Being swamped with paperwork and accounting can limit the progression of any business growth. It is common for small and medium-sized businesses to have limited resources available, or do not have the capacity to hire an accountant or CFO.
Keeping finances in check and analysing revenue spends is integral in any organisation. For small and medium businesses who do not have a dedicated employee for managing this process, the answer is simple – invest in a virtual CFO.
A virtual CFO can provide experience and expertise that many business owners cannot. The best virtual CFOs work with a company to ensure costs are cut where needs be, profit is maximised and that the business will grow. Below are the five main reasons that a company who does not have a dedicated accountant or CFO should invest in a virtual CFO.
1. They encourage business growth
A virtual CFO is an experienced finance professional who is able to analyse accounts and pick up any 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 the financial focus is suitable.
2. They’re great for evolution
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 not miss things and will document and track everything financial. These reports are integral when it comes to auditing and tax time.
Virtual CFOs can assist when there are large investments on the horizon, or when there has been a profit loss. They will recommend how money should be spent and where it should be pulled back.
5. Everything is streamlined
A virtual CFO is a real person, with real-life expertise. As a contractor, they can work when the company needs them, and they will always provide unbiased and professional advice.
To assist your business growth and to free up your resources, contact the experts at Propeller Advisory today to inquire about our dedicated and professional virtual CFOs.