The Importance of Keeping Employees Happy and Healthy

A couple weeks ago our team got together for a small (social distanced) corporate summer event. At Virtual CFO we believe that a small get together like this is vitally important to managing and growing a business. Our employees work hard for us all year long so not only does this show our true appreciation, but this also encourages team building. In order to have a cohesive team, especially in…  Read more

The Environmental Benefits of Hiring a Cloud Based Company

As climates grow warmer and your heavily air conditioned office spaces grow colder, we here at Virtual CFO Solutions would like to remind you why becoming even partially cloud based, or hiring a cloud based company, could benefit not only you but the planet itself.    What makes cloud based companies sustainable?   Because our employees are working 100% remotely this eliminates almost all commuting that most people do on…  Read more

How to prepare your startup for seed funding

When you’re involved in a startup, there are many things you need to keep in mind. Securing funding for your business is only one thing you need to do. There are a variety of ways that early-stage companies can finance their startup, but how do you prepare for seed funding? We take a look at the steps startups need to consider below.   Have everything in place   If you…  Read more

When startups should or shouldn’t hire a CFO

When you have a startup, it can be hard to know if you should invest in extra help with your finances in the form of a CFO or a Virtual Controller. Perhaps you feel it might be a waste of your resources — especially at first. However, you may also be thinking that bringing in someone to watch over your finances early on can get you off to your best…  Read more

6 tips for managing your cash flow

It may come as a surprise (and a relief!) to know that there are some things you can do as a small to mid-sized business, or even a startup, to manage your cash flow and stay ahead of the game. Yes, even during difficult times. Interested? Keep reading!   1. Monitor Your Spending   This is the time to do a cash flow analysis and keep a very close eye…  Read more

How startups can control their cash runway

If you have a startup, cash runway is something that’s likely top of mind for you. But instead of worrying, get control of it! Here’s everything you need to know about cash runway:   What Exactly Is Cash Runway?   To understand how to control cash runway, you must first understand what it is. Cash runway is how long your business can stay sustainable until sales rise, or until you…  Read more

Virtual CFO vs. in-house: which is better?

Virtual CFOs have been a recent phenomenon, with many startups and small and medium-sized businesses (SMBs) looking for a CFO without the hefty price tag. But is going virtual better than hiring in-house? Is one really better than the other? The answer likely depends on your business and what you want out of your CFO.  We compare the two based on some of the main factors that come into play.…  Read more

3 ways early-stage companies can finance their startup

Financing a startup is one of the biggest challenges that comes with, well, starting one. You may have a brilliant idea for a product or service, but no real insight into how to get the necessary financing to start your own company based on that idea. There’s no need to panic though, you’re definitely not alone. Financing is a common issue among many early-stage companies. While everyone wants to be…  Read more

Is it time to replace you bookkeeping with a controller?

Startups understand the importance of bookkeeping and having a bookkeeper to keep track of their financial picture. So, if you’ve read our blog, you may already have a bookkeeper in place who handles your finances and does your payroll. However, is your bookkeeper the right one for your business — or should you hire a controller? Replacing a bookkeeper isn’t fun, but here are some signs that it may be…  Read more

What Canadian financial support is available in response to COVID-19?

As a business advisor and accountant, we see the ups and downs of small businesses all the time. What we do know is that when things go down, they eventually go back up. It’s times like these when your cash flow and budgeting is so important, and we really want our businesses to get through this and come out stronger than ever. To help with this, we want to provide…  Read more

How to get paid faster

Running a startup or small business usually means there will be many instances where cash is tight. It’s important to always put the focus on your main source of cash inflow – revenue. This means being efficient and consistent on invoicing, following up on outstanding amounts, and of course, accepting payment. Here are a few tips on how to get paid faster, which will ultimately help create consistency in your…  Read more

What Does a Financial Controller Do?

When you reach a certain level of startup success — things move fast. Like really, really fast. One day, you’re grabbing lunch for your loyal team of six people, and all of sudden, you’re looking for an office space to hold 20-plus. Now you have to worry about a whole new set of things you didn’t have to when the team was much smaller. One of those things is finances.…  Read more

What you need to know about bookkeeping for startups

Running a startup looks so easy on TV, doesn’t it? You come in and pitch an investor on your new product or service, and boom — you’re now a multi-millionaire living in Silicon Valley. But where’s the accountant? Who keeps track of the bookkeeping? Nobody really knows or cares on the set of a TV show. Unfortunately, your real life startup doesn’t usually work that way. Someone needs to keep…  Read more

How a “Virtual CFO” can help you grow your business

Every business can benefit from dedicated financial management expertise, but very few small businesses have the means to hire someone full time—particularly in the lean early years. Unfortunately, it’s those first few years when a company is just starting up that establishing good habits with managing financial resources is so important, and, over time can even make or break a business. Hiring a virtual CFO is an affordable option for…  Read more

What startups need to know about cash flow reporting?

Every great startup begins with an innovative idea. In many cases, it’s the solution to a universally-recognized problem. It could be a better way to get places through ride-hailing services or a faster, more efficient option to traditional food delivery methods. It may even be as simple as an app that automatically loads coupons into your browser. No matter how brilliant the idea, the majority of startups still need to…  Read more

What are the best cloud-based accounting apps?

There are two main types of businesses that we deal with: a newly incorporated start-up or a small to medium-sized business looking to move to the cloud. No matter what type or size of business we see, there is a very clear tech stack that we use and highly recommend for any new client that comes on board. Xero Xero is the only cloud-based accounting software we use, and it…  Read more

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