The 6 Reasons Why Your Business Needs A Virtual CFO

1. 6 reasons why your business needs a virtual CFO

2. 1. More Flexibility As we know, many small and medium-sized enterprises don’t require the services of a CFO on a full-time basis. VCFOs give companies access to experienced professionals at the top of their game without the burden of hiring a fulltime employee at the same level. VCFOs work on a fixed-scope basis and offer budgeting, management reporting, high-level strategic advice and corporate advisory services. Having access to a VCFO – as required by your business – greatly enhances flexibility, as you only pay for what you need.

3. 2. Greater productivity Utilising a VCFO means that senior staff can focus energy on their key responsibilities, rather than areas outside their specialisation. By streamlining and managing relationships with banks, human resources, insurance, legal consultants and other advisers, employee productivity and efficiency is heightened. financial planning, leasing,

4. 3. Diverse experience Virtual CFOs work across varied industries and business types, from small start-ups to established multi-national organisations. This broad acumen means a VCFO has likely come across a larger pool of issues. A good VCFO has the nous to identify a problem before it becomes one, based on their experience across many sectors. At CharterNet, you’ll be working directly with partners and senior managers with experience from ‘the big four.’

5. 4. Cash flow management We often hear of clients who say that their business is prospering, but can’t seem to find the money to pay for every day expenses. Cash flow concerns are common for small to medium enterprises as they seek to find a balance between pleasing existing clients, finding new ones… and just paying the bills. There’s often complex problems below the surface that clients aren’t even aware of. Combine that with rapid growth and legislative changes and suddenly cash flow becomes a big problem. VCFOs help identify issues by drilling into the numbers and implementing a cash flow management strategy.

6. 5. Access to accurate and informed software and reporting We often hear of clients who say that their business is prospering, but can’t seem to find the money to pay for every day expenses. Cash flow concerns are common for small to medium enterprises as they seek to find a balance between pleasing existing clients, finding new ones… and just paying the bills. There’s often complex problems below the surface that clients aren’t even aware of. Combine that with rapid growth and legislative changes and suddenly cash flow becomes a big problem. VCFOs help identify issues by drilling into the numbers and implementing a cash flow management strategy.

7. 6. Fact-based decision making A CFO or anyone else who’s an employee of a business is susceptible to internal influences of an organisation and its machinations. Removing the CFO function from staff increases the objective quality of the insights they offer. Only an independent VCFO can provide unbiased analysis of finances, which is a key benefit of outsourcing the function.

8. Does Your Business Need A Virtual CFO? Are you able to competently track and analyse your company’s growth and profits? Do you understand how to use this information to your business advantage? Are you able to complete and report accurate financial information in a timely manner? Do you know all the compliances required by a company? If you answered no to any or all of the above questions, you should consider bringing a CFO on board. Now if you are running a start-up or a small business, you might be wondering the cost attached in hiring a full time and experienced finance officer. Well that’s where the concept of the ‘virtual CFO’ was created to solve your dilemma and reduce the cost to the company.