Virtual CFO Service - Erin Armstrong

CFO Lite Service

SMART Financial Support
for your business

As a successful business owner, you want clarity about your finances, and you want confidence in your future. You want the financial components of your business to be thriving, organized, and fully aligned with the rest of your life.

You’ve worked hard to build up and support your business, and now you need your business to fully support you, your family, and the life you want to live.

Let me help you get there.

I specialize in working with established, service-based business owners who want to change the way they approach their finances. In these ongoing partnerships, I am able to help business owners make needed, fundamental changes that align their business with their long-term vision.

My CFO Lite service is designed for business owners who are typically bringing in between $200K and $4M per year, and who want the advantages of ongoing financial and tax support, growth strategy, and business guidance.

CFO Lite will help put your business on a healthy, profitable track, as well as help you work toward your long-term goals.

Specifically, CFO Lite can help you increase profitability, provide financial & operational analysis, teach you to better manage cash flow, help position your business for growth, lay out relevant plans for repositioning (or pivoting) of your services, provide important projections & forecasts, help you develop new incomes streams, create budgets, suggest important tax strategies, and create more efficiency in your business operations

In short, CFO Lite services will help you work from a place of financial empowerment.

Through CFO Lite, I can help you structure your business so that it is healthy, sustainable, and more in alignment with your lifestyle and goals. Every client I work with is different, of course, so let’s talk about your specific business needs and goals.

Here are the issues that I address most often with CFO Lite clients:


Profit Margins:

  • Gaining clarity as to your current profit margins
  • Laying out options for how your profit margins can realistically be improved
  • Providing a multi-step plan of implementation that will increase your profit margins
  • Assessing the margins of what you can pay new hires, modeling out potential labor configurations, etc.


  • Conducting market research on your direct and indirect competitors
  • Assessing the positioning of your company
  • Creating models for price increase possibilities (along with data-driven attrition rates)
  • Developing a detailed plan for price increase rollouts and leading the implementation

Cash Flow:

  • Pinpointing money leaks (i.e., you see the money coming in, but aren’t sure why you have so little left in the bank)
  • Financial forecasting that accurately considers all aspects (income, expenses, loan re-payments, draws, taxes, required payments toward past accrued debt, etc.)
  • Predicting cash flow for different situations
  • Budgeting & forecasting
  • Helping you learn to manage the actual cash flow

Owner Pay:

  • Assessing the ways you’re currently paying yourself through your business and helping you potentially reconfigure this so that you’re supporting all your goals (this can incorporate payroll, draws, distributions, retirement contributions, among other things)
  • Creating processes that prioritize paying yourself

Pivoting and/or Re-Positioning of Offerings: 

  • Conducting market research
  • Developing a transitional schedule and plan to pivot and/or re-position one of more of your service offerings

Scaling your Business:

  • Comparing your long-term goals with the revenue caps of your business
  • Creating a plan that re-configures your business to be structured in a way that positions you to scale as well as to reach (and even exceed) your stated revenue goals
  • Modeling out potential timeframes and conditions for your business to maximize its’ scaling potential


  • Analyzing the cost & energy out-puts needed to open a new location
  • Forecasting & modeling the cash-flows and timelines for the new location to be cash flow positive
  • Helping you financially assess changing leases and/or the purchase of your own building
  • Researching and financial modeling for the addition of new income streams to your business

Tax Strategy:

  •  Assessing your business’ tax status
  • Helping you determine which legal (and financial) business structure makes the most financial sense from a tax perspective
  • Assessing and projecting owed taxes for savings, profit, and cash flow purposes
  • Optimizing your business tax deduction strategy on a continual basis (most business owners are leaving tens of thousands of dollars on the table each year by failing to strategize in this way—and as you grow, this strategy should continue to evolve)
  • Calculating estimated quarterly tax payment requirements
  • Option of IRS and state audit support and/or representation


  • Helping you determine & develop key new positions in your business
  • Providing insight on pay scales for new hires, needed pay increases, bonuses, and more
  • Developing employee incentive structures and commissions
  • Tracking meaningful employee ROIs and KPIs as helpful and relevant

Accounting Records:

  • Streamlining (and clarifying) the way your business is capturing different income & expense streams
  • Instructing your staff on needed accounting procedures

If this service sounds like a match for you & your business, click on the button below & schedule a free consultation.

