The Virtual CFO
The uncertainties of the business environment bring with them a growing need for SMEs to run lean. With this necessity, several inventions have been born among them being the Virtual CFO. This particular one has notably been majorly supported by Cloud Accounting.
Who/what is a virtual CFO?
This is an outsourced resource (person/firm) that offers the services of an in-house CFO remotely. What factors have contributed to its popularity? Are you a Startup SME? Why should you consider it?
Economical Expertise: A Virtual CFO will offer Bookkeeping & Financial Reporting Services, Tax Compliance Advisory, and Internal Control Processes Advisory more effectively and efficiently than in-house personnel hired to offer the same services.
This is based on the industry experience of the Virtual CFO and the ability to interpret financial reports, vet internal control processes and give applicable advisory based on analyzed data. Further to a bookkeeper’s scope, the Virtual CFO will assist in development and implementation of budgets, offer advisory in the case on mergers and acquisitions, costing, offer cloud accounting advisory and management of the same among other services on a need basis. Shortened Learning Curve: A Virtual CFO will unburden a business owners of the need to be hands on with the financial data processing as well as management of the accounting systems. Consequently, business owners are able to focus on the business and marketing strategy as well as the operational model. This often enables the business to take off and have working systems in place in shorter time as opposed to the contrary scenario.
Do you need a Virtual CFO?
You can often determine the need for a Virtual CFO by asking questions such as; Is the business compliant with the necessary regulatory authorities? Has the business maintained complete financial records & if yes, are you able to interpret what the reports mean for your business? Do you have an accounting system in place and does it perform as expected? Can you afford an in-house accounting department? Uncertainties or negative responses to the above queries may require you to consider Virtual CFO.
Get in touch with us if in need of any assistance.