The virtual space has opened up a whole new list of job opportunities that can benefit both, the employer and the employee. An up and coming role that your business could benefit from is a virtual CFO. In a traditional company, a CFO would ideally require an office space, a six-figure salary, a bonus and other benefits. A virtual CFO, on the other hand, works remotely, and for less.
In this article we explore who a virtual CFO is, and 5 reasons why businesses are hiring them.
Who is a Virtual CFO?
A virtual CFO, as implied above, is an outsourced service provider who can provide the same high-level assistance and experience as a top-level in-house CFO without the associated costs.
Why are businesses hiring them?
Cost effective
From eliminating expenses related to office space, benefits and bonuses, a virtual CFO offers you the opportunity to pay him / her only for the deliverables required by your business. This is based on the time they have invested.
Experience
An outsourced resource is more likely to have worked with many businesses across multiple industries, making them a valuable asset who will be able to meet your company’s needs accordingly. Their ability to have encountered and solved problems of varying magnitudes than in-house CFOs ensures that you have access to in-depth expertise to manage your company’s financial matters.
Time-saving
As mentioned above, a virtual CFO has in-depth knowledge on handling finances for various industries, which, additionally, can help you save time. Rather than having to train an employee over a period of months, an outsourced resource is likely to have the experience, therefore saving your business time.
A new perspective
If facing a challenge, you can guarantee that you will hear an unbiased perspective that could also offer a functional solution to overcoming it! Unlike a permanent employee, who may be tempted to make decisions based on previous experiences, a virtual CFO provides a fresh perspective free of any biases.
Accurate reporting with no downtime
A virtual CFO eliminates downtime as they are part of a larger outsourcing business. This means you do not have to stress in the event a full-time CFO gets sick or resigns! An experienced virtual CFO is also able to guide your bookkeeping department in a way to standardise records and improve the accuracy of your financial reporting.
In conclusion, whether you are looking to upscale your business or not, hiring a virtual CFO can benefit you by being cost-effective in addition to helping you keep money within your business by optimising your cash flow.
For more information on how we can help streamline your finances, please get in touch with us on 1300 707 260 or hello@popcoinc.uk.