Why I started CFO Lite:

Prior to 2022, the only CFO service I offered was my Virtual CFO service. Virtual CFO is a comprehensive service that addresses all the financial needs of businesses that are typically bringing in between $2 million and $8 million per year. Virtual CFO is truly comprehensive, and it is designed for business owners who want all the financial aspects of their business(es) fully managed and taken care of. Additionally, Virtual CFO involves frequent check-ins, conversations, strategy sessions, and full implementation. Virtual CFO is a good option for business owners who need real-time cash management, frequent financial modeling, numerous in-depth strategy sessions, and on-demand business coaching.

In 2022, I began offering my CFO Lite service to meet the needs of more businesses. CFO Lite is a service that addresses the same issues as Virtual CFO, but with a different scope. With the CFO Lite service, the focus is on supporting growth, increasing profitability, and implementing business financial and tax strategies—not handling day-to-day financial management decisions. (In contrast, Virtual CFO additionally takes care of day-to-day financial decisions and responsibilities.)

Note: Not sure whether Virtual CFO or CFO Lite is the best fit for your business? No worries! Just schedule a free consultation for either service and we’ll talk about which option might be right for you. 

Barry Nash testimonial

“I honestly cannot think of a better or more important investment I have made in my business—or in myself.”

It really is difficult to say enough about Erin, the quality of her work and the way she goes about it. After somehow managing to survive in business for over 30 years with almost no professional financial guidance, Erin came in and 1) helped me put things in the best possible professional order, 2) opened my eyes to resources and opportunities I had no idea existed, 3) helped me to a much better understanding of a number of issues related to my own mindset/self-imposed limitations around my business and money, and 4) supported me emotionally and intellectually as I made important decisions about growth and investment. You will find that she is both smart and proactive. If she commits to working with you, she will be all in and expect no less from you. I am better in more ways than one for my association with her, and I honestly cannot think of a better or more important investment I have made in my business — or in myself. If she seems a good match for you or your business, I cannot recommend her highly enough.

–Barry Nash, Barry Nash and Company

Joyce Bertulfo testimonial

“Bringing Erin on was the biggest blessing for me personally and the business.”

I had the pleasure to work with Erin during a time when I considered my business to be at a “low”. The compounding struggles of the pandemic had me feeling defeated, and bringing Erin on was the biggest blessing for me personally and the business. Erin embraced ALL facets of business ownership – the tangibles (finance, operations) as well as the intangibles (beliefs, morale, personal emotions). In doing so, she managed to validate, educate and empower me as a person, which in turn empowered me as a business owner. She has laid the foundation for CLEAR and EFFICIENT financial strategies to help not only bring the business out of the “low” – but now speeding into a new “high”. I am feeling extremely confident with where the business is heading. THANK YOU, Erin. My gratitude is endless.

–Joyce Bertulfo, Revyve

Erin Armstrong - Business Coach & Virtual CFO - Testimonials - Kristin Moses - DesignGood

“Thanks to Erin we are in track to have our highest grossing year ever!”

As a 15-year owner of a design and branding agency, I’ve experienced many successes, but with that also comes opportunities for support and growth. I wanted to be more in control of our finances and intentional with the money we made. I truly felt like my team and I had taken as far as we could on our own, and we were lacking the clarity needed to know what actually was the “right” next moves. It was time to bring someone in that could give us a deeper understanding of the “numbers” that could help take my business to the next level. Most importantly, what they meant, how to interpret them and how we could actually use that information to better plan for the future. That’s where Erin comes in. She works with us on regular basis to make key decisions that impact our business in day-to-day operations, helps us make informed (and smart) decisions based on our long-term financial goals and set new goals for the future based on opportunities we would not have seen otherwise. Overall her communication, guidance and insight have exceeded our expectations. I would highly recommend her to anyone with a business that isn’t quite large enough to hire an in-house CFO, but still wants the peace of mind, expertise and direction that a CFO can provide. It has made a world of difference in my business, and my money mindset. Thanks to Erin we are on track to have our highest grossing year ever!

