Let’s start by answering a basic question: what is a virtual CFO?
A virtual CFO is a relatively new method of outsourcing professional financial advice and support to businesses that may not necessarily have access to in their current situation. A major benefit of businesses utilising virtual CFOs is the guaranteed financial health, security and wellbeing as a virtual CFO can gain insights into a business which can, in turn, influence and guide any future company-wide decisions.
What are the benefits of a virtual CFO?
A major benefit for a small business or an entrepreneur that may not be able to afford a full-time employee is that by using a virtual CFO, they will have access to an experienced accountant at a minimal cost.
Virtual CFOs provide services such as creating budgets and forecasts, highlighting current trends to identify problem spending, and certifying or deterring decisions that are of utmost importance to the financial wellbeing of your business. The vast majority of businesses do not possess these abilities – but they often need them to successfully and effectively run their business.
Reconciling your bank accounts is just one example of how this software can save your business some serious dollars. Whilst manual reconciliation can be a time-consuming process, cloud accounting software is zippy, with real-time connections to all of your savings and credit accounts stored online in the cloud.
The advent of modern technology can help accountants and bookkeepers become their clients’ most valuable asset. Virtual CFOs move away from labour-intensive services into the world of business and financial consulting, leading to potential increases in productivity, efficiency, and most importantly, profit
Contact Propeller Advisory
At Propeller Advisory, our virtual CFOs work remotely and on a part-time basis, sometimes whilst using state-of-the-art cloud technology such as Xero. Reporting and analytics can be achieved in real-time with this rapid-fire cloud technology. These reports and analytics will provide you with an understanding of your business’s financial condition. This software is accessible to virtual CFOs anytime, anywhere.
So it’s not only a good idea to use a virtual CFO, with its astounding number of benefits to the future direction of your business’s finances – it’s pretty much essential!