Why you need a virtual CFO
It is common for SMEs to have limited resources, or no capacity to hire an accountant or CFO. Being swamped with paperwork and accounting can limit your business growth.
However analysing revenue and spending and keeping finances in check is integral in any organisation. For small and medium businesses who don’t have a dedicated employee for managing this process, a virtual CFO might be the answer.
A virtual CFO provide experience and expertise that many business owners lack. The best virtual CFOs work with a company to ensure costs are cut where and when needed, profit is maximised and that the business will grow.
Here is why you should invest in a virtual CFO:
1. They are efficient and cheaper than you think
You may not require a CFO on a full-time salary. If you outsource your CFO capabilities, your outsourcing partner can work with you to provide an experienced person for just the right amount of time and budget.
2. Business Growth
An experienced finance professional is able to analyse accounts and identify financial discrepancies that a business owner may not notice. Providing senior level advice, a virtual CFO will provide strength to the management team and ensure your financial focus is suitable.
2. Business Change
Businesses that experience strong periods of growth or a restructure have a desperate need for finances to be accurate and tracked. A virtual CFO will ensure everything is running as it should be through periods of change.
A virtual CFO will document and track all your financial efforts. These reports are integral when it comes to auditing.
Virtual CFOs might be able to recommend how money should be spent and where it should be pulled back. They can assist when there are large investments on the horizon, or when there has been a profit loss and offer mitigation strategies.
As a contractor, they can work when the company needs them, and they will always provide unbiased and professional advice. A virtual CFO is a real person, with real-life expertise.
To free up your resources, contact us at STA today to inquire about our dedicated and professional virtual CFOs.