–Kristin Moses, DesignGood

Erin Armstrong - Business Coach - Virtual CFO - Testimonials - Blank

There’s no doubt in our minds that having her on our team has allowed us to earn more money, stress less, and create a clear vision for the future.

We’ve been working with Erin as Virtual CFO for more than a year, and she’s been a huge asset to our company as we’ve been working through some major transitions (not to mention COVID!). She’s been our biggest cheerleader, our financial guru, our rock, and our accountability partner. There’s no doubt in our minds that having her on our team has allowed us to earn more money, stress less, and create a clear vision for the future. She’s made financial decision-making simpler and has helped us focus on the big picture instead of getting lost in the details. Erin offers an experienced outside perspective that would have been impossible for us to attain otherwise. We feel lucky to have had the opportunity to work with her and know that she will continue to be a part of our major business decisions as we move forward.”

-Thriving ATX Business Partners

What other clients have experienced:

Every client that I’ve worked with has recouped far more than their investment into my services. Here are some recent client successes (from 2021 and 2022): one client more than quadrupled their business revenue and profit by implementing a series of major operational & financial changes; another client is now several steps into a realistic, multi-staged plan that repositioned their services and has their business moving from $0 net profit/month to $65k net profit/month within an 12-month timeline; another client successfully increased their core service pricing by 33% as well as adding two additional revenue streams (and this client is finally operating with a scalable business model); another client has restructured the tax strategy for their multiple businesses to shave off more than $100k in tax liability every year. In addition, this client has leveled out cash flow and has quadrupled profit; and another client has successfully increased their revenue 100%, increased their pricing by 60%, and increased the owners’ compensation by over 50% (and purchased a second home), all while working fewer hours than before.

Some additional important details:

  • CFO Lite is based on in-depth quarterly check-ins. During these extensive check-ins, we cover growth, financial and tax strategy, as well as any financial or growth challenges your business needs to address. These check-ins can range from a multiple hour Zoom meeting to a full-day, in-person, private workshop (we will talk about what type of arrangement would best suit your needs).
  • Our quarterly check-ins will involve extensive prep-work on my end (running numerous financial reports and metrics, conducting market research, creating models for different financial scenarios, etc.). And after our quarterly meetings, I will provide important follow-up support to help you track and reach the markers or goals we’ve set for the next quarter.
  • In addition to the quarterly check-ins, I offer my CFO Lite clients extra support where they need it. This could include account reconciling, filing business and personal tax returns, and in some cases, this could also include bookkeeping and payroll support. Additionally, all CFO Lite clients receive a generous allotment of professional support between our scheduled quarterly sessions.
  • One of the benefits of CFO Lite is its flexibility. No two businesses are exactly alike, and business owners need different types of financial support in different areas. If you become a CFO Lite client, I will do my best to structure the working arrangement in a way that best suits your needs.
  • With that said, CFO Lite tends to be of greatest value & fit to service-based business owners who are currently generating $200k to $4M/yr, and who are willing to make the necessary changes that will help create a more financially sustainable, profitable business.
  • I value the personal interactions that I have with my clients. I have a small team that helps with things like administrative tasks, market research, bookkeeping, and tax filings, but I’m the person who will be directly working with you.
  • While CFO Lite costs less than the Virtual CFO service, CFO Lite is still a significant investment. I am proud to say that I have a very high success rate in making businesses more profitable (in most cases—significantly more profitable). I work on an annual fee that can be paid over the course of quarters or months—the specific price will be based on the size & needs of you and your company.


Erin Armstrong is a Chief Financial Officer, Business Coach and Tax Strategist who’s on a mission to financially empower business owners. Her unique, comprehensive approach integrates all the financial aspects of your business (such as accounting practices, tax strategy, profitability, budgeting, & cash flow) with an emphasis on developing a positive money mindset so you can move forward in a confident, proactive and empowered way.

Over the past 11 years, Erin has worked with hundreds of businesses across the country as a Virtual CFO, Accountant, Tax & Financial Consultant, Business Coach, and Speaker. She’s also led business financial workshops in many major cities throughout the US. Erin is an Enrolled Agent licensed by the IRS. She lives with her husband and daughter (and their two dogs) in the Dallas area.


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