[3] In the United States, VCFO services are typically used by small to medium businesses with annual sales in excess of $1 million.
They are also responsible for suggesting measures to control expenditure and acquire capital at a low cost.
Virtual CFOs also offer one-time help with strategic transactions, financial processes, business plans, and budgeting.
[5] In Germany, virtual or part-time CFOs (in German called "Teilzeit-CFOs"[6]) are getting more and more traction, especially with startups, even though many SMEs still rely mostly only on their tax advisors, who have a good knowledge of German tax laws, but lack management and operational experience.
However, it is generally expected for a virtual CFO to have finance related university degree, professional accountancy qualification, and sufficient relevant experience.