resource.

Benefits of a Virtual Controller

1. Cost-Effective Solution: Hiring a virtual controller can be more cost-effective than employing a full-time, in-house controller. You only pay for the services you need, eliminating the need for a full salary and benefits package.

2. Flexibility: Virtual controllers offer flexibility in terms of working hours and availability. They can adapt to your business's needs, whether you require their services on a regular basis or for specific projects.

3. Expertise: Virtual controllers are experienced finance professionals who specialize in helping businesses manage their finances effectively. Their expertise can provide valuable insights and guidance to optimize your financial operations.

4. Scalability: As your business grows, a virtual controller can adapt to your changing financial needs. They can help you implement scalable financial processes and systems to support your business's expansion.

The Role of an Outsourced CFO

On the other hand, an outsourced CFO is a senior-level finance professional who offers strategic financial advice and leadership. They work closely with business owners to develop financial strategies, analyze performance, and make informed decisions to drive growth and profitability.

Benefits of an Outsourced CFO

1. Strategic Guidance: An outsourced CFO brings a strategic mindset to your business. They can analyze your financial data, identify opportunities for growth, and provide recommendations to improve your financial performance.

2. Executive-Level Expertise: An outsourced CFO typically has years of experience at the executive level. They can provide a wealth of knowledge and insights that can help your business make informed financial decisions.

3. Financial Planning and Analysis: Outsourced CFOs excel in financial planning and analysis. They can develop comprehensive budgets, create insightful financial forecasts, and conduct in-depth financial analysis to help you understand your business's financial health.

4. Investor Relations: If your business requires external funding or deals with investors, an outsourced CFO can help manage investor relations. They can provide the financial information and analysis required to attract investors and secure funding.

Choosing the Right Option for Your Business

When deciding between a virtual controller and an outsourced CFO, it's essential to consider the current needs and goals of your business. Here are a few factors to consider:

1. Size of Your Business

If you have a small to medium-sized business with relatively straightforward financial operations, a virtual controller may be a suitable option. They can provide the necessary financial management services without the need for a full-time resource.

On the other hand, if you have a larger business with complex financial needs and require strategic financial guidance, an outsourced CFO may be a more suitable choice. They can bring executive-level expertise and help develop long-term financial strategies.

2. Budget

Consider your budget when making this decision. Virtual controllers are often a more cost-effective option compared to hiring an in-house resource. However, outsourced CFOs bring valuable strategic insights, and their services may be more expensive.

3. Long-Term Goals

Think about your business's long-term goals. If you have ambitious growth plans and need a financial partner to guide you through the process, an outsourced CFO can provide the necessary strategic guidance. However, if you primarily require day-to-day financial management, a virtual controller can fulfill those needs.


Both virtual controllers and outsourced CFOs offer valuable financial expertise to businesses in the finance and insurance industry. The choice between the two depends on various factors such as the size of your business, budget, and long-term goals.

If you're looking for a cost-effective solution for managing your day-to-day financial operations, a virtual controller may be the right option. However, if you're seeking strategic financial guidance and have more complex financial needs, an outsourced CFO can provide the executive-level expertise you require.

Ultimately, whichever option you choose, partnering with a financial professional can help future-proof your business, ensuring it thrives in the evolving landscape of the finance and insurance industry.

For more information or to discuss your specific business requirements, feel free to contact I Am Future Proof, your trusted partner in finance and insurance.

Brandon Weldon
Interesting comparison between a virtual controller and an outsourced CFO! 🤔💼 It's crucial for business owners to understand the distinctions and make informed decisions about their financial management. This article will definitely help me weigh my options. Practical insights!
Nov 11, 2023
Dan Moore
Great breakdown of the differences between a virtual controller and an outsourced CFO! 🤔💼 This will definitely help me make a more informed decision for my business.
Oct 16, 2023