Every business can benefit from dedicated financial management expertise, but very few small businesses have the means to hire someone full time—particularly in the lean early years.

Unfortunately, it’s those first few years when a company is just starting up that establishing good habits with managing financial resources is so important, and, over time can even make or break a business.

Hiring a virtual CFO (Chief Financial Officer) is an affordable option for business owners who recognise the need for a financial expert with small business experience. Virtual CFOs provide top level advice just when you need it, offering incredible value and cost savings to companies focused on growth and long term success.

Here’s why your business might want to consider the benefits of working with a virtual CFO.

Accurate Financial Reporting

Your finance team or your bookkeeper may need some additional senior level support. There may be a knowledge gap that makes dealing with issues more difficult. Virtual CFO support can help and improve confidence in your financial reports so you can make key decisions in confidence.

High Level Decision Making

A virtual CFO can analyse your company finances and provide expert advice to help you make more informed, strategic decisions for ongoing profitability. That senior level financial oversight can help you understand any risks or weak spots, identify opportunities, and create a realistic and actionable business plan that steers the company precisely where you want it to go.

Raising Business Capital

Finding access to funding is important when it’s time to scale your business, expand operations, launch a new product or service, or invest in a new joint venture. A virtual CFO can suggest the best ways to raise funds, whether that might be seeking venture capital, business loans, industry grants, or crowdfunding. A virtual CFO can also help fine tune your budget to discover ways to cut costs and spend money more wisely.

Managing Risk

Your business is an asset that needs protection from any potential risk that may threaten its ongoing success. A fire or flood, cyber attack, or employee theft can all cause long-term damage if you don’t take steps to protect your business. A virtual CFO can undertake a risk assessment and ensure you are investing wisely, have appropriate insurance and that your sensitive data, equipment and inventory are secure.

Facilitating Change

When a business is in a transition period, it’s valuable to have a part time senior-level manager overseeing the numbers to measure and assess long and short term business performance. If the business is in flux and finds itself in a negative cash-flow position, your virtual CFO can quickly help you determine the key factors and take immediate action to correct.

A Custom Fit For Your Business

Virtual CFOs work with businesses in a flexible way to support their needs. This may be a regular engagement, a full day or two days a week. It may be a fluctuating level of effort depending on your needs. The part time, contract nature of the arrangement makes it an affordable option that can pay for itself in sound business decisions and a stronger organisation.

Staying on top of your company’s financial management is a struggle for many business owners, who spend much of their time attending to customers and profit-generating activities.

Working with a team of accountants, book keepers and a virtual CFO can help you better manage the most important aspect of your business for ongoing growth: your bottom line.

The Cost of a CFO?

Finding a qualified and competent virtual CFO nowadays is easy, depending on the skills and experience you need. Virtual CFO’s are not expensive. For the price of an good accountant, you will get the full services of a CFO. It’s much cheaper than hiring a full time CFO sitting in your office demanding a huge salary. Having a virtual CFO, over a normal, in house CFO, means that you can have them available when YOU need them.

Interested in hiring a virtual CFO? Drop us an email to see whether LinSon Business Consulting can help you.