Being able to control finances is extremely important for a business. Unfortunately, it’s not as easy as it sounds. A large number of businesses lack visibility or control over their finances. For many financial teams, accountants, or bookkeepers, keeping an eye on finances is a tough job. Although a common situation, this can be avoided by bringing a Virtual Chief Financial on board.
A Virtual CFO is a financial leader who provides oversight of an accounting team to provide in-depth financial insight that helps entrepreneurs make more informed business decisions. Unlike an internal CFO who works for a single business, Virtual CFO works for many. Those having significant experience are capable of handling any and every tasks that are handled by an internal CFO or finance team.
Assistance of a Virtual CFO can help reduce stress, regain control, and optimise your business. Other significant benefits of hiring a Virtual CFO include the following.
Complete outsourced financial service
A Virtual Chief Financial Officer operates as a comprehensive outsourced financial function. Instead of using the services of an in-house financial team and paying for them, you can count on virtual officers for your financial needs.
Some of the job responsibilities undertaken by a Virtual CFO include:
Cash flow management
Performance management reporting
Bookkeeping and accounting
Owing to an outsourced service, many Virtual Chief Financial Officers offer customised solutions to meet client’s needs.
Receive services of a CFO for fraction of the price
One of the biggest benefits of hiring a Virtual CFO is that you can acquire all services offered by an internal CFO or financial team, but at lower cost. While CFOs charge high salaries, a VCFO serves business owners for a relatively lower cost. With a monthly retainer, you achieve a higher level of cost-effectiveness, eventually providing greater Return on Investment.
Saying that Virtual CFO is less expensive than an internal CFO does not mean that you will have to sacrifice on wisdom. Holding years of experience in business and finance, a seasoned VCFO knows how to help your business accomplish its desired goals.
Gain in-depth insight into your business
Distractions are common in business and it’s easy to lose focus. However, hiring an able Virtual CFO Sydney can help you get fresh insight into your business.
Professional VCFOs usually deliver unbiased services and utilise their experience as well as expertise to analyse, strategise, and drive your business toward success. Specialised accounting and bookkeeping services offered by them help comprehend financial facts required to plan for the future.
Gain control over your business
Assistance of a skilled VCFO helps reduce your day-to-day stress. With virtual officers handling the financial workings of your business, you gain piece of mind and complete control over your business. You can be rest assured that your finances are taken care of by the professionals.
With complete visibility over your business’s finances, you are capable of making more informed business decisions.
Moreover, outsourcing these services enables you to relax since time-consuming bookkeeping and accounting tasks are handled by professionals on your behalf. This leaves you with adequate time which can be spent on other important tasks that matter the most to you.
Why should you hire a Virtual Chief Financial Officer
An outsourced VCFO is different from an internal CFO or accounting team. While paying a CFO can take a large chunk out of your pocket, a VCFO performs all tasks of a full-time Chief Financial Officer for a smaller price.
Making the hard choices for you on your behalf, Virtual Chief Financial Officers leave you with ample time to focus on your core job. Their expert advice and strategic planning help improve the bottom line of your business.