A Virtual CFO will perform most of the same functions as an in-house CFO however you will work with them in a limited time capacity.
Depending on the scope of work it may require 2 monthly meetings. In some cases, the Virtual CFO will work with the company on a weekly basis. Essentially, you are renting the CFO rather than hiring them full time.
There is no question that having an in-house CFO brings tremendous value to a business. However, most small and mid-sized businesses cannot afford a full-time CFO. Depending on the stage and size of your company, a good CFO could cost you north of $250,000 annually. In such cases, a part-time CFO would be an ideal arrangement.
The key is to find a CFO that can be your trusted advisor and provide financial, operational and business insights.
Keep in mind that a competent and honest Virtual CFO should inform you when it's time to hire a full-time in-house CFO. Once you do hire a full-time CFO, your VCFO can serve in a supporting role to your in-house CFO.