How a Virtual CFO Can Help You to Maximize Your Business Potentials

July 14, 2017

How a Virtual CFO  Can Help You to Maximize Your Business Potentials

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VCFO or Virtual CFO is still a new concept in India, and many small businesses are trying to figure out the various possibilities that can be explored through this option.  Virtual CFO services enable small businesses to gain a competitive edge over their established and affluent competitors in the market without having to shell out a lot of money. A virtual CFO can just be your own shortcut to smart work and better management of resources.

Large companies have a lot of resources and financial stability to hire a CFO and manage a finance team. The CFO would be in charge of all the financial decisions of the company and would help in improving the business performance of the company. However, when the business is small, you might not be able to afford a full-time CFO for your company and would find it hard to manage and control the financial aspects of the company. Thus, most of the small businesses don’t make it past 5years of their establishment and struggle to cope up in the market.

So now you may ask, why can’t I just hire a bookkeeping personnel or an accountant? You can. However, they are just people who can manage your accounts and statistics. You would still need someone to manipulate those numbers and statistics to work in favor of your business. That is what virtual CFO services for small business would help you with. They are a one-stop-solution for all your financial and business development needs.

Let us help you understand this concept with more clarity by explaining the plethora of benefits you can look forward when you outsource CFO work.

Virtual CFO

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How Does a Business Benefit from a Virtual CFO?

In addition to the usual financial analysis and bookkeeping work, a virtual CFO helps you in managing your business and lets you focus more on the core activities thus increasing productivity.

 

#1. Virtual CFO Services helps in cutting costs and saving time

When you deploy the services of a virtual CFO, you don’t have to actually hire one in your payroll. You get to save on the cost of hiring and managing an employee. Outsourced CFO work lets you decide and specify a fixed number of hours and pay only for that. You can also get their services whenever you need them and pay as per usage. This is a boon for small businesses which runs on a strict budget. These virtual CFO service providers are experts in their work and hence don’t require a lot of supervision and management. They can work as independent entities or consultants saving a lot of your time and resources.

#2. High levels of knowledge and expertise

When you outsource CFO work, you can rest assured that you will only get the best of advice and business expertise as these service providers have a team of highly efficient and updated financial advisors. This would not be possible even if you hire a full-time CFO with your limited budget. A financial advisor of this level of experience and expertise will definitely cost a great deal more otherwise.

#3. Efficient management of cash flow, reporting, and dashboard creation

CFO services consulting enables you to manage your cash flow effectively. Being the most critical part of every business, this requires utmost diligence and high levels of scrutiny. A virtual CFO will help you in monitoring and manage cash flows, strategise and report the key performance indicators and project them in easily reviewable form in dashboards. They would also help in budgeting and reviewing the various financial policies and processes prevalent in the organisation to ensure seamless business operations.

#4. Waving the cloud wand

Cloud technology works like magic in every organisation. If you hire the services of a virtual CFO, you would get the benefit of getting advice on the most suitable cloud solution for your accounting and financial needs and help you in the transition. You can manage your accounting books, update records and transactions virtually and manage it virtually.

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#5 Review financial performance, strategic planning, and expert advice

Virtual CFO services can help you review your financial performance on a regular basis and help you manage your funds and resources in a better way to make more profits. They can assist you in realising your business goals and helps you do a SWOT analysis of your business. Being a third party in your business, their advice and expert opinions are impartial and neutral. They would be able to think and assess your business from a different perspective which would open doors to more possibilities and avenues for expansion.

#6 Better manipulation of financial data

Financial data has a lot of scopes depending on how much one can manipulate it. Having virtual CFO services would mean that you have the possibility of using your financial data to the maximum and understand your business trends with more clarity. They can help you generate visually appealing and easy to comprehend reports and statistical graphs that can help you understand your business trends and past performances which can be used to plan your future move and set goals.

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#7 Saving on training and development costs

Imagine you had just invested in a financial tool and trained your finance team on it. How would you feel if suddenly it goes out of trend and a newer tool replaces it? You would not only have to invest in a new software or application altogether but also have to spend a lot of money on training, installation, and maintenance. You would also have to keep yourself updated and informed on any new changes in policies and norms constantly. On the other hand, by outsourcing CFO work, you can not only stay out of all these hassles but also can rest assured of being updated in all financial trends at no extra cost.

In Conclusion

Virtual CFO is a professional services firm that offers a customized team model to assist companies with finance, recruiting and human resources needs. The company uses a custom approach to create an optimal, flexible team of highly trained vcfo employees to address your particular requirements. Not only do you get the right level of resource, but you pay only for the time you need it. With vcfo you get the right expertise, experience and execution – every time.

Outsourcing virtual CFO work can prove to be the best investment for your business and can help you understand and plan your business more efficiently. You can cut down a truckload of paperwork and manual data analysis and management thereby saving a lot of time and efforts. In addition to this, you also shift the responsibility of financial compliance at the hands of experts who have years of industry experience.

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Virtual CFO

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