What is a virtual CFO / Finance Manager?

What is a virtual CFO / Finance Manager?

The Virtual CFO is a new concept. It’s a way for small businesses to get CFO support that they wouldn’t have been able to afford previously.

Small businesses that hire a Virtual CFO get access to an experienced financial professional at a fraction of the cost of a full-time CFO. The services will differ from company to company, but essentially a Virtual CFO will:

  • Handle all the duties of a traditional CFO, but work remotely and on a part-time basis.
  • Monitor the financial health and well-being of the business, usually with cloud technology.
  • Offer financial insight and guidance on all company decisions and issues.
  • Provide back-office functions such as managing accounts ledgers, depending on the client and their needs.

Advantages for small businesses

Having access to a Virtual CFO can be a big benefit for a small business. Most of them can’t afford an experienced, knowledgeable CFO on a full-time basis and may never consider hiring one.

That’s a problem, because many small businesses fail within the first three years. Reasons include failure to set themselves apart from the competition, and an inability to find a profitable business model. With an accounting professional acting as their Virtual CFO, they could keep their financial goals and realities clearly in sight.

A Virtual CFO is an affordable alternative to hiring a full-time CFO and can make a big difference to a small business, by:

  • Creating budgets and forecasts.
  • Pinpointing problem spending by highlighting trends in the market.
  • Validating or discouraging business decisions with financial well-being in mind.

These are abilities that the vast majority of business owners don’t possess – but they often need them in order to succeed.

At intelligentPA we offer all of the above and more. We have a Virtual Finance Manager on standby for all of your Finance needs. This means you will get someone to create your budgets, but also to raise Invoices and manage your payment runs. We feel the Finance Manager role is more appealing and accessible to our clients and what their Business needs are.

To find out more call us on 0330 321 0978 or send us a quick email to enquiries@intelligentPA.co.uk today.

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