Virtual Chief Financial Officers (or CFOs) may sound like something from a distant future, but they are an invaluable resource designed to help businesses deal with finances efficiently and accurately.
Ultimately, virtual CFOs are a way to outsource some of the more repetitive, numbers-based tasks a CFO would usually get up to, freeing up time for businesses to strategise and come up with new ways of making money.
What’s more, virtual CFO packages often come with excellent analysis services, breaking down the ways in which different areas of a business are affecting cash flow and profit. If that is not enough to persuade you, the following factors are just some of the ways a virtual CFO can drive business growth:
1. Virtual CFOs provide ease of access to vital financial information
By dint of their online presence and cloud capabilities, virtual CFOs can provide business owners with instant access to their accounting records across a number of devices. This can be infinitely useful at times when a financial discrepancy or issue arises, as it streamlines the processes needed to sort it out. In this way, virtual CFOs can help businesses get on top of their financial information, ultimately driving trust in the company and, therefore, business growth.
2. Virtual CFOs closely monitor key performance indicators
A virtual CFO will include a reporting framework allowing businesses to closely monitor business performance across a number of variables. Indeed, by tracking key performance indicators alongside cashflow, companies can work out the quickest and most cost-effective ways of driving business growth.
3. Virtual CFOs can work with businesses to build a budget that works for them
Working out budgets can be one of the hardest parts of bookkeeping and accounting. With a virtual CFO, clients can benefit from a tailor-made forecast and budget for an upcoming financial period, mitigating a certain degree of risk for the future. Indeed, CFOs alone are unlikely to possess the same sorts of budgetary expertise as those that can be gained from a virtual CFO.
Interested in finding out more about what a virtual CFO could do for your business? Contact Propeller Advisory today for more information. One of our friendly staff will be happy to take your call.